Entrepreneurship and Small Business Management

The provided document is an assignment that focuses on entrepreneurship and small business management. It discusses various aspects such as the skills and characteristics required to be a successful entrepreneur, examples of hinder and foster entrepreneurship, and case studies of SMEs in Thailand and South Africa. The document also references several journals and books related to entrepreneurship education, public policy, and business ethics. It aims to provide students with a comprehensive understanding of entrepreneurship and small business management.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1. Types of entrepreneurial ventures and their relation to the typology of entrepreneurship3
M1...........................................................................................................................................5
P2. Similarities and differences between entrepreneurial ventures........................................5
TASK 2............................................................................................................................................7
P3 Relevant data and statistics to illustrate how micro and small business...........................7
impact on the economy..........................................................................................................7
M2...........................................................................................................................................8
P4 Importance of small businesses and business starts-ups to the growth of social..............8
economy................................................................................................................................8
TASK 3..........................................................................................................................................10
P5 Characteristic traits and skills of successful entrepreneurs.............................................10
M3.........................................................................................................................................11
TASK 4..........................................................................................................................................11
P6 How entrepreneurial personalities impact upon their mindset........................................11
P7 Foster or hinder entrepreneurship...................................................................................11
M4.........................................................................................................................................12
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Small business enterprises are the entities which operate their business at national and
international level (Carraher and Paridon, 2015). Size of these type of enterprises remains tiny in
comparison to multinational organisation with large customer market and capital share. Size in
numbers of employees, revenue and capital remains small but their market reputation and
business image in their segment remains impressive. In this organisation There are many small
size scale business are working fluently and their entrepreneurship skills and management are
creating examples to for start up business. Ukclould is one the small business entity which
provides networking services in UK. Its networking services are beneficiary for economic
growth of the country too.
Entrepreneurship is an activity or a process which helps to design, plan and operate new
business. The organisers and persons who operates the new organisation are called entrepreneurs.
TASK 1
P1. Types of entrepreneurial ventures and their relation to the typology of entrepreneurship
Entrepreneurship is an idea to start a new business organisation or any entity
(Chittithaworn and et. al., 2011). The person who plan strategies to set up the business and use
his skills to make an idea in actual form is known as an entrepreneur. Entrepreneurship is a
combination of different skills and abilities which helps to create a positive image and utilise the
sources to establish business entity. Below are some of the entrepreneurial ventures:
 Small business entrepreneurial ventures – These types of entrepreneurs are the persons
who operate small sized business and entities to accomplish their goals and objectives.
These type of enterprises helps to provide resources to run the operations effectively.
Small business entrepreneurs work for their society, families and operate their business to
survive and maintain their living hood in society.
 Large entrepreneurial ventures – International and multinational organisations are
considered as large scale organisation ventures. Their main motive is to earn revenues
and provide goods and services to the customers. By providing employment conditions
and opportunities large scales enterprises helps to improve economic growth rate and
GDP of the country. There are many large scale enterprise and business are playing
significant role to accelerate the economy of UK. Being a part of economical growth of

the country the these business helps to make marketing strategies and policies to maintain
flexibility in global business environment.
 Scalable entrepreneurial ventures – These kinds of business ventures are the type of
ventures who keep focused on hiring the best and effective options to get the benefits
from initial stage of the organisation (Dennis Jr, 2011). They focus upon generating a
large amount of capital to invest more and getting more. Their policies and strategies are
made to attract investors which help in providing capital and finance facilities.
 Social entrepreneurial ventures – Social enterprises work for improving the structure and
standard of the society. Social enterprises provide the best and high quality products and
services at reasonable cost to customers so that society could get benefits of best products
and services. Source of income of Social enterprises generates by collecting charities,
subscriptions, government subsidies and donations. Their main objective is to provide
required help to underprivileged societies and make their living standard strong.
Different typologies of entrepreneurial ventures
 The researcher entrepreneur – This nature of entrepreneur is used in research and
innovation of new ideas and plan for making a different and creative image of
organisation. Entrepreneur studies about the market plans, customer interest and their
diversities. He tries to gain all the related informations and knowledge to plan the
structure of the organisation. Detailed analysis and research helps to make flexible image
to perform well in the organisation. These kind of entrepreneurs keep align to find out
better options and sources to make operations smooth and effective.
 The determined entrepreneur: These entrepreneurs remain centralised around their
objectives and goals. They remain consistent with their ideas and efforts to achieve their
aims and objectives. They set their own targets and principles and plan their strategies
accordingly. One of the most drawback of this entrepreneurship is that own strategies and
standards become effortless in uncertain business conditions and they have to change the
plans time to time.
 Imitating entrepreneurs- Imitating entrepreneurs use applied approaches and methods
which exist already in the business environment. They don't make any extra efforts to
make new concepts and strategies to start the business. This kind of entrepreneurship is

used in rural areas and the sectors where the sources for innovative ideas and options are
not enough.
M1
Entrepreneurship helps the both private and public sector to excel growth and
employments to in nation. Small business enterprise provide employment conditions whereas
social enterprises provide quality product and services to underprivileged societies and people.
P2. Similarities and differences between entrepreneurial ventures
Types of entrepreneurs Similarities Differences
Life style entrepreneurs and
serial entrepreneurs
Life style and serial
entrepreneurship are
considered different but both
the enterprises are same in
nature (Fassin, Van
RossemFayolle, 2013.). Both
approaches are centralised to
improve the productivity and
increase profit.
Entrepreneurship skills retains
some skills which helps to
execute the business plan.
Serial entrepreneurs use new
ideas and innovative
approaches to start new
organisation. They believe in
their forecast and assumptions
that their methods and
approaches help them to work
in uncertain marketing
conditions fluently and
effectively. They assume that
being positive will help
organisation to get the best and
effective results in generating
revenues. They use the
approaches and methods to
analyse the strength of the idea.
However, a lifestyle
entrepreneurs make their efforts
creative to introduce their
product segment in market.
They remains motivated by
their efforts and achievements

and try to give their best at
every level. They choose such
an businesses option where
profitability comes in short
term duration with significant
efforts.
Small and social entrepreneurs Social and small
entrepreneurship are
centralised upon meting self-
fundamental needs and
requirement for an individual
or society (Gorgievski,
Ascalon and Stephan, 2011).
Entrepreneur of small scale
organisation make his efforts
to improve the status and
standard by accomplish the
requirement of family and
relations. Scope of social
entrepreneurship remains
large in respect of small
businesses entrepreneurship.
Small business entrepreneur
works and put their efforts to
attain high profits and increase
the capital size. In small
business. Owner of the
organisation operates its
activities for its family and
organisation's members. .
Fulfilling family and
organisation's member's
requirement is the main
objective of small businesses
entrepreneurship.
Apart from this, social business
entrepreneurial venture helps to
enhance the structure of
society. By providing quality
goods and services to
underprivileged societies and
people is the main objective of
this entrepreneurship. It helps
the society to excel the living
structure of the people.
Large and scalable Entrepreneurs of international Scalable entrepreneurship is

entrepreneurs and multinational organisation
are covered under large scale
enterprises (Hatten, 2012).
Large scale entrepreneur helps
organisation to achieve long
term benefits and support
economy of UK.
Entrepreneurs of International
organisations manage large
number of market share and
capital.
Scalable entrepreneurs
make their efforts to attract
the investors and large scale
business to support them.
different concept of improve
the impact and impression on
large scale entities. This
entrepreneurship remains
focused upon multinational
organisation who retains large
market and customer share.
Whereas large
organisation entrepreneurship
itself have significant
importance in helping the
structure of economy.
TASK 2
P3 Relevant data and statistics to illustrate how micro and small business
impact on the economy
Small and micro business organisations helps to accelerate the structure of the economy.
Small organisation are the industries which provide employment as labour work, stitching work
or any other physical efforts (Karlan and Valdivia, 2011). It helps the underprivileged societies
by providing employment. There are many small scale enterprises are providing employment and
spreading product and services in UK. Macro enterprises give employment opportunities to those
candidates who remains unselected and unemployed. By providing employment it improve the
employment ratios of the country. A positive employment ratio helps a country to make a
positive impact upon multinational organisation and they would get attract to the country. Small
enterprise supports the large scale organisation in supplying raw material requirements, and
providing required helps to support sub functions as labour, workers, logistic services, postal
services etc.

Ukcloud is one of the organisation which provide cloud networking facilities to public
sectors in UK. Its entrepreneurs always try to find out different creative and innovative ideas to
explore the dimensions of the organisation. Networking facilities helps the organisation to
connect with the other business organisation. It creates the bound and provide a path in order to
accomplish the goals and objectives. It provide data securities and secure sources of saving
sensitive information the organisations. Its innovative and creative inventions helps to make
organisation's communication structure flexible and malleable.
 Small business organisations applies unique and different techniques to operate
the situation and functions in effective manner. Advancements and technologies
helps the organisation to reduce the idleness of the task. Small size enterprise are
enough flexible to adopt the changes and innovation in comparison to large scale
industries. Small enterprises are capable to experiment with its products and make
customers align with their customers. Recycling and generating the energy from
traditional and natural sources are one of the characteristic of small businesses
enterprises. There is large number of women are playing a successful
entrepreneur role in economy of UK.
 Micro and macro organisation has significant impact on the economy of the UK.
it is confirmed that small enterprises support to operate the small activities and
operations which are very helpful for multinational organisation.
M2
Small scale business entities are the organisation which operates its business at national
level. Their role and values are as essential to achieve the goals and objectives in national
economy. UK's economy is depends upon approx 67% small scale organisations and most of the
organisations are operated by women entrepreneur.
P4 Importance of small businesses and business starts-ups to the growth of social
economy
Small scale organisation helps to promote the employment conditions and opportunities
to the organisation. These enterprises provide a base to plan an structure of living and pricing
index statistics (Lautenschläger and Haase, 2011). It crests a bridge between the economy and
growth. Large scale organisations have to face some challenges regarding shot term activities

and functions and small industries helps to reduce the work load among small enterprises and
circulate the large project in to small parts.
 Inventions and innovations : Small business enterprises are known as applying
new tactic and methods to operate the business and accomplish the goals and
objectives with optimum utilisation of resources. These are the best platform to
examine the entrepreneur skills in small scale organisational structure. These kind
of entities not need any heavy amount of investments to implement the new ideas
and innovations in business. Large organisation provide required helps to small-
business to research and find out the best options of operations. Supportive role is
also increase the importance of the small scale industries.
 Ability to face challenges and problem: Being a flexible and prominent culture of
small scale enterprise challenges and problems are tackled in very effective and
practical manner (Luiz, 2011). There are some small conflicts which occurs in
every economy as labour turnover, postal and packaging services, providing man
power to the organisation in effective manner. Small scale enterprises are enough
capable to take crucial and significant decision for making strategies and plan for
further extensions. Its finance requirements also remains constant so that tey
remain flexible and effective.
 Heart of the community: Small enterprises remains more attached with the
societies. Social and small enterprises provide required help to the organisation
and the people of the society. They provide quality product and services to the
employees in effective cost. Small enterprises are linked with the public at ground
level and its dynamics are enough capable to understand. It creates job
opportunities for the eligible candidates and also gives opportunities to the
candidates who remains unemployed by large organisation.
 Strength in diversity: there are many events and incidents happens where
multiple small enterprises perform together to make high profit and gain high
revenues. Large projects and events helps to make multiple strength of the
organisation in to one common power. Government helps to provide them all
requirement sources to build customer interest and faith in society. In small
enterprises owners get chances to interact with the customers directly and it create

positive impression to the customers.
TASK 3
P5 Characteristic traits and skills of successful entrepreneurs
Entrepreneurs are the persons who create different dynamics of the organisation. An
imagination of setting the organisation's goals and phenomenon is one of the characteristic of the
entrepreneurship(McGowan and et. al., 2012). They plan the business structure and launch the
idea in market. There are many qualities must be in nature of entrepreneur.
 Strong leadership qualities – Leadership is one of the important and essential
element of entrepreneur. Leadership skills contains guidance, teaching and
leading skills to the team. Some of the leadership qualities are found in human
nature by birth. There are some legends were born with the leadership qualities as
Steve jobs, Mark Zuckerberg and bill gates. These are the best examples of strong
and perfect entrepreneurs. These legends made their milestones by their own.
They achieved their own decision making and leadership skills.
 Passionate – An entrepreneur remains passionate to achieve the objectives and
goals in the organisation. As the person could not get its wanted goals and
achievements he don't stop to his efforts and workings. The determination of the
work keep motivate and passionate the entrepreneur for working constantly
without any second thought.
 Willingness to fail- an entrepreneur never afraid with the failures. He always keep
the consistency in his nature while performing his roles and task. He prepared his
mind already set to face the challenges and failures. A successful entrepreneur
always learn with the failure and mistakes from the task and prepare himself with
the positive attitude.
 Self motivated – Self motivation is the factor which motivates the person for
doing well at every level. Born leaders remain always motivated with their efforts
and their learnings. Steve jobs had to face many challenges while making the
organisation Apple Inc. As well Mark Zuckerberg also worked hard to make
Facebook a brand name in communication and technologies. These are the learder

who never demotivated by their failure and never proud in their achievements.
Every success and achievement they took as a new step to moving ahead.
 Flexibility and adaptability– leadership skills and entrepreneurship skills improve
the flexibility and adaptability of the changes and advantages in the organisation.
M3
Entrepreneurship contains different conflicts and challenges while approaching
entrepreneur skills in start ups business. At initial stage entrepreneur has only the business plan
to explain the model of the business (Neck and Greene, 2011.). Investors and directors of large
organisation shows less interest for new business plans and ideas. Entrepreneur has to explain
and justify the plan in practical manner to the directors and investors.
TASK 4
P6 How entrepreneurial personalities impact upon their mindset
Mark Zuckerberg are the leaders who are the examples of great and successful
entrepreneurs. They faced many challenges and problems while achieving their goals and
objectives. There impact and effect on different factors are as below : Social factors : Entrepreneurs are the persons who motivate the persons among the
society. Society plays a significant and crucial role to communicate with the organisation
and economic growth. An organisation works for it people and society. Improving the
living and price index statistics is the main objective of the entrepreneurship. Best ethical
practice helps to make faith and believe in the society in effective manner. Family background : Family background is made of friends, family members, collegues
and influence of ideal personalities. All these factors help to build the entrepreneur strong
and effective in nature.
P7 Foster or hinder entrepreneurship
An entrepreneur is the one who takes financial risk in the hope expecting profits or higher
revenues (Preuss, 2011.). They are the one who seeks the opportunity and grab it as fast as they
can. Bill Gates and Mark Zuckerberg are the two most successful entrepreneur of the world as,
one had introduced Microsoft to the world while other innovate Facebook. They both have a
clear vision and works very hard in order to achieve that. A entrepreneur should be the one who

does not believe in luck but on hard work and competitiveness. Bill Gates and Mark Zuckerberg
focuses on several traits which makes them successful. Although each is having their own
journey towards the success which depicts how they fall and rise in various situations. They both
have the capability to manage the fund effectively and efficiently in terms of optimal utilisation
of resources. Other entrepreneur generally get confused in context of where to spend the money,
but Bill Gates and Mark Zuckerberg have clear objectives in terms of managing and raising their
fund. Also they were clear about their weakness and strength which improves them in making
better decision making which results in increasing the profitability of their respective business
firm. Entrepreneurs are required to work on their interpersonal skills as well. Therefore, Bill
Gates and Mark Zuckerberg works on this attribute in order to work more closely with their co-
workers and to know them better. It is very important for any organisation to know your
employees first and then make strategies in order to satisfy their target market. Both Bill Gates
and Mark Zuckerberg carrying the skills of effectual leader and motivators, active listeners,
making healthy relation with their workforce and a good negotiator which mutually benefits both
the parties. They are having narrow focus towards their prospective client and satisfying them in
the possible way.
M4
Entrepreneurs have to face many challenges while performing their task and objectives.
Steve Jobs and the Mark Zuckerberg were faced various challenges in their starting period.
Along with this, entrepreneurial characteristic and linked with their background. For example- if
an entrepreneur belongs from high class background them he is able to innovate qualitative
products which are beneficial for society. Apart from this, both entrepreneurs are punctual and
creative which helps in improving of management and leadership.
CONCLUSION
This report is able to explain the meaning of entrepreneurship and small business
management. How small size of business are working in the global environment and how the
entrepreneurship plays a vital role in small business enterprises. In this report explain the types
of small ventures and their contribution to excel the growth of the economy of UK. How micro
and macro environment impact small size business enterprise and entrepreneurship. What are the

skills and characteristics are required to be a successful entrepreneur and the examples of hinder
and foster entrepreneurship are also defined in this context.
REFERENCES
Books and Journal
Carraher, S. M. and Paridon, T. J., 2015. Entrepreneurship journal rankings across the discipline.
Journal of Small Business Strategy. 19(2). pp.89-98.
Chittithaworn, C., and et. al., 2011. Factors affecting business success of small & medium
enterprises (SMEs) in Thailand. Asian Social Science. 7(5). p.180.
Dennis Jr, W. J., 2011. Entrepreneurship, small business and public policy levers. Journal of
Small Business Management. 49(1). pp.92-106.
Fassin, Y., Van Rossem, A. and Buelens, M., 2011. Small-business owner-managers’
perceptions of business ethics and CSR-related concepts. Journal of Business ethics.
98(3). pp.425-453.
Fayolle, A., 2013. Personal views on the future of entrepreneurship education. Entrepreneurship
& Regional Development. 25(7-8). pp.692-701.
Gorgievski, M. J., Ascalon, M. E. and Stephan, U., 2011. Small business owners' success
criteria, a values approach to personal differences. Journal of Small Business
Management. 49(2). pp.207-232.
Hatten, T. S., 2012. Small business management: Entrepreneurship and beyond. Cengage
Learning.
Karlan, D. and Valdivia, M., 2011. Teaching entrepreneurship: Impact of business training on
microfinance clients and institutions. Review of Economics and statistics. 93(2). pp.510-
527.
Lautenschläger, A. and Haase, H., 2011. The myth of entrepreneurship education: seven
arguments against teaching business creation at universities. Journal of
Entrepreneurship Education. 14. p.147.
Luiz, J., 2011. Small business development, entrepreneurship and expanding the business sector
in a eveloping economy: The case of South Africa. Journal of Applied Business
Research (JABR). 18(2).
McGowan, P., and et. al., 2012. Female entrepreneurship and the management of business and
domestic roles: Motivations, expectations and realities. Entrepreneurship & Regional
Development. 24(1-2). pp.53-72.
Neck, H. M. and Greene, P. G., 2011. Entrepreneurship education: known worlds and new
frontiers. Journal of Small Business Management. 49(1). pp.55-70.
Preuss, L., 2011. On the contribution of public procurement to entrepreneurship and small
business policy. Entrepreneurship & Regional Development. 23(9-10). pp.787-814.
Online
Entrepreneurship. 2017. [Online]. Available through.
<http://www.businessdictionary.com/definition/entrepreneurship.html>. [Accessed on
12th August 2017]