Entrepreneurship and Small Business Management

This document discusses entrepreneurship and small business management, including types of entrepreneurial ventures, their impact on the economy, similarities and differences between ventures, characteristics of successful entrepreneurs, and the influence of background and experience on fostering entrepreneurship.

Entrepreneurship and Small
Business Management

TABLE OF CONTENT
INTRODCUTION......................................................................................................................3
LO1............................................................................................................................................4
P1 Types of entrepreneurial ventures and relation to typology..............................................4
P2 Similarities and differences between entrepreneurial ventures........................................5
LO2............................................................................................................................................6
P3 Micro and small business impact on economy..................................................................6
P4 Importance of small companies and business start ups to growth of social economy......7
LO3............................................................................................................................................8
P5 Characteristics and traits, skills of successful entrepreneur’s differentiating form
business managers..................................................................................................................8
P6 Aspects of entrepreneurial personality reflect motivation and mindset............................9
LO4..........................................................................................................................................10
P7 Influence of background and experience of fostering entrepreneurship.........................10
CONCLUSION........................................................................................................................10
REFRENCES...........................................................................................................................11

INTRODCUTION
Entrepreneurship and small business management can be further analysed to be
widely crucial within recent time periods, where new functional rapid connectivity is coming
among new start ups and ventures. The report will be analysing types of entrepreneurial
ventures, analysing similarities and differences and aspects of economic impact they bring on

economic overall development within business. The report will further execute analysis
discussion on skills, traits among entrepreneurs and what factors further extend to bring
positive growth within economies. Study will further also expand analysis on working
specific requirements, towards shaping new strengths and how background, experiences have
impact on their future operations.
LO1
P1 Types of entrepreneurial ventures and relation to typology
There are various types of entrepreneurial ventures which can be analysed on basis of
their size, working competencies and towards rate of employments within workforce size
further also has specific role for wider scale expansion rapidly (Castro, Scheede and
Zermeño, 2020). Based on typology, ventures understandings can be done effectively, for
bringing on enlarged understandings and efficacy rise further for commercial levels actively.
UK has large number of entrepreneurial ventures, where based on typology relation can be
significantly analysed as follows:
 Small enterprises: The small businesses are based on few number of resources and
annual revenue than medium and large companies, where venture offers up pace
within business parameters. Capital investments within small enterprises are less and
limited investments further are some essential factors where small enterprises have
the working potentiality standards. Micro businesses and small scale businesses with
limited workforce come under this category where functional aspects of small
enterprises are also limited within business.
 Large enterprises: The large ventures and enterprises employ around 5000 or more
individuals on business platforms, where business scale resources are further
expanded commercially on wide levels. It can be also analysed that average of 7$
million annual receipts fall under this category, where they have significant rise on
productive engagement levels for stringent growth. Capital investments within large
enterprises are also widely expanded among commercial business domains , for
synchronising new goals variedly within competitive industry paradigms (Top 5
trends in the Indian Entrepreneurship sector for 2020, 2020).
 Social enterprises: The social and voluntary companies are start ups where main
purpose is to serve change within society and enhance wider scale consistencies

functionally. Social enterprises further extend up benefits within society, with specific
working efficacy rise and larger scale connective rise strengths for imperative new
fundamental productivity domains. Further it can be also analysed that based upon
typology goals companies with voluntary working goals, have scope to further bring
efficacy rise for larger scale connective standards for shaping active engagement.
P2 Similarities and differences between entrepreneurial ventures
There are various aspects of similarities and differences within entrepreneurial
ventures where size and capital investments are widely varying, creating functional
comparison widely effective within business run. This further can be analysed by detailed
aspects analysis functionally bringing strategic competencies worked on, vision innovation
and specific competencies for further technical strengths actively. Entrprenuiual ventures
further expand on key consistencies , specific work engagement among economic levels
where resources optimisation further adds up to value significantly. Specific understanding
towards their similarities and differences can be analysed as follows:
 Similarities within enterprises ventures can be analysed that small and large
enterprises both need to further bring on new investments worked on for large scale
working competencies profoundly, on which vision to bring on cost effective vision
plays strong role. There is further also scope to expand new scale commercial
strengths evolved among new expertise, for binging on wider engagement done with
specific resources. There is similarity within small and large size companies to
further push innovative production capabilities, strengthen up working specific levels
growth and wider strengthened oriented paradigms (Espinosa, Solano-Fernández, and
García-Tudela, 2021).
 Differences between ventures signify aspects, where large size companies hold wider
scale workforce among company an also capital investments are specifically wide for
practical growth rise actively. This differs in comparison with small scale companies
and voluntary organisations, where resources and capital structure is limited for
bringing on new advanced scale expertise actively. The aspect further also signifies
focus towards extending commercial growth potentialities within large size
companies, which lacks in middle size companies and small new ventures. Voluntary
companies on other hand operate with goal to bring on change within working scale
rise actively, there is no specific focus on profitability attributes.

From the above analysed aspects within similarities and differences among varied
enterprises, it can be understood that UK hosts significant scale companies where
resources utilisation and scope for extending commercial chain is widely active. This
further also expands on wider scale potentialities, for bringing on best commercial
expertise and wider practical engagement within business goals actively.
LO2
P3 Micro and small business impact on economy
Micro and small business companies have strong impact on UK economy where
small and medium sized enterprises have been rising to bring on productive engagement for
boosting large scale rise functionally. UK micro and small business impact on economy on
whole can be understood with around 5.94 million small new businesses coming up and
account for around 99.9% within business population. SME accounts for three fifths of new
employments coming up among country and around half of turnover in UK private sectors
where scope for consistent innovation and creative engagement is widely strong. Total
employment level of SMEs was 16.8 million whilst turnover of around 48% positive rise, and
turnover of around 1.6 trillion. UK economy also witnesses specific rise among working
operatives where start ups fuel up creative working engagement, specific consistencies of
new ideas and towards enlarged productivity parameters. Micro and small business impact on
economy can be seen, with varied synchronised usage of advanced resources in start ups for
technical expansion rapidly and to strengthen scope for consistency within business. SME
generate wider scale of new vision oriented productive expansion on terms of innovation,
creative technical strengths and for yielding up optimum productive growth actively for
larger technical productivity. Start ups numbers are on constant rise within recent years,
where it enables us to analyse productive engagement of entrepreneurship functional rapidly
strengthens backbone of country, also creates specific competencies worked on widely.

From the above aspects it can be in detail analysed that micro and small businesses have
strong working actions for bringing on informative rise for new connective standards, larger
technical productive engagement actively among industries (What Are SMEs & Why Are
They So Important for the UK Economy?, 2019).
P4 Importance of small companies and business start ups to growth of social economy
UK economy has been witnessing varied rise among working scenarios within new
opened up start ups , where technical strengths and productive management among start ups
rise has been found to be strategically high. The importance of various small companies and
business start ups further bring on varied factors and effective parameters within social
economy where contribution can be analysed as follows:
 Employment opportunities for skilled people: Start ups bring on rise within
employment opportunities for varied new skilled people within country where start
ups open up space for further strengthening new fundamental rise. This further also
brings on wider focus among expertise growth among people, where new scope
creates larger functional rise within fundamental specific employment rise
(Neștian,and et.al., 2021).
 High rise in GDP: UK with new number of start ups opening up within economy also
witnesses specific rise on GDP levels within business arenas where technical

strengths and larger scope for consistent rise enhances scope. It can be also analysed
that Higher rise on GDP also signifies commercial working strengths, wider scale
functional working rise among businesses productive synergies variedly. Positive economic impact of small business: Small business have generated around
36% rise on overall estimated total turnover of UK economy within businesses in year
of 2020. Businesses in London have average turnover that is around 51.2% higher
than average within UK , where this aspect shows that positive encompassing new
rise strengthens up new platforms connectivity actively.
From the above factors importance of small companies and businesses start ups within
growth of social economy has been analysed where strategic vision, larger scope for
strengthened scope brings on rise among efficacy. UK economy has been also found to be
widely competitively wide to shape up business frameworks, larger resources planning
consistencies and for wider scale technical innovation (Sá and et.al, 2021).
LO3
P5 Characteristics and traits, skills of successful entrepreneur’s differentiating form business
managers
There are various characteristics and traits, where skills of successful entrepreneurs
are widely different from business mangers which further bring on imperative keen
productive goals worked on for larger scale growth rise. Following are the best traits and
skills of successful entrepreneurs which strengthen their productive engagement goals and
varied consistency goals , for innovative new frameworks and longer established productivity
ideas :
 Passion and persistence: Entrepreneurs working with passion and persistence is one
of the best skill which brings on successful growth within business parameters, to
shape up ideologies and larger profound growth goals. Passion and persistence
further synchronises new specific ideas for framing up working growth rise on
benchmarks, which further brings on enhanced functional growth expansion.
Successful entrepreneurs are different from other business managers due to passion,
persistence and working strengths which strengthens up scope for larger dynamic
paradigms (Ratten and Jones, 2021).

 Motivation and creative working engagement: This is also one of the specific trait
and characteristic among entrepreneurs where creative working engagement, further
engages profound scale connective goals within longer strategic run. It further heads
on towards establishing motivation and new informative strength, for establishing
keen standards worked on within business ideologies. This trait further differentiate
comparison from other business managers where, motivation adds to new specific
creative working engagement functionally within longer time parameters.
 Risk tolerance: The factor of risk tolerance is also essential aspect among successful
entrepreneur, differentiating them from other business managers which further
determine wider extensive positive rise. Risk tolerance also further synchronises new
scope for consistent scope among fundamental rise, towards untapped new business
traits and larger scale working operations.
P6 Aspects of entrepreneurial personality reflect motivation and mindset
Entrepreneurial personality reflect motivation and mind set efficiency, where further
there is varied scope for larger scale growth rise to bring on consistency parameters worked
on strategically within business goals. The personality trait such as wisdom and
knowledgeable working experience holds high scale importance, for informative connective
goals where mindset of entrepreneur is positively impacted. Furthermore, entrprenuiual
personality further reflects stringent specific benchmarks among working horizons, for
bringing on dynamic strengths evolved. This further also creates technical working
advancement, leadership motivation and also profound rise for scaling up new competencies
synergies among business run. It further expands up working paradigms towards aspects of
entrprenuiual personality, reflecting motivation goals and informative mind set for
consistently bringing on new working ideologies shaped up.
Entrepreneurial personality reflects working motivation to strengthen new ideas
frameworks and larger scope for bringing optimistic mindset within business frameworks,
with rapid growth engagement. It further also enhances scope for developing keen enlarged
connective goals within company to establish best quality standards rise functionally. Aspects
of entrepreneurial personality further bring on new rise among building best working
ideologies within strategic run, upscale business efficacy targets and for establishing new
stronger working goals (Kiyomovna, 2021).

LO4
P7 Influence of background and experience of fostering entrepreneurship
The influence of background and experience has high role for strengthening new
informative growth rise and fostering entrepreneurship widely within longer time periods,
where skills have significant influence. Background and experience, significantly builds up
consistent functional rise for stringent connectivity benchmarks and larger efficacy targets for
bringing on rise within entrepreneurship. The experience and further working innovations
strengthens up scope for bringing on new ideas, resources investments and to shape up new
ideas profoundly towards untapped performance target (Pardo-Garcia and Barac, 2020).
 Jack Ma, founder and CEO of Alibaba has been widely known as one of the most
successful entrepreneur whose vision and working skills, leadership and supervision
styles has inspired millions around world. He faced varied failures in beginning of
career, for bringing on practical shape up new ideas and to strengthen up scope where
there were varied number of rejections faced. But passion, effective business
development skills enhanced capabilities to expand new technical strengths and larger
productive engagement among stakeholders within company.
 Mark Zukerberg, CEO of Facebook is also one of the other widely known
entrepreneur, whose vision and corporate scale working efficiency within vision
oriented working scenarios have been widely inspirational. The entrepreneur also
holds wider connective leadership potentialities, where previous working experience
and background enables us to examine focus on working avenues aspects where
previously he failed varied challenges. Being school dropout he faced various
challenges, within personal and professional success where entrepreneur had
willpower, larger scale connective strengths to expand vision oriented goals
functionally within longer productive run (Ayala, Calvo and Manzano García, 2021).
CONCLUSION
From the above analysed aspects within report, it can be conclude that report has
analysed large size ventures, small scale ventures and voluntary companies are main
ventures based on typology. Importance of enterprises specifically also concluded in report
signifies that passion, willpower and strategic working standards further encompass larger
vision oriented paradigms among action. The study further concluded that experience and

background further enhances scope , leveraging varied synergies impacting new functional
growth rise worked on among new businesses. It can be also analysed that example of Mark
Zukerberg and Jack Ma are some of the top significant examples where entrepreneurs are
known for their fundamental working expertise, news connective standards rise actively.
REFRENCES
Books and Journals

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Castro, M. P., Scheede, C. R. and Zermeño, M. G., 2020, April. Entrepreneur profile and
entrepreneurship skills: Expert’s analysis in the Mexican entrepreneurial
ecosystem. In 2020 International Conference on Technology and
Entrepreneurship-Virtual (ICTE-V) (pp. 1-6). IEEE.
Kiyomovna, K. G., 2021. Development of Entrepreneurship and Innovation. Pindus Journal
of Culture, Literature, and ELT, 2, pp.18-21.
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Prepare Business Students for Employability in Online
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