Entrepreneurship and Small Business Management

This report discusses various types of entrepreneurial ventures and their connection with typology of entrepreneurship. It explores the similarities and differences between these ventures. The report also examines the impact of micro and small businesses on the economy and discusses the traits and skills of successful entrepreneurs. Additionally, it analyzes the effect of background and experience on fostering entrepreneurship.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Different types of entrepreneurial ventures and how they are connected with typology of
entrepreneurship.....................................................................................................................3
P2 Similarities and differences between entrepreneurial ventures.........................................7
M1: Differentrange of entrepreneurial ventures inorder to demonstrate an understanding of
entrepreneurship in both the public aswell as corporate sector..............................................9
D1: Scope, Development and growth of entrepreneurial ventures.........................................9
TASK 2..........................................................................................................................................10
P3 Relevant statistics and data for illustrating how micro and small business affects economy.
..............................................................................................................................................10
P4 Importance of small business and start-ups for growth of social economy....................11
M2: Difference which is made by small, medium and large businesses within the economy12
D2: These enterprises contribution at different levels like national, regional and local.....12
TASK 3..........................................................................................................................................13
P5 Traits and skills of entrepreneurs....................................................................................13
P6 How entrepreneurial aspects personality reflect motivation and mindset of entrepreneurs
..............................................................................................................................................15
M3: Different Lines of Argument Relating To Entrepreneurial Characteristics..................17
D3: Characteristics, Traits, Skills and Motivational Drivers of Successful Entrepreneurs..17
TASK 4..........................................................................................................................................18
P7 Effect of background and experience of entrepreneurs on fostering entrepreneurship...18
M4: Link Between Entrepreneurial Characteristics And The Influence Of Personal
Background And Experience To The Successful Entrepreneurs.........................................18
D4: Background And Experience Influences Entrepreneurs Positively And Negatively....19
Conclusion.....................................................................................................................................19
1

INTRODUCTION
Entrepreneurship define as a process where a person known as entrepreneur develop a
business entity with an innovative idea and thought at the marketplace. Their main aim is to earn
profit by bearing all the risk associated with the organisation. In organisation various functions
are going to be performed which includes gathering resources to utilise them in order to produce
effective goods and services. It is the report which includes discussion about various kinds of
entrepreneurial venture as well as typology of entrepreneurship. Along with this, it includes
differences along with similarities among all these ventures & contains interpretation of required
data which affect the small and micro business organisation. It is the report which includes a
detail discussion of characteristic, skills and traits of a successful entrepreneur. At the end of this
report, required examples are going to be discussed that how background as well as experience
of a person might foster and hinder their overall performance.
TASK 1
P1 Different types of entrepreneurial ventures and how they are connected with typology of
entrepreneurship.
Entrepreneur is considered as an individual who have unique ideas or thoughts in order
to create a business entity so that they can produce unique food products which will satisfy the
requirements of customers. These are the individuals who have risk taking skills in order to make
profitability at the marketplace. Some of the different types of entrepreneurs are as follows:
 Serial entrepreneur: It is a type of entrepreneurs mainly focuses on creating new and
innovative ideas in order to establish a business entity at the competitive marketplace.
Entrepreneur is the one who manages their day to day operations by himself on a regular
basis.
 Intraprenuer: It refers to the staff members working within the company who is mainly
assigned with the task of creating innovative ideas and thoughts. They access all the
resources which is available for the organisation in order to develop a idea so that
business can be performed(Zahra and Wright, 2016).
Entrepreneurship is define as an act of developing and manufacturing products, method
of production, forms of organisation which are fully innovative and fresh. On the other hand,
2

development or conversion of a new idea into a business entity by considering all the risk which
is associated with the business organisation.
Enterprise also known asundertaking the business operations with the main motive of
earning profit at the marketplace. Entrepreneur increase funds in order to invest it in various
activities so that they can produce positive outcome in an effective manner. Sole proprietorship
is one of the most effective example which is mainly established at small scale as well as the
management is controlled by the owner himself.
Entrepreneurial venture is an entity which mainly focuses on innovating and looking
for an opportunity with an objective in order to enhance the economic value as well as social
recognition. Some of its main types are as follows:
Survival firms: It includes all those business enterprises which mainly struggle to get business
stability at the marketplace by performing their business profitability and operations. Revenue in
this type of business operations are very limited sometimes very insufficient in order to fulfil the
objectives. It is very essential for them to work hard so that they can maintain in the competition.
It has been identified that, due to limited resources it is become difficult to attain pre defined
targets. Some of the most essential examples of this type of ventures includes bakeries,
electricians, grocery stores and many more(Petkovska, 2015)
.
 Lifestyle firms: It is define as the type of business enterprise where individuals get
various opportunity in order to conduct their functions and to earn a high profile
livelihood. It has been said that when a passion of individual is converted into a venture
is enclosed in this kind. In this type of business venture, owners wants to enjoy their life
by fulfilling their needs and wants in an effective manner. Example of such ventures are
gym, blogging and many more.
Social enterprise: These are the those type of entrepreneurs who help in production of goods &
services, which can help in solving various problems of society is facing. There are profit
motives or non profit motives depending upon the type of business. Major focus of these
entrepreneurs is that they are able to help in the development of social, environmental and
financial well being of all the people living in society. These are those entrepreneurs who
believe in resolving various problems of society. Examples of such type of entrepreneurs are the
people who open community shops etc(Ramadani and e. al., 2017)
3

 .
Typology of entrepreneurship:
1. Established company: These are those business which are operating at large scale. There
are minimum of 500 people who are employed in such entrepreneurial ventures. The
major goal of such companies is to generate high amount of profits and also on earning
high amount of revenue. Such companies pay timely dividend to their shareholders so
that there is a goodwill established in the market. Such companies have a clarity in their
motive which is to maximize their revenue and productivity. Companies such as ZARA,
Tesco are examples of established companies who operate at the international level. They
deal in variety of segments such as food, clothing, grocery items, accessories, footwear
etc. they aim to earn higher amount of profits which can help them in paying high returns
to them so that their satisfaction level will also increase. Shareholders are very important
stakeholders for such companies.
2. Small size social venture: This is those type of ventures which are set up at a small scale
and they believe in providing products, services to solve small problems which a re faced
by people. Their main motive is to serve the society and fulfil social needs of people
living in the society. Funeral care is a example of such a venture which has a main
objective to take care various activities which are related to funeral. They mainly focus
on fulfilling the social needs besides earning profits.
3. Large size social venture: These enterprises are large in size and they are involved into
multiple activities at a particular point. They are also involved in to serving the society
but they mainly focus on serving and fulfilling the needs of large number of people at a
particular point of time. NHS is a organization which has a main objective of treating
people and providing them medications.
4. High growth firms: Any enterprise which is performing better than entities in the same
industryare referred to as high growth firms. Such firms are always interested in having
better performance as compared to other competitors. Such firms are focussing on
earning high amount of profits and they are having a leading position in the market.
Google is example of such a firm which is USbased software making company. They
have many subsidiaries which are working in the similar segment. Such company is
having high growth rate and also profit percentage is very high in such companies.
4

5

P2 Similarities and differences between entrepreneurial ventures.
Types of
entrepreneurial
ventures
Dimensions Goals Roles &
Responsibilities
Illustration
Social The three factors in
which social
entrepreneurship
deals is people,
society and the
environment.
The main purpose of
social
entrepreneurship is to
deal with service and
product for the
improvement of these
three factors.
Improvement in the
service and product
helps organisations
to build up
sustainable factor that
leads to growth of
people, society and
environment Walsh.
and Cunningham,
20160
(Welter. and et. al.,
2017)
.
Combination of these
three factors that is
people, society and
environment is the
main aim of social
entrepreneurship.
Some
examples a
Project, Jam
Restaurant et
Micro The main objective of
micro businesses is to
get maximum profit
in minimum
investment. Micro
businesses have small
number of workers so
the initial investment
of these businesses is
starting with a low
monetary fund.
The main aim of
micro ventures is to
generate high profit
from the established
industry.
The main problem of
small business is
location but they deal
in getting knowledge
related to the
particular industry.
Southern
Technologies
Metafile etc.
6

Small business less
than 50 employees
Generation of
revenue and profit are
the two most
important factors to
deal with these types
of ventures.
Generation of high
profits and revenue as
compare to the
competitors is the
main aim of small
businesses.
The main role of
small businesses is to
be competitive in the
market. Quality of the
product is the main
factor that fight with
the competitors in the
present market. Thus,
good quality in
products leads to
higher productivity
and growth of the
small businesses.
Some of the
are Putney,
Lab etc.
Macro Facilitating Change is
the main aim of these
types of
entrepreneurship
ventures.
To be the market
leader or to increase
its market segment is
the main goal of
large-scale
entrepreneurship.
To understand the
strength and
weakness of the
related market is the
main function of large
scale
entrepreneurship.
Badger p
Stud er Grou
Table 1: Similarities and Dissimilarities of entrepreneurial ventures
M1: Differentrange of entrepreneurial ventures inorder to demonstrate an understanding of
entrepreneurship in both the public aswell as corporate sector.
There are different typesof entrepreneurial ventures whichmainly operates in the present
business condition& to categorize them on the basis of Public & Corporate Sector. Majoraim of
these organisations is to produce high quality products and services so that they can fulfil the
requirements of their customers and enhance their overall profitability(Vilcov and Dimitrescu,
2015)
7

. It has been analysed that the division is done on thebasis of businessentrepreneurshipaswell as
socialentrepreneurship. In the context of businessentrepreneurshipmainaim is to increase the
profitability of owner and on the other hand socialentrepreneurship dealsin providing better
environment to generate more profitability(Storey, 2016)
.
D1: Scope, Development and growth of entrepreneurial ventures
In today’s world, entrepreneurial ventures are rapidly growing atthe marketplace with the
speed of light. It is very difficult to understand the level of growth, scope as well as
development. Reason behind this is that focus of individuals is changing on regular basis.
It has been concluded that development and growth of such business entity is increasing as
individuals start investing in such firms.
TASK 2
P3 Relevant statistics and data for illustrating how micro and small business affects economy.
Micro enterprises are small in size there are less than 50 people wh are employed in such
enterprises. Such business is having a very small scale and their investment, level of operations
are also on small scale. Micro enterprises are those which are having minimum 5 employees and
maximum 50 employees working in them. These businesses are those which are having 50 or
less than that number of employees(Rauch and Hulsink, 2015)
.
. Mostly entrepreneurs use this type of business to earn a living or both to earn high
amount of profits. SME’s are sharing a very large part in development of the country as a
whole as they help in bringing innovation & creativity in form of their ideas which they try
to bring in the company. Such enterprises also help a lot in improving the living standards
of the people of society. They try to bring positive changes in the lives of people by the
products or services in which they are dealing. For example, UK economy is facing a
decline because of BREXIT. This lead to crashing down of economy of UK because of
BREXIT. In such a situation it was micro and small medium enterprises which helped
them to face such a difficult situation. These enterprises play a very important part in
8

sustaining the economy in difficult situations. Development of the economy is a major
contribution which is being done by such enterprises.
(Kassean and et. al., 2015).
Source: Impact on small businesses, 2017
From the above mentioned statistical data there are some interpretationswhich can be
made to interpret and understand the basic contribution of SMEs in economy of UK-:
It is observed that micro business is doing a contribution of about 20% in total to the economy of
UK. On the other hand it is also seen thatthe overall contribution done by thesmall business isjust
23.4% which is a large part of the economy. (Petkovska, 2015).
P4 Importance of small business and start-ups for growth of social economy
Social economy isdefined as a mixed economy whichconsist of the features of public as
well as private sectors. Itis a type of business entity mainly based on voluntary and non profit
activities with the aim of assisting both international and nationalboundaries. It isdefined as a
type of business entity which manufacture goods as well as services with the aim of satisfying
individuals needs(Ramadani and e. al., 2017)
9

. Such type of business organization highlycontributes to the economic system of UK withthe
assistance of which government produce enough amount of funds in order to use them in a
positive manner. Someofthe essential elements are going to be explainedas follows:-
Employmentgeneration:According to a source it has been released by the government of UK
thatfrom last few years there is a huge increment in the employment opportunities within the
country. Entrepreneur settheir business entity in sucha form thatthey can use all the limited
resources in an effective manner. Withthe assistance of these entrepreneurs, jobs are created on a
large number of basis within different sectors.
Innovation: In the present scenario, small as well as start ups business need to struggle in order
to survive at the competitive marketplace. Theseare the individuals who invest there time as well
as efforts in order to produce innovative products and services so that they can generate more
profitability. With the help of fresh and new innovations, organizationwill be able to maintain
their sustainability at the competitive marketplace which cannot be easily beaten by anyone.
Meeting social purposes: Every andevery society within business environment have theirown
requirements and demands which need to be fulfilled by the entrepreneurs by producing goods
and services in an effective manner. It has also been identified that small &start ups are
established to fulfil the demands of local communities presentat the society. Apartfrom this, it
has also been discussed that such type of business have a motive which is beyond profitability.
M2: Difference which is made by small, medium and large businesses within the economy
Ithas been clearly identified that role which is performed by medium, small aswellas
large businesses organisationshave positive impact on the economic system of United Kingdom.
After Brexit, small & medium business enterprises increasetheir economic level. They arethe one
who come to support UK when there is ample number of large scale industries came to an end.
These are the entities which plays very essential role as they highly contributes in the
enhancement of GDP, generating largenumber of employment opportunities. In context of large
scale businesses, these are the industriesgenerate huge income through FDI(Petkovska, 2015).
D2: These enterprises contribution at different levels like national, regional and local.
There are three different levels of an enterprise which includes local, regional as well as local
levels. In case of local level, micro & small business entities provide ample number of
opportunities to their local individual as well as motivate them to establish their business entities
in order to earn more profitability. In the context of regional level, Medium scale enterprises
10

performtheir activities toenhance the growth rate in economic system. Their main focus is to
develop the infrastructure of a specific region. At last in case of national level, business entity
give their full efforts in order to develop economical, social and environment of a
country(Kassean. and et. al., 2015).
TASK 3
P5 Traits and skills of entrepreneurs
The
key traits & skills which is observed in Oprah Winfrey and Richard Branson are:
Oprah Winfrey Richard Branson,
Traits
 Innovation: Ideas and
thoughts implemented by
Oprah Winfrey were very
creative and are fresh
which is not imaged by
anyone at the market.
 Feedback Approach: In case
of Oprah Winfrey, it has
been analysed that they
take feedback and
response in positive
manner.
 Innovation: One of the most
common attributes
between both the
entrepreneurs are
innovativeness. Products and
services offered by these
pioneers are very innovative
and extraordinary.
Skills
 Motivator: Oprah Winfrey is
one of the most
successful entrepreneur
and motivates their staff
members to perform
their task in best and
possible manner.
 Focused: Richard Branson, is an
entrepreneur who is very
focused and encouraged and
try to create and innovate
new things.
 Mindfulness: Richard Branson,
effectively handle all the
criticism in such a manner
11

that it will provide positive
results.
Characteris
tics
 Problem Solving: Problems
which arise within the
organization is
considered as one of the
main issue which is
effectively resolved by
Oprah Winfrey within given
time period.
5. Risk-taker: He is the one who
believes in taking risks as they
produce such services and
products which is new at
marketplace.
6. Leadership: Richard Branson, is
a successful leader also as
they motivate and
encourage their employees
to perform their task
effectively.
Apart from the above mentioned, a differentiation is also going to be
performed for business managers and successful entrepreneurs are as follows:
Basis Successful Entrepreneurs Business Managers
Focus The main focus of a successful
entrepreneurs is to create their
innovative venture successful and
survive at the market place for a
long period of time.
In case of a business manager
their main focus is to create
smooth functioning of the
operation.
Status Entrepreneur are the solo or single
owner of a business firm.
Managers are not the owner
as they are the employees of
a business firm.
Motivation Earning more profitability and
attain all the predetermined
objectives of a company are there
main motivation.
Motivation for the managers
are to perform their task
effectively and increase the
productivity of company.
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P6 How entrepreneurial aspects personality reflect motivation and mind-set of entrepreneurs
Entrepreneurial personality is defined as to human characteristics, qualities, motives
etc. which are mirrored in the experiences and need of an individual. Below is the presentation of
some of the important factors which are needed to be discussed in order to know about the
entrepreneurial personality:
Family: The background and members of the family plays an important role in shaping
the career and future of a child. In order to give better shape to the future of an individual, it is
important to provide him with proper guidance and support that could help them in knowing
about right and wrong things and make them to able to make good decisions for their
future(Fayolle, Verzat and Wapshott,2016).
.
. With their help only, it is possible to shape their attitude as well. Not only in starting but also in
the later life of individual also, guidance of elders is needed at each and every step that will make
them to be successful in their life. Their values, ideas, policies prove to be very important in
order to shape the future.
Upbringing: The environment provided to an individual is also considered as an
important factor that helps in shaping their future. The type of people with which he/she interacts
also decides about the qualities and abilities which they will inherit and learn from the
environment provided to them. So the type of upbringing of an individual is also reflected in his
behaviour and nature as well. In case the upbringing of an entrepreneur is flexible than this will
also be clear from his nature and behaviour in the organisation(Cumming,. and Zahra, 2016)
.
Lifestyle: An individual having good lifestyle will always make good decisions.
Likewise, in case an entrepreneur had passed through very bad circumstances in his life so it will
not be possible for him to take risks as his own condition was not good earlier to meet the basic
requirements. So this will not be possible for him to make proper decisions and vice versa.
Along with this, the use of OCEAN Model can also be done to test the personality of an
entrepreneur. The description is provided as under:
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Openness: It is about being open and to learn new things which will help in the growth
and development because of their new experiences and learning that contributes in providing
them a successful life.
Conscientiousness: It refers to the degree of reliability of an individual with which it
makes decisions and also takes immediate actions. With this, it is possible to achieve the goals
and objectives in an easy way.
Extraversion: It focuses on the nature of an individual who is talkative and make his
interaction with other people. So this characteristic also promotes entrepreneurial mind-set.
Agreeableness: Here, the discussion is made about the friendly, compassionate and
cooperative nature of an individual which is very crucial impacting positively upon the mind-set
of an individual(Burrows, 2015).
.
Neuroticism: Another name is stability in emotions. So it is also important to create
difference in between positive or negative emotions. This characteristic also helps in dealing
with unforeseen circumstances by the entrepreneur.
M3: Different Lines of Argument Relating To Entrepreneurial Characteristics.
Accordingto the thought of Scott Shpak, 2018, an entrepreneur is an individual who
manage, control, organize each and every functions involved in a business entity. In orderto
perform all these business functions in an effective manner there are some qualities which is
needed by a successful entrepreneur includes risk management, confident, well connected,
organisational skills and many more. All these help in developing and maintaining the business
successful at market area(Bryson and Daniels, 2015).
.
D3: Characteristics, Traits, Skills and Motivational Drivers of Successful Entrepreneurs
It is identified that there are some traits, characteristics motivational factors and skills which
drive an entrepreneur successful at the marketplace. In the present context of Oprah
Winfreyeffective characteristics with the help of which they became successful are team
management and problem solving. In addition to this, skills required to become successful is
effective communication and motivation skills. At last traits includes innovations and the
reviews that they receive in order to become successful. On the other hand, in case of Richard
Branson, his characteristics includes risk taking as well as effective leadership which assist him
14

in order to attain their goals within specific time period. Traits includes experimentalist and
innovation which help them to produce innovative services. At last, skills associated with a
successful entrepreneur includes mindfulness and focused.
TASK 4
P7 Effect of background and experience of entrepreneurs on fostering entrepreneurship.
Every entrepreneur has its own way For the growth of the organisation. Small sector
business has different processes of decision making, different formation which changes from
business to business. Life experience and education plays important role in the formation of an
individual as well as team also. The traits that are needed in every entrepreneur is self-
management, self-motivation and coordination and all these factors are gain through the life
experience and education. One of the factor considered as important in entrepreneurship is
Risk(Belz and Binder, 2017.
.
Every business has certain risk, which cannot be assessed before starting of the business,
entrepreneurs faced a lot of challenges before commencement of their businesses. Richard
Branson, A great entrepreneur and the successful businessperson who defines the risk
perspective with proper significance. Oprah Winfrey is also considered as one of the successful
entrepreneurs and also known as the influential women in the world. Risk is completely related
to the structure of the entrepreneur that generates maximum opportunity and challenges for all
the individuals related to the business. It has been observed that with every business risk is
associated which is to be faced by the entrepreneur. so, it is important for every entrepreneur to
be aware about that risk and analyse it properly that can automatically lead the growth of the
businesses.
M4: Link Between Entrepreneurial Characteristics & The Influence Of Personal Background &
Experience To The Successful Entrepreneurs.
As per the observation, it is concluded that there is a strong and healthy among the
characteristics their background and experience. All these help them in order to perform their
functionality in an effective manner and produce a positive outcome. Experience, background
and characteristics foster as well as hinder the overall behaviour and attitude of an entrepreneurs
15

which as a result make them successful or unsuccessful at the marketplace(udretsch and Caiazza,
2016).
D4: Background & Experience which influences the entrepreneurs in positive and negative
manner.
It is identified that experience and background both have positive and negative impact on
the individual as it can either destroyer make a person. In the present context of a
successful entrepreneurs which are selected in this report, it has been analysed that
background & experience both plays very important and positive role. With the assistance
of this, these entrepreneurs effectively choose and select their desire field and perform
their work accordingly.
Conclusion
From the above learning it has been concluded that there is a relationship between
entrepreneur and entrepreneurship practice and is considered as one of the most important
factors for a start-up business. Several types of entrepreneurship ventures are taken under
consideration, which makes the similarity with typologies of the entrepreneurship. It has also
been concluded from the above study that UK is one of the greatest countries for making growth
with the entrepreneurship ventures. Revenue and GDP of the country is highly dependent on the
small-scale business of the particular country. Both the attributes related to small-scale
entrepreneurship, large-scale entrepreneurship, business entrepreneurship is considered with
specific roles, duties and goals of the corresponding organisation.
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