Entrepreneurship and Small Business Growth

This assignment delves into the multifaceted world of entrepreneurship and its influence on small business growth. It examines various aspects, including the role of business models, success criteria for entrepreneurs, and the contribution of public procurement to fostering entrepreneurial ventures. Furthermore, the analysis extends to the intersection of entrepreneurship and sustainable development, highlighting the importance of environmentally responsible practices in small businesses.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial ventures and its relation with typology...........................1
P2 Role, characteristic of different ventures...............................................................................3
P3 Effect of micro and small business on economy...................................................................6
P4 Significance of small business and business start-ups in economy development.................7
TASK 2............................................................................................................................................9
P5 Characteristic and traits of successful entrepreneur...............................................................9
P6 Personality of entrepreneur act as a motivational tool.........................................................10
P7 Background and experiences which can hinder or foster entrepreneurship.........................11
CONCLUSION..............................................................................................................................11
REFERENCES .............................................................................................................................12

INTRODUCTION
Small business enterprises are entirely controlled and operated with the help of private
firm, association, single organisations and sole traders where less workers are performing for
attaining the pre determine goals and objective. Private firms are majorly helps in order to
enhance the growth of economy of the nation in appropriate manner. They were build up the
innovative and creative products and services in effective way (Carland and Carland 2015). All
entrepreneurs are having higher skills and abilities for arranging and controlling all kinds of
activities and functions within a enterprise. The report throwing some lights on the evaluation of
different types of entrepreneurial venture and also depicts the similarity and difference in
between all these venture.
TASK 1
P1 Different types of entrepreneurial ventures and its relation with typology
Entrepreneurship: it is a signifying and prominent pillar of the economic growth. An
entrepreneur is an individual who runs their own business by his own help along with with an
entrepreneurship is simple term which is considered as a set of practises and activities which are
concerned with developing and running business by an owner for surviving in a competitive
market with the hope of some benefits. It is generally refers as taking risk in the serving market
place through launching a newer things or products in to market also it helps in the generation of
employment in the nation. Other side entrepreneurship is about thinking out of the box and look
after all the possibilities. For an entrepreneur, it is important to have ability for bearing risk cause
this is the only thing that provides aid to entrepreneur in smooth running business enterprise.
Entrepreneurial practices are required to be well planed in appropriate manner other
wise roadblock will occur again and again. This sited phase are focused with the venturer's
beginning and in the middle step says, owner needs to look after all the aspects of the
advertisement. It is also means the utilisation of accessible things and planning in respect to
forecasting or allocation services and product (Dennis 2011). Here in all the results comes in the
regards to considering costing and risk of the firm. Entrepreneurial is a trait of a person that are
having ability of taking financial risk and have hope of profit.
Ventures of entrepreneur
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Private venture entrepreneurship: As this name explains, some of firms are privately
operation in the nation of UK. These kind of enterprise have single entity which facilitates them
in framing more profit and offers what they wish to owner. Other side, governmental forces are
applicable in minimal manner.
Scalable start-up: Small and higher scale of company comes under it. These are those
type of business who starts their operations in very niche market with less financial tool. They
are not dealing with nigger projects, they only serve to general people and not seek out luxury
item.
Large company entrepreneur:- hey are dealing with higher scale goods and also
concentrate on the higher level or class individuals. These kinds of enterprisers are having
enough financial aid for surviving their business and venture.
Social business enterprises: These types of company can be both non profit or profit.
The only aim of firm is to facilitates effective quality of the product and services in the market
place in order to satisfy needs and demands of customers. These kind of firm are not seeking out
some extra profit, they are working for social cause.
Typologies of Entrepreneurship:
Its general mean is major classification in accordance with general types, social science
and psychology.
Lifestyle venture: Here, these entrepreneur are refers as they wish to make investment in
the area in which persons going to be serves and also create more competitiveness in market.
This kinds of venture is frames in accordance to taste and preferences of the persons with their
local belief. It facilitates stability in earning for owner and maintain performance mode in
business as in sufficient manner. In this kind of enterprise owner does not seek out for their
expansion instead they survive in single location with minimal numbers of employees (Down
2010).
Managed growth enterprise: According to time, same kind of venture will get stability
in their growth and will have workable business model. In this venture, on-going investment will
happen through introducing and lunching new goods and services. This enterprise required
regular modifications in providing demanded things in growing enterprise.
Survival venture: This types of enterprise means a basic and general market added to a
person which provide help to a firm for their survival. In new market place, owner will have new
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opportunity to promote their product without having any competition and provide then effective
profit. The survival venture is started for surviving the livelihood and also provide some aid to
individual's family members.
Aggressive growth: These enterprises refers to the exposer and advancement. Technical
grounded firm comes under this types of enterprise. Hence these technical venture has capability
for making innovative product. Therefore technical advancement provide effective level of fund
and exceptional growth. These kind of firms are always interested in making investments.
Typology; its general mean is major classification in accordance with general types,
social science and psychology.
Private venture entrepreneurship: as the name explains, some of the firms are privately
operation in the nation of UK. In this kind of enterprise having single entity which facilitates aid
for framing more profit and offers what they wish to owner. Other side, governmental forces are
applicable in minimal manner.
Scalable start-up: small and higher scale of company are comes under it. These are those
business who starts their firm in very niche market with less financial tool. They are not dealing
with nigger projects they only serves to general persons and not seek out luxury item.
Large company entrepreneur:- they are dealing with higher scale goods and also
concentrate on the higher level or class individuals. These kinds of enterprisers are having
enough financial aid for surviving their business and venture.
Social business enterprises:these types of firm can be a non profit or profits. The only
reason of the firm is to facilitates effective quality of the product and services in the market place
in order to satisfy the needs and demands of customers. These kind of firm are not seeking out
some extra profit, they are working for the social cause.
P2 Role, characteristic of different ventures
Basis Small business Social enterprises
Definition Small business refers to that
firm which is small in size and
their work that is managed and
controlled in efficient manner.
This business provide help in
order to having innovative and
creative product and services
to their buyers and aid to
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satisfy them.
Role The prominent role of the firm
is to attain higher profit.
It is the one of the leading firm
that aims is to facilitates social
security on the persons on
nation.
Objectives The prominent objective of
this firm is to create sound
profit and try to complete all
the needs and wishes of the
buyers.
Social firms main purpose is
to satisfy all the essential needs
and wish of the society and
conduct a social welfare
program.
Basis Public Corporate
Similarity and Differences Public organization and
corporate company are
focussing on creating
something new or different in
order to offer best services to
their requisite clients.
Additionally, both the
association are trying to
gaining attention or loyalty of
entire society by serving in a
best manner.
Public sector wishes to earn
benefits but they only utilise
those earning that can be be
income by the public sector.
The prominent objective of the
sited division is to facilitates
lower price goods and services
to the larger numbers of
customers. On the different
side, corporate sector are
earning funding for their
personal development and
offers various products at the
higher costing and their major
motive is to get higher profit.
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Difference between scalable start up and large company
Basis Scalable start up Large company
Meaning This is a firm that aid in
attaining the appropriate vision
through performing suitable
planning.
Large scale firms keep
changing in accordance to the
change in taste of customers.
Characteristic Provides attentions in order to
develop maximal firm by
growing their enterprise in
effective manner.
They will opts regular
procedure as per buyers needs
and wishes.
Objectives The core motive of the firm is
to have attention of various
investors who invest their
fund.
The purpose of this firm is to
manufacture products and
services that is based on the
buyers taste and this is based
on new technology.
Comparison:
Small enterprise Medium enterprise Large enterprise
Small business firms required
larger numbers of the workers
who can work for attaining
desired objective and goals.
They have less then 50
workers.
In this venture, numbers of
working persons are more then
250 staff members which are
performing for achieving their
goals.
In this firm, there are more
then 500 and less then 250
persons who is working
together.
They needs minimal finance
for their start ups or new
business.
Medium firm are have
requirement of investment of
average finance in the venture.
They required worth of their
money for the starting up new
firm in larger scale.
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There are some techniques
which provide help in order to
performing job functions and
practises of the small
enterprise in sufficient manner
The government powers aid in
facilitating finance for the
hurdle less running of medium
scale firm and also flourish the
business.
In the sited firm, maximum
benefits and risk are available
in sufficient manner.
P3 Effect of micro and small business on economy
There are different small firm organisations which will make direct impact on nation's
economy and it is also playing a significance role in growing rate of economy. Private enterprise
is known as the backbone of the economy of UK and it will provide assistance in order to
developing business possibility. Small business firm are facing various challenges that are
related to different conditions and situation. There are different manners that helps in arranging
and controlling firm's operations and also evaluate effects on the economy that are as detailed-
 Turnover- it is a very first step that make direct impact on the economy of the nation in a
certain year, firms are also make powerful effects on the annual turnover and revenue that
helps in enhancement of the country. The entire turnover reflects the real positions of the
business in the competitive location and places.
 Business- improving the numbers of the firm which provide helps in creating larger
numbers of opportunity for the employment in the entire nation which helps in boosting
up the living standard of individual. Private venture are major assets for generating job to
the unemployed persons (Carland and Carland 2015).
 Development- The sufficient improvement is needed for growing enterprise in the larger
area and flourish their firms functions and operations in effective manner. The
development of the product are important for capturing the larger number of the buyers
for purchasing these product and services.
 Industry- improvement in innovative and creative practises will encourage and motivate
the workers for building more of services and product. This will make effective direct
impact on the growth of nation in each and every manner. The establishment of various
industry and connections are getting more benefits and creates larger rate to growth of
the country's economy.
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 Competitiveness- This elements reflects the increase the number of the firm and creates it
more aggressive at the internal level and also motivate competition in the nation.
Apart form it, this can be summarised that the management of firm are directly impact the
advancement of nation economy and it will playing a signifying role in order to making these
elements by internal and external fluctuations. There are some business which will provide
contribution in framing procedure in different manner which are detailed as-
 Creating work opportunity.
 Opting thought and imaginative idea.
 Chances of similar products.
 Manufacturing if creative and innovative product and commodities.
 Completing the different kinds of demands of associator and satisfying them.
Illustration 1: UK investment in technology, 2018
(Source: UK investment in technology, 2018)
The influences of the small business firm is directly effects the domestic, national, and
international economy. Small firm have powerful effects at various level of the economy and it
will playing an signifying role in the nation's economy that are as follows-
 Local or domestic- this will aid in allocating different kind of items in certain location
and also trying to satisfying all the demands and needs to the buyers in effective manner,
 national- Beginning of the entire products by manufacturing creative and innovative
product and services.
 International- higher rate of products that aid in over flowing the limits of the FDI.
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P4 Significance of small business and business start-ups in economy development
Social enterprise is all about focussing on offering best services to the clients in order to
develop the nation by uplifting the society. Their main objective is to serve clients with free
services and poor people to make changes at marketplace by satisfying the need of customers.
For example; number of charitable associations are emerges such as; Oxfam, woodland trust and
so on. Small business and new start up business provide aid for improving the growth rate of the
economy of the nation and facilitates higher standard of living to the persons. When a
entrepreneurs begins a new venture then they can observe about their own benefits but these start
ups are make direct powerful impact on the economic. A enterprise is always work for the
community, state, region, nation and for the particular location of persons. They provide help to
create some of changes in the indirect and direct manner such as-
 Build a connection with each and every one- when a firm is begin up at a certain place
or location. They provides their services and products to each and every buyers. Before
this procedure they are working for the exploring the market in order to get a brief
information about their customers wishes and their demands. Through the evaluation,
they gets a small association and interaction with each and every person. The same
interactions provide help in order to creating a effective connection with them.
 Creating of wealth and its sharing- when an individual established a unit and entity,
they have already make investment of their finance and resources and also captures more
different funds form the investors, lenders and public's too. A small scale business never
creates their costing as much higher as the buyers which they are not afford. So the first
of creating trust in the minds of customers, hence they have required to facilitates their
services and goods at lower prise. It will provide help for creating wealth as much as
possible.
 Provide employment services- in an economy, where every one wishes to have a larger
opportunity of the job if an individual become a entrepreneur, there will be an less of job
founder and then they can facilitates effective employment services to a multiple job
seekers. The think is to frame job chances which helps the business in order to attain their
pre determine objective and goal along also make contribution in the economical
development. Government of a nation also facilitates promotion and support to new start
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ups and aid in order to capture the eyes of the other nations for facilitating newer ideas
through the hiring.
 Regional development- new enterprise, or business and newer industrial unit or entity
provide helps for the regional development on the certain locations and areas like
backwards and less developed areas. The growth of these kinds if the firms are
facilitating better and sufficient roads, electricity, railways link, and water supply,
hospital development, school and different more of public services of the persons. This
kinds of the firm are indirectly and directly provide their contribution to the growth of
economy and also helps others who are needy or have essential requirement.
 Increasing standard of living- enhanced and framed a standard of living of a
community and a single person is also a other prominent key for the development of
economy. This is not a thing to facilitates a job services but it helps in opting newer
technologies and innovative thought or idea that will aid to create things in advance and
also facilitates a proper guide for thinking. They also motivates through using different
resource and have interest in educational and learning advance technology.
 Flexibility- this is a part which provide various services that can be changed in
accordance to the necessity and time durations. Example; some of health care policies
and procedure can be changed as per their demands and needs. All the training procedure,
internship process, educational institutional etc. these services are aidful for a person and
for growth of economy.
TASK 2
P5 Characteristic and traits of successful entrepreneur
The two entrepreneur Mark Zuckerberg and Henry Ford. They both are having capability
and ability that helps in launching a new business through producing effective and efficient
product. Other side, Henry Ford is the owner of Ford motors firm and his abilities and
capabilities are different form others.
Characteristics and traits of entrepreneur-
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 Passion and motivation: entrepreneur have passion to do something different from other
which is unique and the same motivate others. They are continue motivator and built such
environment which is full of motivation (Burns 2010).
 Not afraid to take risks: As it is discussed above that entrepreneur are risk taker for
doing something innovative it is necessary to take risk. For generating revenue and
growth, development of business it is necessary to take risk. In simple terms it can be said
that everything come with some hazards so business environment is full of competitions
and risk.
 Product and Market knowledge: entrepreneur must have knowledge about the product
they are bring in market. But before this owner of the company have to do proper market
analysis so they can know about substitute, competitors, current market trend and many
more. If all these not done then he\she will be unaware about many things like
modification in market need, competitors and some other factors which can be reason of
failure of products.
 Self-belief, Hard Work and Disciplined dedication: entrepreneurs belief in themselves
and confident as well devoted to their project they are bringing in market. Hard work is
key to success for growth and development of business it is required to focus on it.
 Creativity: this is important to remain in market and entrepreneur is that person who
think different from others. Bring some creative thing in market which is different from
other and create market image which is necessary to remain in business environment
which is full of competitions.
 Competitive spirits: entrepreneur have competitive spirit in them because market is full
of competition. When individual have spirit to do something then then can easily achieve
position in market.
Above mention characteristics of entrepreneur as well their qualities. All these are important as
well required in them to remain in business environment which is flexible and full of
competitions. Instead of this entrepreneur is person who come with motive of capturing market
and grabbing existing customers of other and then convert them into loyal.
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P6 How personality of entrepreneur act as a motivational tool
All the business person are motivated numbers of the individuals for their style of life.
With out having any of inspiration, on one can perform in order to attaining their desired
objective and goals. Small scale determine more of elements that helps in apply the entrepreneur
individual. A person also have an ability for having appropriate outcome in order to dealing with
different situations. A person who are consider as an entrepreneur having the ability of taking
risk and think out of the box. They are capable to survive in harder conditions. For an example;
Mark Zuckerberg us a person who are consider as an inspiring personality for a larger numbers
of persons. He is capable to make decision that helps in growing the business operations and
provide smooth running in the company's practises. They manage the quality and control all the
issues whether they are internal hurdle or external. The personalities of entrepreneurs are able to
make impact in the minds of their followers.
It has been assessed that number of entrepreneur was identifying at marketplace due to
their innovative ideas and thoughts which may attract minds of millions of clients. However,
their major roles and responsibilities is to encourage other individuals towards certain objectives
and goals. Hence, number of theories are identified which helps in encouraging an individual
towards specific goals or objectives. Thus, David McClelland was proposed by him for
motivating others for attaining set targets in a defined time period. According to this approach
behaviour of person is get influenced by three major requirement such as; -
 Need for power
 Achievement
 Affiliation
Thus, all the above elements are playing very eminent role in encouraging an individual
toward set goals or targets.
P7 Background and experiences which can hinder or foster entrepreneurship
The past data of the any individual will reflects their identity and create picture of their
personality. This kind of data will provide assistance to business entrepreneur in order to
motivate workers to establish the new venture. There are various numbers of fluctuation that
needs to be determine the those individual who are associated with the background of the firm
individual. Training is an prominent and initial practises for each and every business that is
concentrated and this can be facilitates to the employees for enhancing their capability and
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ability in sufficient manner (Bridge and O'Neill,2012). The person is having power to facilitates
aid in order to developing the growth and profitability for the firm.
Effective learning helps in enhancing the person's skills and knowledge that helps in
handling the hard situations in the firm in effective manner. The background of entrepreneur
provide helps in determining their idea and thought of an individual. It has been understood that
background and experience are playing useful role in a person life either motivate or demotivate
towards objectives and goals in a defined time period. Major role of experience and background
is described as follows:-
 Background:- If an entrepreneur is having a business in their background then sometime
their parents is going to motivate the towards family organization in order to continue for
longer time period. On the hand some of the parents says that choose some other career
for trying something new or different.
 Experience:- As per this element experiences of life is supporting in various manner
such as; sometime an individual may get motivated towards creative ideas in case of
positive past but if there is any incident which was might occurred in past then a person
get discouraged.
CONCLUSION
Form the about report, it has been concluded that small business enterprise are whole of
operated and possessed by private set up, affiliation and sole traders where number of employee
are less then other and they are working for achieving the wished goals and objectives. Life style
venture refers to taste of general public and associated with those of products and services that
are framed for persons in accordance to their taste and preference along with local belief. It is
true that private sector has become backbone of United Kingdom economy. It also provide
assistance in order to develop more possibilities of business. Small business and new start ups
helps in improving economic growth and facilitates higher standard of living to individual.
When a entrepreneur begin a new venture, may be they will observe about their own profit but
these all new ventures will mark direct impact on economy. Throughout the study it has been
understood that number of individuals are coming with creative ideas for establishing a new
business in order to promote economy of a nation as well as maximize the profit level.
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REFERENCES
Books and Journals
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Burns, P., 2010. Entrepreneurship and Small Business: Start-up. Growth and Maturity. Palgrave
Macmillan.
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educational implications. Journal of Small Business Strategy. 8(1). pp.1-14.
Dennis Jr, W. J., 2011. Entrepreneurship, small business and public policy levers. Journal of
Small Business Management, 49(1), pp.92-106.
Down, S., 2010. Enterprise, entrepreneurship and small business. Sage.
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Online
The Role of Small Business in Economic Development. 2018. [Online]. Available Through:
<http://isbdc.org/small-business-in-economic-development/>.
What is Entrepreneurship?. 2018. [Online]. Available
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