Entrepreneurship and Small Business Management

This report discusses entrepreneurship and small business management, focusing on their impact on the economy. It explores the characteristics and skills of successful entrepreneurs and examines the backgrounds and experiences of Mark Zuckerberg and William Chase. The report also highlights the importance of small enterprises and business start-ups to societal development.

Entrepreneurship
and Small Business
Management

INTRODUCTION
Entrepreneurship is explained as opening business at it's own risk which is often a small
enterprise administration. Here, threats and profits is completely managed by owner of the
business. The scanning the external environment the tactics are farmed in order to overcome risk
factor in intense competitive competitive world. This report is based on Beapher founded in the
year 1942. The given report covers, the impact and contribution of small businesses towards
development of economy later Brexit. In addition with this, characteristics, traits and skills that
must be attained by an person to become flourishing businessperson are properly explained
under this report. This undertaking also summaries the background of two prospering
businessperson along with the cause which boost them to image of a flourishing entrepreneur
from their childhood.
P1& M1: Distinguishing kind of businessperson ventures
The Distinguishing kind of businessperson ventures are as follows:
Small business entrepreneurship: It includes those enterprise which are operating
independently at small scale level. Hence, the size of such kind of enterprise is small and
constricted. It revenues generation are very much depend on the sector or industry they relate.
They enter into marketplace with an subjective of gathering livelihood due to operating at low
level. For example Grocery stores, travel agents, electricians etc.
Social entrepreneurship : These kind of enterprise enterprises are acquainted in the
market with an intention of bringing new and creative goods and services in the market that may
satisfy societal necessity and requirements of clients. Objective of this kind of enterprise is to
develop the nation. They don't work for benefits or market share yet societal benefit .
Typology of entrepreneurship: All above stated entrepreneurial ventures are linked with
different typologies which are described as follows:
Male entrepreneurship: This entrepreneurship is majorly based on male who are
operated business functioning more effectively. It prohibit any female member to get indulged in
enterprise decision-making activity
Female entrepreneurship: Nowadays, the number of females are more as compared to
the male due to having a view that females have more patience than men due to which they are
more capable to run and operate business functions more smoothly.

Managed Growth: This kind of entrepreneurship is handled and disciplined by both
male and female in equal ratio in order to accomplish success and growth in newly enterprise
within shorter time frame. Both of them mutually work and take conclusion for the enhancement
of business venture.
P2 & D1: Similarities and difference among businessperson ventures
The Similarities and difference among businessperson venturesare explained as under:
Particulars Small business Scalable start up Large company Social
entrepreneurship
Definition It is small-sized
business which
requires low
investment due to
operating at small
scale.
It is a business
which is operated
to achieve its
vision with
suitable planning
and strategies.
It is the
businesses which
are having finite
cycle that mainly
emphasis on
bringing new
products and
services
according to the
changing needs
and requirements.
They are called as
innovators who
comes into
market with new
idea to fulfil the
desire and
preferences of
community.
Objectives To earn
livelihood.
To invite
investors to show
their willingness
to provide
financially help to
their new and
innovative ideas.
Large firm
function is to
serve consumers
to acquire best
goods and
services in order
to full-fill their
expectation.
To formulate
awareness
regarding their
wellbeing and
safety goods.

All above mentioned ventures have some similarities along with they are briefly illustrated as
follows:
 All such kind of ventures are implanted into market are mainly emphasized on customers
needs and preferences.
 They always tried to come up with creative idea and commercialize goods into market so
as to full-fill the expectations of their potential customers.
 Every ventures described above is established with an creative idea that is developed by
the businessperson.
P3 & M2: Interpretate and assessment of information and statistics to elaborate the mode in
which small enterprise effect on the economy
Small and micro enterprise organisations contributes to the growth of the economy and
help to gain national income on the nation. These business organization are executing their
business in the market and helps the countries to overcome the issues like decreased national
income, fluctuation in rising prices and deflation rate etc. that are faced by them. The companies
who are running business effectively and successfully can help to make a stronger economy.
Small business get little influenced by the economic problem as they are operating enterprise on
a lower level. Economic modification highly impact the business of large administration. While a
country is facing. They may not acquire higher profits as compare to bigger companies but they
have more stability in the market because economic changes leave less impact on these
businesses. Major impacts of small and micro organisation on the economy are as follows:
Employment generation: Small enterprise help to generate occupation and provide jobs
to such individuals who are not employed by big administration. If all the citizens of a country
get desired jobs than this will solve the difficulty of unemployment. As various small and micro
business are establishing their enterprise and they require well knowledgeable and proficient
persons who may help to attain long term sustainability and success for organisation.
High flow of cash: Small and micro enterprise assist to uplift the flow of cash because
when a new enterprise launches in the country than it will help to ring more monetary resources
for the country. This acquired cash and be utilized by the authorities or governing bodies to
strengthen the economy.

Infrastructure development: Small and micro enterprise help to develop the economic
state on the country by triturating a higher sum of money in national income. This may aid the
judicial regime of of United Kingdom to use the amount for the development of infrastructure by
constructing educational institution, roads and bridges.
The effect of small and micro enterprise can be explained well with the assist of diagram.
Below is the diagram
The above diagram interpret that small and micro organisations have increased
employment for the country. It is very beneficial for the economic flourishment and help to
grow quicker. Macro enterprise are tributing 40% in the occupation upliftment of United
Kingdom which is a positive influence of these enterprise.

P4 & D2: Importance of small enterprise and business start ups to the development of societal
economy
It is very essential for the authorities to assist macro and start up enterprise so that they
may aid to deal with economic challenges. These enterprise aid to raise profits for the nation so
that authorities may grow the nation. UK's economy is well developed by various issues have
been come acrossed by the country later Brexit. Macro and new enterprise formulate occupation
in large number so that they can provide job to a large section of the population.. Importance of
both can be interpreted with the aid of next points which are, increasing awareness this is very
crucial for macro and new enterprise to increase consciousness between population so that they
may last in the market. If huge number of individuals get attracted toward the businesses than it
will assist to develop the societal economy by increasing sales and profits of businesses.
Encouraging for creative goods, start up enterprise are mainly launched with creative and
fresh thought. Citizens of United Kingdom become attracted toward the fresh and unique thought
or the good that are launched with innovations this will help to grow societal economy because it
results in increased revenues for the organisations. Providing numerous job chances, new and
macro organisation are providing job or employment chances as they involve creative mind for
the growth of the business. Creative enterprise who do not have work force to execute enterprise
activities and hire new individuals who may help to attain long term sustainability. This may
help to develop social economy by increasing national income. Improvement of domestic
enterprise culture, economy of United Kingdom have faced various problems due to Brexit, it
has created problems for big organisations and reduced their earnings. In this situation the
domestic macro companies and start up business have expanded their enterprise by serving such
products to the customers that are needed by them. Enhancement in sales have resulted positively
for the business and raised profit that is a high tributing of macro and fresh enterprise in societal
economy.
From the above it can be summarized that it is very compulsory to generate macro
administration as they aid in expansion of societal economy. In United Kingdom Brexit was a
big threat for new and macro companies. Governing bodies of the United Kingdom designed
strong tactics in order to deal with Brexit difficult in every aspect.

P5 & D3: Characteristics, attribute and ability of flourishing businessperson
Covered in ppt
P7 & M4 & D4: The way in which background and experience can foster entrepreneurship
Mark Zuckerberg:
Overview:
 Mark Zuckerberg was give birth in New York and his father was a dentist and mother
was a psychiatrist.
 From the middle school Mark Zuckerberg stared using computer software as well as
learned many programming from this father.
 During college time he choosed to study psychology and computer science.
Experience:
 Mark Zuckerberg faced various problems in his life, deficiency of funds for enterprise
was the main problem.
 Mark Zuckerberg have studied computer programming form his father he has experience
of this.
William Chase:
Back ground:
 William Chase is from farmer family.
 For studying William Chase was send to private school
 In an old van William Chase parent used to come to pick him. .
 When William Chase was 20 years his mother died and his father was not interest in
farming.
Experience:
 William Chase has been part of poorty in his childhood and at maturity level.
 At the age of 20 he borrowed £200000 to buy farm from his father and after struggling
for years he was paying wages of other people without having any enterprise experience.
 Later in some year his partner have faced some money deficiency and withdrew all his
money that led the enterprise toward unsuccessful and William Chase become bankrupt. At a stage William Chase become depressed and almost suicidal.
Effect of background and experience on entrepreneurs, both positive and negative:

Positive effect: William Chase and Mark Zuckerberg entrepreneurs have seen bad times
or situations in their life that encouraged them to dream big so as to forbid such conditions in
coming life. Due to this, William Chase and Mark Zuckerberg always tested to generate fresh
and creative thought which makes their business more flourishing. They have learned from their
ancient experiences that will be assisting William Chase and Mark Zuckerberg to accomplish
development in upcoming days.
Negative impact: William Chase and Mark Zuckerberg these businessperson comes from
middle class family which affect their education life. Lacking behind in this made them face so
many problems in life that directly or indirectly bound William Chase and Mark Zuckerberg to
achieve success in early age time duration.
CONCLUSION
From the preceding discussed report it can be ended that entrepreneurship plays vital role
in both public and corporate sector. There are numerous typologies and ventures studied in order
to raise their basic understanding. Small scale entrepreneurs, scalable start up entrepreneurship ,
large scale entrepreneurship and son are studied deeply in order to gain huge profits in set timer
duration. Differences and similarities among entrepreneurial ventures are focused in order to
gain understand the positive and negative aspect. Small business is providing several
employment opportunities to community people that directly aid in florishment of the national
economy. Along with this impact on micro and small businesses upon economy is examined into
order to gain productive results.

REFERENCES
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<https://www.ons.gov.uk/economy/nationalaccounts/uksectoraccounts/articles/
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