Entrepreneurship and Small Business Management - Assignment (solve)

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
Task1................................................................................................................................................3
Covered in PPT...........................................................................................................................3
Task 2...............................................................................................................................................3
P3 Interpret and assess relevant data and statistics to illustrate how micro and small business
impact on the economy...............................................................................................................3
P4 Explain the importance of small business and business start-ups to the growth of the social
economy. ....................................................................................................................................5
M2 Evaluate the difference small, medium, and large make to the economy, applying relevant
data and statistics. .......................................................................................................................7
D2 Critically examine how small business have an impact on different levels of the economy (
local, regional, national ) and in an intentional context.............................................................7
P5 Determine the characteristic traits and skills of successfully entrepreneur that differentiate
them from other business managers. ..........................................................................................8
P6: Aspects Of Entrepreneurial Personality Reflect Entrepreneurial Motivation And Mindset.
...................................................................................................................................................11
M3: Various Lines of Argument which is related to Entrepreneurial Characteristics..............12
D3: Characteristics, Traits, Skills and Motivational Drivers of Successful Entrepreneurs......13
Conclusion.....................................................................................................................................15
REFERENCES..............................................................................................................................17

INTRODUCTION
Entrepreneurship is an activity which helps individual to create new business, sharing
most of the risks and savour most of the rewards. Entrepreneur is basically known as innovator
which try to understand the market needs and wants. They are risk takers,if fail they become less
prevalent in the market. A small business plays an vital role in countries economy, and
government provide support new to small scale industries. Present report is based on
entrepreneurship and small business management. This report also examine different type of
entrepreneurial venture along with typology of entrepreneurship. Research also compare the
sameness and differences between entrepreneurial venture. Report also provide insight of small,
large , medium, businesses and try to provide actual data and statistics. In other words, the report
try to provide in depth knowledge regarding entrepreneur, in both negative and positive manner
with the help of examples and by comparing and contrasting. In addition with this, project covers
detailed evaluation of background and experience that can create obstacles in entrepreneurship.
Further, entrepreneurial characteristics along with this impact of small scale business and start
ups on economic growth of country are also covered in this report.
Task1
Covered in PPT
Task 2
P3 Interpret and assess relevant data and statistics to illustrate how micro and small business
impact on the economy.
Micro and small business :Small and micro industry are those which are run there
business on small scale. Manufacturing of products, production and services are providing on
small scale. These kind of industry are important for the economic and social development. It
can say that micro business require more skills to achieve there organisational goal in a effective
e manner. Small business are kind of where 600 em,employees are working. So target
achievement is necessary for the organisation as well as employees. That's by it is important for
both of them.
It is analysed that small ans micro business impact on economic growth in a possiti9ve manner.
Small and micro business both are the part of economic development. These companies provide

effective tanning to there employees. They also focus on the skills of the employees. That's by
employees of there company are dedicated to there work. It is the reason to increase computation
in the present market.
Illustration: Impact of economy of UK
According to this representative graph, it can interpreted that in small and micro industry
possibility of employees is maximised in UK and 88.2 percentage is the compaire3dv result
which is founded. The growth of it increase with 0.6%. on other hand it also analysed that large
and medium industries also can increase with the same rate.
So, it can say that small and micro industries are playing important role in economy. These both
are directly impact on the growth of United Kingdom's economy. It impact with positive manner.
Which is beneficial for both of them (Ahmad, 2015) . It is true that this is beneficial for the
micro and small business firms.
Share of business in UK
Accounting to this graph it is analysed that in United kingdom, there are many small and
micro organisation is available. Through both organisation employment opportunity also
increase in UK which is beneficial for the people of UK. Ap0rox 2% employment is increase in
UK through Therese organisation. And 1.4 m, million of job opportunity are provided by these

organisation. Small and micro organisation also contribute in GDP of United kingdom. UK is
also taking part in such activities like innovate, non innovate, exposer and non exposer. Through
these organisation they collect more foreign currency. There are some impact on economy by
these business and those are as following.
Contribution to innovation
Micro and small are really beneficial for the country because they provide services and
products for the market. These are help in the dev envelopment of the organisation as well as the
country. these small and micro organisation provide qualitative product for other large
organisation which is helpful for achieving target. Both are equally important because they both
are increasing the economy of UK by providing lifestyle of people and providing them
employment opportunity. It can say that because of these organisation UK is including in in
innovative countries.
It is analysed that 1.9 million employment is provided by the small and micro
organisation which is beneficial for the economy. Government of United kingdom also provide
more concession for these organisations. Maximum contribution is provided by these
organisation in growth of economy (Audretsch and Caiazza, 2016).
Job creation: Through small and micro organisation employment opportunity is increase
in United kingdom in a effective manner. These organisation provide job for the more skilled
persons who can take a part in the growth of organisation. These organisation also provo9de
them special training which help them to develop there skills and knowledge. They provide
accurate data for there employees which helps them to achieve there target. Through new
strategies they create a ghealt5h environment for there organisation. They also focusing on the
women employment. They prefer to provide job for more female candidate. 51. 1% of f emails
are working g in these organisation. It is the main regression. Through these organisation UK is
on top in all over world.
P4 Explain the importance of small business and business start-ups to the growth of the social
economy.
Small and start-up business:
These both are the important for the society. Many propels are innovative and they area
able to start there business with there effective strategy, It is called start-up of a new business.

These business provided new things for the large organisation. These kind of business influence
the people for work. These small start-up are provided different things and those are as
following.
Create employment
when an enter-pruner launching its new business in market as a start-ups than they also
provided employment for the people. They select very skilled employees. Who are innovative
from others. These small new start-ups also provide effective training for there employees which
increase there performance. It also help to increase the productive of organisation. It is good for
target achievement of employees as well as organisation. Through the create employment they
can reduce many problems from the organisation. Effective empowerment t is necessary foe the
organisation. It is the only with to increase the profit of organisation. Which directly impact on
the social economy.
Local improvements
it is a important part of every organisation. Through this factor organisation can reduce
there issue related to the environment. It also improve the productive of an organisation as well
as the taxation rate in a effective manner. Local impoevemet is directly altered to the
improvident of the organisation.
Importance of small and start-ups business:
Small business are very much important part of the social economy. They contribute the
development of the social economy. Innovative ideas are the basis of start-up business which is
important for market. Small organisation designed there products according to the demand of the
market. When an enter-pruner launching there businwess uits mean they are also launching
employment opportunities. They provide employment opportunity in a large number which is
directly increase the social economy of United kingdom (Belz and Binder, 2017). They also
focused on the skills of there employees and provide them a proper threading which help to
increase there knowledge. So itr is true that small business are important for the social economy.
And there are some factors which are explain these importance and those are as.
Turnover :
Start-ups and small business are important for social economy because they directly
effects on the objective in a effective manner. It is also true that technology of these industries
are totality depend of the economy of Unite kingdom. Main aim of these small organisation is to

designed products accounting to the customer demand and custom stratification. They fulfil the
customer requirement and also increase the standard of living of there customers. These
organisation want be economy strong. Many small business are start to support big organisation
and some are started for fulfil the demands of the customers.
Local hiring :
small business increase the job opportunity in the market. Through these small
organisation they easily provide jobs for the individuals. Through these things they create high
motivation in an effective manner. These both business fulfil demand through providing them
employment opportunity. These organisation also help them, to increase there living standard by
finding a good job. With the help of start-ups and small business the6y can maintain there
lifestyle. It is true that luifestyle and living standard both are develop the social economy. It is
helps to create equalise of society which is necessary to change the mentality and thinking of
people it is know that education is the key of improvement.
M2 Evaluate the difference small, medium, and large make to the economy, applying relevant
data and statistics.
As it is known after Brexit, economy of the United kingdom is decrees. That time small
and medium enterprises helps to provide job opportunity to improve the economy growth. These
organisations also helps the individuals to increase there skills and performance also. Through
these small and medium organisations they increase there standard of living as well as lifestyle.
Which h is also help to developed the economic growth (Bryson and Daniels 2015). These
organisation also contribute in GDP. On other hand large organisation increased the demand of
products and services which increase there income. So all there are play an important role in
economic growth.
D2 Critically examine how small business have an impact on different levels of the economy
( local, regional, national ) and in an intentional context.
 Local level: small and micro business are launch there business and provided job
opportunity top the local propel of United kingdom. All kind of business was they start

like travelling agencies, saloons, retail business and restaurants etc. through the effective
traintr8ing they increase there performance as well as motivatio0n also. They give
priority to increase the empowerment in local Ares. They hire employed accounting to
this concept.
 Regional level: regional level define the contribution of small and micro business
organisation. Main purpose opf small and micro organisation is analysed 5the demand of
customer and provide them those product accoutring to there demand. Increasing demand
also increase the productivity and income which is related to economic growth.
 National level: this stage is also a part of contribution of small and micro business
organisation . They are focusing on the development of social , economical and
environmental (Burrows, 2015). Which is focus on the import and export from another
countries. Employment is the basis reason which helps to create job opportunity and
increase skills of employees. It is a processes which is done at national level. Also effect
the GDP at higher level.
P5 Determine the characteristic traits and skills of successfully entrepreneur that differentiate
them from other business managers.
A entrepreneur is only that person who manage all the profit of the organisation. Enter-
pruner is also responsible for the growth of the organisation. Earn maximum profit is not a
responsibility of a good lead, he is also recompensable for the effective decision marking, risk
management, employee motivation and performance. Best example of entrepreneurship is Steph
Croft- Simon.
She is a successful enter-pruner. She is founder of Nom Popcorn. It was launched in 2015. it is a
UK brand. This organisation provide healthy products which are helpful to avoid junk foods. The
reason of Steph Croft- Simon success was there aim. They want provide a good health with the
help of healthy products. They also explore business through launching products accoutring to
the demand of the organisation.
If talking about another successful enter-pruner than Jann Koum is also a b est example
of a effective leader. He a a American enter-pruner. He founded whatsapp application in 2014.
he is a successful leader who increase the motivation of many people. They impr9obve
performance of employees through using motivation theory.
The key traits and skills observed in Steph Croft- Simon and Jann Koum are:

Steph Croft- Simon Jann Koum
Traits Innovation: Steph Croft-
Simon was focused on creative
innovation. She want to
provide quality products in
effective manner.
Customer requirement : main
aim of Steph Croft- Simon is
fulfil the re4quirments of there
customer and increase the
demand of products.
Innovation: Jann Koum is
focused on creative innovation
through provide good
technology.
Technology : Jann Koum
want to provided high
technology. Through this he
provide a easy commination in
effective manner.
Skills Focused: she focus to provide
healthy products to customers.
Mindfulness: Steph Croft-
Simon know how to handle the
workforce to achieve there
target.
Motivator : he motivate his
team and increase the
performance of them.
Communication: according to
Jann Koum communication is
the only way which effect
most.
Characteristic Problem solving: she solve eve
problem of her team very
easily. Always support them,.
Leadership: he is a good
leader. He know very well
how to achieve e goal with a
team work.
The major difference between successful enter-pruner and business manager.
Basis Enterprises Managers

Focus Main focus of the enterpuner is
maximise the profit of
business and manage the
growth of organisation.
Main focus of a manager
provide a effective result with
workforce for the organisation.
Status An enter-pruner is the owner
of the organisation.
A managers is employees of
the organisation.
Motivation enter-pruner motivate there
workforce to achieve
organisational goal.
Manager motivate there
employees achieving target b y
increase the performance.
P6: Aspects Of Entrepreneurial Personality Reflect Entrepreneurial Motivation And Mindset.
In the present report, Jann Koum and Steph Croft Simon is chosen as the base
entrepreneur. With the help of OCEAN model, there personality can easily be analysed in an
effective manner. This model is going to be discussed in detail as follows:
OCEAN Model
In this model, basic five types of personality traits are going to be analysed effectively.
According to all these personality skills, responsibilities and tasks are going to allotted. This
model includes basic five elements which are as follows:

(Source- Ocean Model, 2019)
Openness: It refers to the level of creativity involved in an individual. It provide
guidance regarding various products and services which is developed by the entrepreneurs. In
this context of Jann Koum and Steph Croft Simon both the entrepreneurs are ranked high
(Cumming and Zahra, 2016). With the help of this, both the entrepreneurs are highly ranked in
this aspects.
Conscientiousness: It refers to the skills in which it has been suggested that with the help
of organized skills, managers allot work accordingly. In case of Jann Koum and Steph Croft
Simon it has been identified that they are very organised and well managed. As a result, they
both want the similar thing from their employees.
Extraversion:This elements suggest the vitality of an entrepreneur. It means how
effectively and easily people connect with other individuals. It means whether they are extrovert
or introvert in nature. Jann Koum and Steph Croft Simon both are introvert in nature as they both
take time to connect with people.
Agreeableness: It refers to the skills of an individual in order to trust other person. In
context of Jann Koum and Steph Croft Simon both are very agreeable in nature as they easily
trust their employees and provide them opportunities to work in an attractive manner.
Illustration 1: ocean model, 2019

Neuroticism: It refers to the emotional stability of an individual person. In the present
context of Jann Koum ranked very high but on the other hand Steph Croft Simon ranked very
low in this context.
M3: Various Lines of Argument which is related to Entrepreneurial Characteristics
It has been analysed that, entrepreneurship is not an easy task as it requires a lot of time
and efforts in order to become successful at the marketplace. But on the other hand, it has also
been considered that it requires huge amount of investment and at the same time it involves high
risk. Along with this, it has been determined that various characteristics are required by an
entrepreneur which includes motivation, optimism, creativity, passion and many more so that
they can attain goals and objectives in an effective manner.
As per the thought of Scott Shpak, it has been determined that entrepreneur refers to an
individual who manage, control and organize all the risk which is associated with the business
functions. There are some necessary qualities which is required to become a successful
entrepreneurs. These qualities includes organisational skills, management of risk, confidence and
communication skills and many more.
D3: Characteristics, Traits, Skills and Motivational Drivers of Successful Entrepreneurs
There are various characteristics, skills, traits as well as motivational factors which drive
a successful entrepreneur. In the present case of Jann Koum characteristic of the owner of
whatsapp is team management and problem solving skills. With the help of this, they can
develop their growth rate. Apart from this, he has very effective communication skills with the
help of which they will be able to transfer required information in an effective manner.
On the other hand, Steph Croft- Simon is the founder of Nom Popcorn one of the
effective skill is that she is very risk taking and have motivation quality in order to attain their
goals and objective in an effective manner. Along with this, her innovative quality help her in
gaining success at the marketplace.
P7 Background and Experience can hinder or foster entrepreneurship.
An entrepreneurs are those who initiate new ideas and creativity for the success of the
business growth. The person who start its the business with new capital investment and
innovative ideas and thought which help the entrepreneur in an effective manner. The main focus
of small business sector is to earn maximum profit. The success of the business depend on the

converting the idea in a meaningful success story. Every business success depends on the support
of the family. There are different types of factor which directly or indirectly influence the skill or
ability of entrepreneur, which are discussed below:
In reference to Steph Croft- Simon, she is the founder of Nom Popcorn which was
launched in 2015, it is first organic popcorn brand in UK (Fayolle, Verzat and Wapshott, 2016).
This product idea was innovated from her health issue. Her main aim was to change the snacking
habits naturally. Her biggest achievement is that in HQ where peoples perception towards num
where she faced many difficulties which made her more confident towards her goal.
Family background: The important of success is dependng upon the people's skills or
the ability which help anyone to think big. In the life of entrepreneur, many challenges come but
it is necessary to overcome the that situation with the help of the family member. Through family
support it helps to create a lot of energy. For example of Steph Croft- Simon, she belongs to the
reputed family and her parents were well educated and supported her. Steph parents guided her
and also encouraged her to start this business in an effective manner. Her thoughts and ideas
where so much attractive which made her parents feel proud. Her important part in this business
establish is due to the support of her family members.
Education: This is basic factor which influence the skill of the entrepreneur. A person
identity is tested through knowledge and capabilities which is involved inside the individual.
Education which is necessary for the person so that it will be easy to overcome the issues which
will going to face by the person. If taking the example of Steph Croft- Simon, she is a science
student who studied the sociology at Bristol university, even after the classes she went to the
schools to teach sociology subject. Her education and interest towards the subject which she was
studying, it became her passion to change the snacking habits.
Financial status : The important factor is that financial background of the person which
is quite necessary to attain the goal of the organisation. Family strong background help to make a
specific goal of the organisation. As an entrepreneur the family experience play an essential to
support the business in an effective manner. The good relation can help in necessary. Steph
Croft- Simon got the important role in the business industry due to which her family financial
support encouraged her.
In context to Jann Koum is an American guy who is successful entrepreneur and also the
software computer programmer. Whatsup application was founded by him and also Facebook

which was found in 2014. One of the successful business man which encourage many people in
an effective way. Due his motivation theories many workers are encouraged and and working
well in the organisation (Galloway, Kapasi and Sang, 2015).
Family Background: He is only a single child for this parents, he was born in February
1976 in Ukrainian. He lived a simple life in small town , his family background was not much
higher income but still he never disappointed, he worked hard for his dream to achieve. But due
hard wok and determination now is very famous and even millions of people in this world know
him. Family income was not the barrier for him but only the important part is that his long hard
work and inspiration which help to achieve the effective growth in the business industry.
Education Background: He was the intelligent guy who was assigned the new search
engine at Yahoo in order to that he focused on the company advertisement which can be made in
effective manner. The Jann Koum who work hard to achieve his goals and ambitions in his life.
He was interested in the computer software programmes and given many ideas and innovations
which helped him to achieve his dream.
Financial status: Financial is a essential elements which the person is need to grow in
the business industry but due to lack of insufficient money some times dreams are not been
fulfilled. The growth depends on the financial part which the manager or entrepreneur have to
get in the business. Another important factor is that Jann Koum is from the poor family who
lived in a small town, which never expected to grow such a high level.
Both the entrepreneur is gained the business success in their but both of their family
background, financial status are different and more over many times the ideas and creativity of
the person differ. So for becoming the best entrepreneur it necessary that there should be dream
and innovative ideas that can makes the person more social and determinant in the life. If Jann
Koum is compared with Steph Croft- Simon, then Steph is having the best quality and attractive
innovative ideas that made many people attracted towards the product. She never failed in her
life after all challenges that she faced in her life. She always encouraged herself and more over
didn't gave up after all struggles which made her weak (Hoogendoorn, 2016). The best
entrepreneur is who work hard at the time of difficulties that can in different modes may family
issues, financial difficulties and also may be diseases all these can make the entrepreneur to step
back. Steph she innovated the idea from her diseases that is the allergies that she was suffering
from she created an innovative idea to help others.

M4 Link Between Entrepreneurial Characteristics And The Influence Of Personal Background
And Experience To The Successful Entrepreneurs
It is the effective relationship between the characteristics possessed by the great
entrepreneur and its background experiences attained them by all over their life which focused to
establish the wonderful character before the public. AS per in the of Jann Koum belongs from
the poor family which never became the burden between his dream. Moreover he handled the
situations and worked hard for the growth and achievements of his success.
Similarly Steph Croft- Simon was from the educated family and even she gained high
marks in her university, which lead her for the growth of her business, her parents supported and
guided her and also helped to attain the dream.
Conclusion
According to the above respective report it has been analysed that entrepreneur is much
important aspect for every business who always able to take risk and found better solution to
reduce sort of errors from the organisation. Herein, small business management generally
identifying the economic growth of the country in UK. In order to improve their condition these
sort of organisation provide lots of job opportunities to people so that they can increase their
knowledge and skills at higher level. Along with this entrepreneur also describes various ways
for increasing the development of UK country as well as enhance the knowledge of person in an
appropriate manner. From the above assignment this can be said that each and every time
entrepreneur is needed to follow and adopt innovative techniques and tools by which they can
make their business attractive in front of people. By using this aspect they can reach to their
goals and objective in a perfect way.

REFERENCES
Books and Journals
Ahmad, S. Z., 2015. Entrepreneurship in the small and medium-sized hotel sector. Current
Issues in Tourism. 18(4). pp.328-349.
Audretsch, D. and Caiazza, R., 2016. Technology transfer and entrepreneurship: cross-national
analysis. The Journal of Technology Transfer. 41(6). pp.1247-1259.
Belz, F. M. and Binder, J. K., 2017. Sustainable entrepreneurship: A convergent process model.
Business Strategy and the Environment. 26(1). pp.1-17.
Bryson, J. R. and Daniels, P. W. Eds., 2015. Handbook of service business: Management,
marketing, innovation and internationalisation. Edward Elgar Publishing.
Burrows, R. ed., 2015. Deciphering the Enterprise Culture (Routledge Revivals):
Entrepreneurship, Petty Capitalism and the Restructuring of Britain. Routledge.
Cumming, D. J. and Zahra, S. A., 2016. International business and entrepreneurship implications
of Brexit. British Journal of Management. 27(4). pp.687-692.
Fayolle, A., Verzat, C. and Wapshott, R., 2016. In quest of legitimacy: The theoretical and
methodological foundations of entrepreneurship education research. International Small
Business Journal. 34(7). pp.895-904.
Galloway, L., Kapasi, I. and Sang, K., 2015. Entrepreneurship, leadership, and the value of
feminist approaches to understanding them. Journal of Small Business Management.
53(3). pp.683-692.
Hoogendoorn, B., 2016. The prevalence and determinants of social entrepreneurship at the macro
level. Journal of Small Business Management. 54. pp.278-296.
Kassean, H. and et. al., 2015. Entrepreneurship education: a need for reflection, real-world
experience and action. International Journal of Entrepreneurial Behavior & Research.
21(5). pp.690-708.
Petkovska, T., 2015. Role and importance of innovation in business of small and medium
enterprises. Економски Развој-Economic Development. 17(1-2). pp.55-74.
Ramadani, V. and e. al., 2017. Entrepreneurship and management in an Islamic context.
Springer.
Rauch, A. and Hulsink, W., 2015. Putting entrepreneurship education where the intention to act
lies: An investigation into the impact of entrepreneurship education on entrepreneurial
behavior. Academy of management learning & education. 14(2). pp.187-204.
Storey, D. J., 2016. Entrepreneurship and new firm. Routledge.
Vilcov, N. and Dimitrescu, M., 2015. Management of entrepreneurship education: A challenge
for a performant educational system in Romania. Procedia-Social and Behavioral
Sciences. 203. pp.173-179.
Walsh, G. S. and Cunningham, J. A., 2016. Business failure and entrepreneurship: Emergence,
evolution and future research. Foundations and Trends® in Entrepreneurship. 12(3).
pp.163-285.
Welter, F. and et. al., 2017. Everyday entrepreneurship—a call for entrepreneurship research to
embrace entrepreneurial diversity.
Zahra, S. A. and Wright, M., 2016. Understanding the social role of entrepreneurship. Journal of
Management Studies. 53(4). pp.610-629.

Online
10 Essential Characteristics of Highly Successful Entrepreneurs. [Online]. Available Through
<https://www.inc.com/sujan-patel/10-essential-characteristics-of-highly-
successful-.html>
Top 10 Characteristics of an Entrepreneur. [Online]. Available Through
<https://smallbusiness.chron.com/top-10-characteristics-entrepreneur-18487.html>