Entrepreneurship and Small Business Management

This report covers topics such as different types of entrepreneurial ventures, the impact of SMEs on the UK economy, skills and traits of entrepreneurs, and obstacles in entrepreneurship.

ENTREPRENEURSHIP AND
SMALL BUSINESS
MANAGEMENT

Contents
INTRODUCTION................................................................................................................................3
LO1.......................................................................................................................................................3
Different types of entrepreneurial ventures.....................................................................................3
Tipology of entrepreneurship..........................................................................................................4
The similarities and difference between entrepreneurial ventures.................................................4
LO2.......................................................................................................................................................6
Impact of SME on UK economy.....................................................................................................6
Importance of SME In The Growth of The Economy....................................................................7
LO3.......................................................................................................................................................8
Skills and Traits of Entrepreneurs....................................................................................................8
Personality Motivational Aspects of Entrepreneurs.......................................................................10
LO4.....................................................................................................................................................12
Obstacles in Entrepreneurship.......................................................................................................12
CONCLUSION..................................................................................................................................13
REFERENCES...................................................................................................................................14

INTRODUCTION
The process where business is initiated, designed and launched to form a small business is
known as entrepreneurship. The person who takes this initiative is known as entrepreneur. When
entrepreneurs use some methods or process to run their operations it is known as the process of
small business management. The process of small business management often requires the
entrepreneur to think and have a wide range of knowledge about every business related topics and
understanding of them. This report covers questions such as types of various entrepreneurs and how
does they link with typology, difference between entrepreneurial ventures and small businesses,
how does micro and small business help or affect the economy, how does small business help the
economy grow socially with the importance of it, skills and traits of entrepreneurs that makes them
different from business managers, their personality, motivation and mindset and their background
and experience.
LO1
Different types of entrepreneurial ventures
The procedure of the entrepreneurship is one of the best creative approaches for business
activities to manage, organize and lead employees towards the company’s goal and objective. An
effective and good entrepreneurship can bring a development and positive change. Various types of
entrepreneurship ventures-
Entrepreneurial
An entrepreneur is a single person who runs and starts a business with limited resources. all
the risks and revenues that generated by business will taking by individual only. An effective
business plan includes the brand new innovation and creation of unique products and services. An
individual should have to develop an effective business plan for new innovation and should not only
focus on the existing business model (Burns and Dewhurst., 2016). It is very necessary for a
business to focus on different aspects to gain its goals and objectives. Separation of entrepreneurial
aspects is majorly dependent on the product quality, innovation and business model.
Intrapreneurship
It is like a business firm which has a specific working focusing to business standards and
majorly working as a startup. Intrapreneur is basically highly self-motivated, action-oriented and
proactive people who takes their decisions and initiatives quickly and easily. They also take very
necessary process to innovate new product and services in the area of their organization. The most
vital thing is that they are in comfort zone because they have faith that failing they doesn’t have to
pay any extra cost.
Managerial
Its an emphases on managing the organization efficiently with a motive to inspire the people

to for working hard (Hatten., 2015). It helps in conducting tasks more effectively and it also
focusses on work efficiency. They also take responsibility to allocate the work and day to day
activities of the organization to developing and meeting all level of standards.
Scale-able start up
These organizations have a great drive Centre point. It is known as small Entrepreneurship.
By the innovative ideas and excellence, the organization will start their business to conduct their
operational activities effectively. The uses of remarkable thing and progressive actions, this
organization setting a huge platform in the market. They complete their operations and functions
according to standard rules and regulations and developed the corporate attributes in themselves
(Burns., 2016). They majorly focus on build a huge position in the market.
Tipology of entrepreneurship
Entrepreneurial ventures focuses on high returns with big level of uncertainty. Such
entrepreneur takes unlimited risks and has no concern about the spending money and time. An
entrepreneur majorly concern about the specific issues and also focusses on the area where they
conduct the process and activities of the whole business. For solving these specific issues the
company develops the required skills for increasing the productivity. Entrepreneur takes essential
actions to drive best innovative stages for creating the comfortable situation for the company by
providing goods and service.
The similarities and difference between entrepreneurial ventures
We all can understand that each and every business firm has its own way of working and
operational values that helps the organization for their factory development. Thus entrepreneurship
scale has numerous similarities and differences. This measures plays a important role for effective
working and assist in achieving objectives and goals in a significant manner. The differences
between social entrepreneurship and lifestyle entrepreneurship are as follows.
Social entrepreneurship is a great practice by which organizations are started up. They develop,
implement and find solutions to cultural, environmental and social issues. This method may vary
from organization to organization with unique sizes, believes and aims.
Lifestyle entrepreneurship means a concept by which a individual develop a business for the
purpose of modifying a lifestyle. They are not major concern about the profit earning but mainly
focus on altering lifestyle. This type of entrepreneurship has a more concern on the life rewards.
The lifestyle entrepreneur conduct their work and operations as per the passions.
Topic Social Entrepreneurship Lifestyle Entrepreneurship
Location Social Entrepreneurs are
leading their work in limited
locations.
Lifestyle Entrepreneurs are
conduct their business
according to their choices and

they are not restricted with
their location.
Investment Social Entrepreneurhip wants
more investors because they
have major goal and objective
to expand their business
activities from the first stage.
In this the entrepreneur
requires huge investors to
invest their money int the
organization (Julien., 2018).
Lifestyle entrpreneurship does
not requires investors because
they operate and direct their
business with their own stakes.
The entrepreneur doesn’t take
unnecessary efforts to find the
investors.
Exit strategy Social Entrepreneurs makes
various plan and procedures
for exit strategy.
Lifestyle entrepreneurs operate
their business with a great
passion and confidence so they
does not make any exit
strategy and exit plans.
Profit seeking Social Entrepreneurship has
main purpose to make profit.
The social entrepreneur havea
concernabout the profit
because without profit the
entrepreneur will not stable
and sustained in the market
industry (Pfeifer, Šarlija and
ZekićSušac., 2016). In case of
failure, the profit plays a
important role in this kind of
entrepreneurship.
Lifestyle entrepreneur have a
main purpose to define and
altering the lifestyle. They are
not concern about the profit
and profit related activities.
They run their business only
for the purpose of lifestyle.
Donation Social Entrepreneurs have a
belief on the donation and the
charitable activities. Social
Entrepreneurs charity and
donate when they will
generate profit.
Lifestyle entrepreneurs avoid
donation and charitable
activities and does not believe
in that.

Organizational goal Social Entrepreneurs fully
concern about the
organizational goal and
objectives.
Lifestyle entrepreneursnot too
much concern and focusses
towards their company’s goal.
Working hours Social entrepreneurs put their
extra efforts and work
additional hours in their
routine for money and many
other benefits.
Lifestyle entrepreneurs
balance their working hours
and maintain a great work and
life balance (Fayolle and
Gailly., 2015).
Making Corporations Social entrepreneurs develop
their business for making
themselves corporation at
some point of time.
Lifestyle entrepreneurs does
not want to make corporation.
Organizational structures Social entrepreneurs creates a
strong organizational
structures for completing all
the organizational activities
with a specific process and
buy effective rules and
regulations
Lifestyle entrepreneurs does
not puts their efforts on
making the organizational
structure in the company.
LO2
Impact of SME on UK economy
Interpretation and Assessment of relevant Data and Statistics to analyse the Micro and Small
business impact on the Economy.
The various development and diverse positive actions in operational activities in the small
business can generate the huge profit margin in that organization. The small businesses have a great
impact on the budget and economy development of UK because it plays a major role to increase the
corporate taxation (Bird., 2019). The small business is very helpful in creating new opportunities in
the marketplace for the youth because they largely focus on capturing skilled and talented
employees in their organization. They also support on offering various job opportunities in the

country and also plays a crucial role of GDP growth in the UK. They assist the country by creating
huge platform for innovators to share their new ideas and skills. Small business provides a big
platform for investors to invest their money and generate high interest amount. It also helps the
country to remove the unemployment from the market. UK economy affected by the innovative and
unique operations of small business. In the year 2016, there were 5.4 million small and medium
enterprises in the UK and all comprises of 250 employees. These enterprises were above 99% of all
businesses. Small and medium enterprises create their huge impact on the country by generating
annual turnover above 1.8 trillion pounds in 2016. Small businesses bring a large development in
the business and manufacturing industries by their effective programs. They conducted there
extraordinary plans and exceptional operations with limited resources, that leaves an irremovable
impact on the country. They take various necessary actions to enhance the growth and development
of business and country. Small businesses concluded their activities by following all the standards,
rules and regulations of the government, so it can attract the country internationally. It indicates that
small businesses movements will improve the work efficiency and work culture in the UK market.
Thus we can say that small business will improve the budgetary structure of the UK economy and
hence will build the strong connections with the other countries (Piperopoulosand Dimov., 2015).
Private organization is a key district of every industry and it can help in making and
developing budgetary measures. The small business and private companies in the country plays as
essential role in the overall development and growth of the economy. Their operations of business
activities has to create a positive environment in the country. They also promote the working
systems and functional activities. Government in the UK has are mainly concern about the strong
improvement of strategies that can assist the establish portals to fulfil the expectations of general
people. The all strategies of small business will increase the renumeration, estimation and enhance
the overall opportunities
Importance of SME In The Growth of The Economy
The small and medium industries are very essential in developing the economy. The market around
the world is increasing rapidly with the increasing demands of the consumers. As the small and
medium scale industries provide many employment opportunities to the population of the country.
(Gimmon, Yitshaki and Hantman, 2018)
As SME are becoming more prominent in the market as it also help the large scale industries
in doing their operation by providing the raw materials, and also doing the job work for the large
scale industries to earn profits and survive in the market. The role of SME’s varies from different
industries as there are many industries in the market in which the SME’s have contributing to

increase the growth of the economy. The small and medium scale industries require less capital
investment to start their business which have enabled the entrepreneurs to invest in the small
business to earn profits and which also increase the competition in the market as the entry in the
SME’s is not very difficult. SME’s also provide much variety of products to their customers as
there is high competition and every business is innovating to compete their rivals in the market.
(Ferreira, Loiola, and Gondim, 2017)
The SME’s is very essential in the economy as it provides employment opportunities to the
population and also increases the life style of them. With more employment of the population there
will be increase in the demand of the goods and services which will promote the productivity of all
the industries in the country making that economy strong. The small and medium scale industries
also compete with the large scale industries in the market to sell their products to the consumers, in
result the large scales industries have to lower the prices of their products which discourage them to
create a monopoly in the market and give more variety to the consumers. however small and
medium scale businesses also help the economy by innovating their products and services which
increase the Gross Domestic Product of the economy and decreases the inflation rates. SME’s due
to their high level of competitive nature they contribute in exporting their products and services to
other countries in order to increase the market and increase sales.
With the help of liberalization and globalization Small and medium scale industries have analyzed
the factors which will support the business nature in the developing economies. Entrepreneurs of
these businesses are very innovative and have much skills and knowledge to improve the products
and services with the help of external and internal analyses and they also analyze the strategies
which are used by the large scale industries so that the SME’s can counter that strategies and grow
their business. (Eniola and Entebang, 2015)
As the SME are labour intensive and this also allowed the government to understand to
protect the employees and labour from getting exploited from their owners and the government
have also made the laws and health and safety acts which the enterprises have to follow and which
will decrease the labour turnover ratio. Due to SME’s are small in nature they also consider the
beliefs and religion which their customers have and use that as there marketing strategy to increase
the sales and survive the market with larger profit margins.
The another important aspect which help the economy to grow with the operation of Small
and medium scale industries is they have to survive in the market to compete and for that these
enterprises need to be financially strong so the enterprises take loans from the financial institutions
which helps in capital formation of the economy as the government also promote small and medium
enterprises to take loans with lower rates which will help them to operate their businesses

LO3
Skills and Traits of Entrepreneurs
Entrepreneurs who do not have the skills and traits to increase the business and innovate their
business are not successful. Entrepreneurs are the individuals who have the ability to accept the
risks and also to resolve them with ease. As they have the right skills and knowledge which help
them to analyze the opportunities which will increase the growth of their business. As a idol
entrepreneur should have personal characteristics, personal skills, ability to analyze the problems
and find the solution to it in effective wand and also they should have the ability to apply their
knowledge in reality in solving the problems and making the business more productive and efficient
in competing in the market to earn more profit margins. (Devece, Peris-Ortiz and Rueda-Armengot,
2016)
Sir Richard Branson is the live example of one of the successful entrepreneurs who have
increased his business to a new level and also have made his name all over the world because of his
skills and qualities of making the strategies for the business as he is the CEO of Virgin Group which
is dealing in many different businesses as the Entrepreneur had a vision and skills which supported
him to achieve all of this success.
David and Simon Reuben are also a live example of the successful entrepreneurs who have
showed the world that proper skills and knowledge with some dedication can do to their careers as
both the entrepreneurs have a net worth of around 5 billion dollars.
There are some skills and traits which helped these entrepreneurs to succeed in their careers
and also help other to inspire from them and learn to become like them.
Passion
This is very essential skill which creates the interest of any individual to be determined in
doing the work. As it is very important for the person to create interest in what they are doing and
also feel proud of it which will give confidence to them . The person who doesn’t show much
interest in the work and complete it for money then that person have the manager skills and not
entrepreneurs skills.
Strong Work Ethics
Successful Entrepreneurs are having the mentality to show the punctuality in their lifestyle
and also in doing their work. They are very much indulge in their work and also think about their
work even when they are not doing their work. (De Bruin and Mataira, 2018 As they are dedicated
towards their goals and make the effective steps to achieves their objectives whereas managers can
be punctual to work but they can not be dedicated as entrepreneurs as they are employees in the
company and they do not have the right to lead the change so they just stick to their work and do
not think about work all time.

Communication Skills
Successful entrepreneurs have very excellent communication skills which help them to convince
their customers to but the products and services offered by them. They are also very good in giving
the clear information to their employees so that is there is no misunderstanding which will lead to
inefficiency of the business. the successful entrepreneurs also have the ability to motivate the others
and understand the importance to motivate the people. Whereas the managers of the company have
communicate the directions which is given by the owner to the employees, and they have to
motivate their employees so that the work is completed on target time. (Burns, and Dewhurst, eds.,
2016)
Determination
Successful entrepreneurs have the ability to understand the importance of failure as it will
provide them with better vision in taking better decision next time and increase the efficiency of
their work, whereas the manages does not allow them to fail their employees as it will mean to the
managers that the employees are not capable of the job and might terminate them from the job.
Innovative Skills
This is the very essential skills which every successful entrepreneur have as it is the skill
which help the entrepreneurs to use the knowledge to increase the efficiency of the business by
improving the strategies and policies. As innovative skills also help the entrepreneurs to compete in
the market and have a core competency. Whereas the manager have the ability to suggest the ideas
to their owners and it will not improve the efficiency of the company as all the employees have to
innovative in their work.
Personality Motivational Aspects of Entrepreneurs
In psychology there is a theory where different individuals react differently in the same
Circumstances. To understand this theory many psychologists have developed theories to analyze
the behavioural patterns of the person and what will be there reaction in that. Big Five Personality
theory is the model which was founded by some analysts who have divided the model into five
major traits of the person which will enable the analysts to determine the future reaction of the
person and what behaviour he may give. It is generally used by the Human resource management so
that they can analyze their employees and staff them on the right job at right time to increase the
effectiveness of the organisation.. as the model is divided in five major personality traits of the
individuals which are openness, conscientiousness, extraversion, agreeableness, neuroticism. As all
this traits will help the entrepreneurs to analyze the employee and help the entrepreneur to make the
effective motivation strategy so that they can be efficient in performing their roles and duties
according to their traits. This will also help the entrepreneurs to analyze the behavioural patterns of
the consumers about the products and services the company is providing and improve them to

increase the sale of the organisation and also to compete in the market. (Bryson and Daniels, eds.,
2015)
Openness
This trait portrays the mental thoughts and thought process the person is carrying , if the
person have high traits of this kind then they might be more innovative and exceptive to everything
and they have also a positive attitude towards everything they perceive. The people with this traits
also have many interests and also love to be challenged by someone. Whereas as if the person id
low in this type of trait then he will be more negative towards everything, they will also not accept
the new change easily , will not have much interests in many things and these people are also not
innovative and stick to what they are thinking in their heads. This will help the entrepreneurs to
understand that if the person is low on this trait he needs to be motivated so that they can be
confident and increase their knowledge by self learning. This will help the organisation to improve
in positive way.
Conscientiousness
In this type of trait the person are very thoughtful and have very in depth understanding
about all the things. These type of person have the ability to organize their thoughts and thinks
about how should they react in every circumstances as they are tolerate in nature. If the person is
high in this trait then he will increase the preparation time so that they can be more effective and not
hasty in doing their work. They also understands the important of urgency and tries to complete the
work according to their urgency so that they have time left to complete the less important work.
They often plan about their work before starting it in every possible way so that they do not do any
error in the task and they also used to their regular routines with more effectiveness. Whereas the
person who is low in this trait will not follow the routine and will do their tasks with the casual
attitude with less concern about the efficiency and these people find it difficult to maintain the task
and also do not understand how to analyze the urgent tasks. The entrepreneurs will analyze this trait
and will make a better selection process so that the company does not hire the wrong employees and
does not have the efficiency to work in the organisation. This trait will also help the entrepreneur
to pay attention on their employees and analyze where the employees are lacking and motivate
them. (Berisha and Pula, 2015)
Extraversion
In this type of individual trait are very social in nature and have a good communication
skills, and they also know to show their emotions to others. They are also having a habit of judging
others and they also show some determination in doing their work. The people who are having high
Extraversion traits will have many social relations and like to talk so much with anyone as they are
confident and can communicate to anyone easily. They are feeling positive when they are with

others , these person will are not very cautious about what they are talking and what should they be
talking to others and they also have a very friendly nature which help them to make new friends.
Whereas the person who are low in extraversion traits will have characteristics like shy to talk to
people, introvert, unable to share the emotions to others, they do not involve in the short
conversations, they are very cautious about talking to others and they think before talking and they
do not like to be social and feels safe in their own environment. The entrepreneur will have to
analyze this trait in their employees in making the motivational strategy as they can use this trait in
influencing their employees by talking and sharing the right knowledge with others.
Agreeableness
In this trait the person has the characteristics of faith, courtesy, decency. And the person with this
trait is usually very obedient in nature and has very good potential to increase the efficiency of work
by talking politely to others. The person have high Agreeableness traits then he will have the
affection for the others and also have concern about everyone near them. The person will also like
to support the needy which will provide them satisfaction. They will also understand the feelings
and emotions of others very well. (Belitski, and Heron, 2017)These person are very good human
being and they do selfless activities by which people admire them and their nature. Whereas the
person who is low in agreeableness traits will not be concerned about any person and will do what
he thinks is right. They also disrespect other people around them and they have the ability to change
their statements so that they can evade from the situation. The entrepreneurs will have to motivate
the employees on the basis of their skills and abilities and the employees who are on high traits will
be more motivated and employees who are at low traits will be less motivated for doing their task
efficiently.
Neuroticism
This trait is in that person which have features and characteristics like mental instability,
stress. The employees who are having the high level of Neuroticism will have suffer from
depression and always have tension or will be worried about all the small things which are not even
important. They also gets disappointed very easily as they do their work and give their full in all the
task, they have low skills and high expectations which will disappoint them very much. The
employees who are having low Neuroticism traits are mentally balanced and have the strength to
fight the depression. These employees do not get disappointed on anything very soon and they
follow a very calm lifestyle. Entrepreneurs will analyze this trait to know that the employees are
not facing any mental problems if they are then he have to motivate them with the suitable method.
(Ateljevic and Page, eds., 2017)

LO4
Obstacles in Entrepreneurship
David and Simon Reuben
The two successful entrepreneurs were born in 1941 and 1944 respectively and were born in
Mumbai, India. The two brothers have started their business in 1990’s after the family had shifted
from India to United Kingdom and in the initials period of the careers they opted metal business
with manufacturing and distribution of metal all over Russia. The production of the metal became
so successful by the time they became the world’s third largest metal company which produces
aluminium, then the brother had invested in establishing more factories and plants to extract the
metals from the grounds. They had also purchased the raw material in exchange of aluminium in the
time of shortage of metals in the market. And they had also started some other business which had
converted into lots of millions of amounts and at the end the brothers were entitled with the amount.
The brothers then invested in mining in different countries to expand their business. The brothers
had then mostly invested in real estate in UK by selling their other assets. (Allen and Truman, 2016)
Richard Branson
Richard Branson is very successful entrepreneur as he had faced many difficulty in achieving in his
career and he had also made a remarkable example be proving to everyone that everyone can be
successful but they need a right amount of determination, skills and knowledge which should be
used at the right time. Richard Branson was born in 1950 and at the age of 16 the young man
started his first business as he was determined to be successful one day . He gradually grow from all
his ventures and earned the profits which he again invested it in the other more profitable business.
The entrepreneur is now the CEO of the virgin group which he had founded with his vision of being
successful as he operates many other businesses as well. (Agrawal, 2017)
CONCLUSION
From the above studies it has been concluded that this report gives a brief description on
David and Simon Reuben and Richard Branson. Traits, skills and personalities of these
entrepreneurs have been discussed in this report and does that make entrepreneurs different from
business managers. What and how did they achieve success in life and how does they motivate and
inspire people. This report also tells that how small and medium enterprises help the economy. They
are the ones creating most of the jobs and increasing the level of employment. They offered jobs to
16 million people which is 40 percent of the attempt made by large firms. The contribution made by

them last year was around 2 trillion Euros which is not a small amount. It is approximately 50 per
cent of the amount made by large firms. Similarities and differences between entrepreneurial
ventures and small business has been discussed with the type of entrepreneurs and how does they
relate it with typology. Small enterprises follow the old culture and traditions whereas large
organizations cope up and remain always updated in the market.

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