Entrepreneurship and Small Business Management

This study material provides an overview of entrepreneurship and small business management, including different types of entrepreneurial ventures, their impact on the economy, key aspects of entrepreneurial mindset, and more.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
LO 1 : Range of venture types ........................................................................................................1
P1 Different types of entrepreneurial ventures ..........................................................................1
P2 Similarities and differences between the entrepreneurial venture.........................................3
Similarities..................................................................................................................................3
Differences..................................................................................................................................3
LO 2 : Impact of small businesses on the economy.........................................................................4
P3 Interpretation and assessment of relevant data and statistics of SME's impact on the UK
economy......................................................................................................................................4
P4 Small business and business strat-ups contributing to the growth of the economy...............5
LO 3. Determine and assess the key aspects of entrepreneurial mind-set.......................................6
P5 Characteristics, traits and skills of successful entrepreneurs.................................................6
P6 Aspects of the entrepreneurial personality.............................................................................7
LO 4. Examine the different environments that foster or hinder entrepreneurship.........................8
P7 Background and experience can hinder or foster entrepreneurship.......................................8
CONCLUSION ...............................................................................................................................9
REFERENCES .............................................................................................................................10

INTRODUCTION
Entrepreneurship is a state under which a business owner or entrepreneur establish or
start a business with his or her thought, idea, creation and so on. It is a willingness and capability
to develop, organise and manage an organisation or business venture along with any of the risk
in order to make profit out of it. Any individual who starts a business is known as an
Entrepreneur. The present report is in context to entrepreneurship and small business
management, it will identify various types of entrepreneurship along with their similarities and
differences. The report will also determine impact of small business on the economy and their
importance for the growth and development. Furthermore, the report will discuss the
characteristic, traits and skills of two successful entrepreneurs.
LO 1 : Range of venture types
P1 Different types of entrepreneurial ventures
Entrepreneur is a man who has the capacity and ownership of another undertaking,
venture or thought and expect fundamentally responsibility for the natural dangers and results.
He or she is an aspiring pioneer who puts resources into the land, work and capital to frequently
make and market new products and ventures. There are different sorts of businesses which are as
per the following- Small business entrepreneurship - Small entrepreneur are any individual who runs
his/her own particular business. They change over thoughts into the real world and
manage both assembling and exchanging parts of business. For instance: markets,
beauticians, advisers, travel specialists, web trade customer facing facades, craftsmen,
handymen, electronic, and so forth. They enlist nearby workers or family (Cherny and
et.al., 2017). Scalable start-up entrepreneurship - This enterprise action is connected with sorting out
business as indicated by vision and drawing in one of a kind quality highlights with
regard to new pursuits. Be that as it may, it is fitting for adaptable plan of action and
quick extension of big business. Under this procedure, high sum is required for arranging
and actualizing plans for viable reserve and asset distribution. Social business entrepreneurship - Social business people are those daring individuals
who focus around giving items that are helpful to settling society's needs and issues.
These are non benefit enterprise elements in which restricted dangers happen in working
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business exercises. Accordingly, its objective is to settle on choices related with society's
mindfulness and making riches for authors. It is advantageous for country's improvement
and contributing successfully in every single other division of country. For example,
business, tourism, creation identified with trade import of merchandise and so on. Trading - This sort of entrepreneur embraces exchanging exercises and worried about
promoting. The entrepreneur isn't worried about the assembling works and exercises.
They don't manage exercises of generation and acquisition. They simply buy the
completed item and straightforwardly pitch it to the clients. In this business, proprietor
offer completed item either without anyone else or by retailer. This sort of entrepreneur
goes about as the go between among producer and clients and they are the distributor,
retailer and merchant. Industrial entrepreneur - Industrial entrepreneur is a producer who begins or set up a
modern unit. This sort of entrepreneur recognizes the real client prerequisite related with
items and benefits and convey the correct ware to them. The significant target of this sort
of business enterprise is to fulfil the requirements and needs of purchasers in the market
by assembling items as needs be. This entrepreneur is an item arranged man who
understands the chance to set up and mechanical unit as a result of the likelihood of
making some new item. This sort of entrepreneur has the capacity to exchange monetary
assets and compelling national innovation in to an extensively productive venture. They
change over crude material into completed wares. Corporate entrepreneur - This entrepreneur is that who speaks to his expertise in sorting
out and dealing with a corporate business with driving development. This entrepreneur
needs to design, make and deal with a firm structure.
 Agriculture entrepreneur - The entrepreneur conducts rural exercises, for example,
developing and advertising of harvests, manures and other contribution of horticulture.
They are inspired to raise the horticultural results by utilization of viable innovation,
water system. They cover a wide range of the agribusiness area and incorporate rural and
unified occupation (Charness, 2017).
According to the above discussion, it has been found out that there are different sorts of
entrepreneur businesses which have diverse procedures, targets and arrangement of business.
Following are Entrepreneurial ventures in connection with typology of enterprise:
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Typology is identified with the frame and subject of different business visionaries. This is
helpful for the association with entrepreneur and its business. It helps with creating different
thoughts and express need, mindfulness. It is valuable in improving the proficiency and
execution of business undertaking. With help of the topology, entrepreneur can create different
compelling systems for business and take successful choices for business. As per this,
independent venture businesses get defined by applying different inventive states as typologies
that prompts progression for the benefit of which choices are made to run substance proficiently.
P2 Similarities and differences between the entrepreneurial venture
Similarities Differences
Entrepreneurial ventures are key parts for
more benefit picking up and growth of
elements. In such manner, business person go
for broke and get ready procedures for better
execution of substance. All variables actualize
plans for more activity and more vitality. It is
helpful for private company's broadening and
riches creation. In any case, developments and
new advances are acknowledged for improving
subjective administrations of organizations
undertakings.
In addition, through entrepreneurial ventures,
diverse associations accomplish proficiency
and increment quality with respect to business
and focused systems. It impacts methodical
asset and reserve designation for ventures'
development. In any case, these
entrepreneurial ventures stays accommodating
for country's development too important for
successful financial profile of firm. In such
manner, diverse business assumes essential
part in business and different areas of nation
Contrasts between entrepreneurial ventures:-
All entrepreneurial ventures are diverse for
different areas and business in various ways.
Along these lines, distinctive enterprise
including private ventures, social, huge
substances and social business visionaries go
out on a limb and develop in various
structures. Along these lines, all ventures have
distinctive levels of dangers and commitment
at a few phases. In this procedure, independent
venture business enterprise includes privately-
owned companies, retail organizations and all
little medium ventures that gets ready
arranging and oversees business exercises at
little level. There are vulnerability for benefit
at typical level to execute activity designs with
respect to business and venture arranging.
Under private venture enterprise, business
visionary settles on choice for administration
and extension of firm at low level.
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for enhancing working proficiency of country.
Moreover, it is resolved that entrepreneurial
parts are successful for creating for high
development and legitimate getting ready for
business substances.
What's more, adaptable business incorporates
vital plans for broadening and effective
characteristics of association. In this way, as
per vision and prerequisites, inventive thoughts
and procedures are executed for steadiness. In
agreement to this, estimation of business
exhibitions and exercises are examined in the
interest of which element extends. It continues
to take after arranged techniques productively
to connect set target. Be that as it may,
business venture is made for successful
business association. It impacts appropriate
administration and quality administrations of
firm successfully. Also, substantial
organization business enterprise includes
creative instruments and methods at most
elevated amount of hazard vulnerability. Under
this framework, new market and entering
imaginative items are produces for planning
more effective administrations. Consequently,
there is abnormal state of dangers happens for
actualizing activities identified with business
viability.
LO 2 : Impact of small businesses on the economy.
P3 Interpretation and assessment of relevant data and statistics of SME's impact on the UK
economy
Small business is an important part of UK economy and they largely contribute in the
growth and development of the economy. These businesses offer innovative and efficient
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products or services at small level in the nations as well as encourage competition at a great level
so that it can help in increasing the growth rate of the economy in a country (Castello, Barbera
and Vaara, 2017). According to the statistics of the year 2017, there were more than 6 million
small businesses operating within UK. These businesses are developing a high level of
competition within the industry, that's the reason the small businesses are referred as the
economical powerhouse of the country sufficiently in the business environment within UK.
Country Total Entrepreneur %SME
United Kingdom 6 million 94.6
From the above table, it can be that, in UK 6 million of SME is operating effectively
within the industry and they are devising more effective generation of profit and revenue from
the small industrial market in the country. Therefore, it could be said that, SME's in the UK is
rendering more revenue in the market and making efficient share in order to economic growth of
the country decently.
P4 Small business and business strat-ups contributing to the growth of the economy
Because of Brexit, United Kingdom get separated from European Union. In this way,
nation's structure affected in various areas as monetary, business, generation and different
divisions. Be that as it may, monetary condition and different segments of nation influenced at
various levels. It continues to upgrading business association also setting up new undertakings
for country's improvement. In such manner, imaginative thoughts are produced for amplification
of private venture elements also openings are got for setting up new substances. It is interrelated
with business.
It is resolved that Brexit makes open door for beginning up new organizations and extending
little level association at abnormal state. It is valuable for nation's improvement stays ready to
lessen movement and upgrading interest for picking up benefit. Be that as it may, diverse parts of
country impact proficiently with respect to independently employed and different occupation
manifestations are perceived. It influences on GDP information and government strategies to get
profited identified with vital zone for boosting development. In understanding to this, receiving
creative thoughts and systems prompt expand little and medium size substances too openings are
developed for building up new entrepreneurial businesses. It builds quality too diminishes
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shortcomings of country for monetary security of nation (Carraher and Paridon, 2017). It
interrelates with different areas of country, for example, work, generation, fund and tourism.
Notwithstanding, request and supply including administration characteristics of country get
affected. It is interlinked with different developments to upgrade effectiveness.
Diverse financial specialists express their perspectives on UK economy that Brexit
produces open doors for little elements to create too beginning up new associations can be
compelling for country's advancement. Nonetheless, whole advancement and great relations with
different nations of the world is acquired that remaining parts accommodating for viability. For
financial dependability of country, developments are resolved which is identified with
appropriate administration of country successfully. In such manner, commitment of little
elements and new foundations are valuable for country's viability. Business exhibitions of
substances get enhanced by exploiting and following arranged methodologies for creating
effectiveness. According to dissect, it is viewed as that Brexit impacts on Foreign Direct
Investment (FDI) position. It reflects with connection of nation with different countries. It
creates open door for little level associations for upgrading fare of products. It upgrades money
related advancement of association that is helpful for country's financial profile. It stays as a test
for UK after Brexit to build efficiency and gainfulness. Hence, different strategies are executed
for independent company extension too beginning up new elements for country's advancement.
In this manner, extension and beginning up of new business elements are helpful for
development of nation that effects on fare and import of products gave by organization (Carland,
Carland and Stewart, 2017).
LO 3. Determine and assess the key aspects of entrepreneurial mind-set
P5 Characteristics, traits and skills of successful entrepreneurs
Business visionary is that individual who is capable to take business exercises and do
business. He/she steps up with regards to perform business work alongside the risk. Business
person build up the business technique and actualize that with a specific end goal to get powerful
accomplishment in the market. A portion of the critical qualities of perfect entrepreneurial are as
per the following-
1. Positive attitude - A viable business visionary must have quality and expertise of
inspirational disposition so as he/she can undoubtedly impact to another individuals at
work environment. In the business association, business person assume an exceptionally
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essential part with a specific end goal to oversee individuals and encourage them so
he/she should have nature of uplifting factors of motivation for high efficiency and
benefit.
2. Initiate to take risk - Another vital aptitude and quality in a viable pioneer is activity
disposition. It implies business person should constantly prepare to confront the
difficulties and activity to go for broke in the business venture. Counting this, distinctive
imaginative thoughts and strategies are created for delivering new items in advertise also
novel assortment and highlight of administrations are acquired (Bruni, Gherardi and
Poggio, 2017).
3. Self confidence A powerful business person must have quality and expertise of viable
self-assurance so as they can without much of a stretch deal with the high workload
circumstance in the company. Certainty can be a unique little something either have or
don't have yet individual trust that it can be drilled and learned. A compelling business
person must have viable self-assurance so as they can undoubtedly rouse and motivate
other persona s well as total the abnormal state task inside a particular day and age. For
instance, after Brexit, UK get isolated to European Union that effects on viability and
structure of country including financial and different divisions.
4. Effective competitor A powerful nature of business visionary is a flawless contender. It
implies they have quality to contend with other venture by creating powerful system and
approach. It needs to build up a viable arrangement and approaches with regard to
showcasing exercises of the association. In the event that a business person have nature
of contender then they can without much of a stretch rival equal in the market. In this
way, business visionary must have nature of imaginative musings, abilities so as he can
without much of a stretch build up a powerful and solid rivalry in the market (Bird,
2017).
P6 Aspects of the entrepreneurial personality
Identity of a business visionary thought about positive effect to accomplish wanted
outcomes and results too. Along these lines, every business person perform distinctive abilities
and qualities that depends on various way of life, execution, and so forth. What's more, it
likewise urges them to bring a few creative thoughts and assessment to achieve more victories at
working environment. It makes positive outcomes for mentality and set goals to achieve more
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noteworthy exercises at work environment. Business enterprise requires viable identity which
impact to other individuals to set and achieve wanted targets. Thus, following are sure
measurement in OCEAN model that incorporated that helps to make huge outcomes at work
environment. They are as per the following: Openness: In regard to include component of receptiveness, it has been viewed as that
each business person need to include culture, inventiveness which increment diverse
experience of person. It likewise viewed as successful outcomes in the business condition
that make inventiveness at work environment.
 Consolidation: Further, this component achieves and create propensity which helps to
make fulfilment in the general objectives and focuses in new regions of the world. In
regard to grow more efficient work execution, it makes more fruitful program in the
business condition .
 Extroversion: to incorporates extroversion it has been seen that vitality thought about
positive feelings to accomplish wanted outcomes at working environment. It focuses
around the inventive thought that expands effectiveness and methodical work execution
as well.
 Accommodation: furthermore, inclination likewise include to merciful rather than
suspicious. Accordingly, it likewise impacts positive to make efficient work execution in
nature. It additionally grows greater imagination at working environment that helps to
look towards the deliberate work exhibitions (Baker, Grinstein and Harmancioglu, 2017).
 Neuroticism: It helps to create understanding and defeat the issues with feelings. As
results, exercises created to ensure that coveted objectives and activities will be
considered in orderly way.
LO 4. Examine the different environments that foster or hinder
entrepreneurship
P7 Background and experience can hinder or foster entrepreneurship.
In regard to thought about the exploration for entrepreneur's improvement, it has been
seen there are distinctive elements exist that execute to make victories. It has been seen that
reward and disadvantages for the most part make effect on the business enterprise program.
Along these lines, pivotal aptitudes and capacities rivals different ventures. There are a few
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elements exist that effect on the cultivating business enterprise which helps to achieve wanted
outcomes and results. They are as per the following:
1. Experience: Further, involvement of a man additionally effect to make orderly work
execution in the business. In such manner, entrepreneur has high and inventive
information to fill in as free business person. It will likewise help to take a few errands in
the business through business visionary work in orderly way.Accordingly, it helps to
make more benefits and results in nature.
2. Education : Education of business person for the most part make affect in light of the fact
that along these lines, they increment their abilities and improvement program at working
environment. In this thought, it has been seen that abnormal state of training expected to
play out a few objectives and goals in the business condition. As results, it expands
execution level and show positive effect as well (Bae and et.al., 2017).
3. Family Background: Family foundation additionally effect to cultivate the business.
Along these lines, aptitudes and improvement exercises helps to actualize innovative
outcomes at work environment. What's more, to look towards the present contextual
analysis it has been seen that entrepreneur chose to take a shot at the imaginative
attributes that helps to accomplish more critical outcomes at working environment.
Alongside this, entrepreneur is additionally dedicated to string foundation in everywhere
throughout the market which helps to make appropriate fixation in the business.
CONCLUSION
The above report concluded that there are various micro and small businesses in UK
which are operating their organizations effectively on a small scale for earning profit. The report
identified various types of entrepreneurial ventures such as social entrepreneurship, scalable
entrepreneurship etc along with similarities and differences they share. The report also
determined various skills and traits in a successful entrepreneur. Furthermore, the report also
discussed various impacts of small business on the growth of UK economy.
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REFERENCES
Books and Journals
Bae, T.J. and et.al., 2017. The relationship between entrepreneurship education and
entrepreneurial intentions: A meta‐analytic review. Entrepreneurship Theory and
Practice. 67(2). pp.217-254.
Baker, W.E., Grinstein, A. and Harmancioglu, N., 2017. The Role of Entrepreneurial Orientation
in Overcoming Known and Unknown Barriers to Entry in Foreign Markets. In
Proceedings of the 2015 Academy of Marketing Science (AMS) Annual Conference.
76(6). pp.96-97.
Bird, B., 2017. Entrepreneurial intentions research: A review and outlook. Internafional Review
of Entrepreneurship. 56(3). pp.143-168.
Bruni, A., Gherardi, S. and Poggio, B., 2017. Gender and entrepreneurship: An ethnographic
approach. Routledge.
Carland, J.C., Carland, J.W. and Stewart, W.H., 2017. Seeing what's not there: The enigma of
entrepreneurship. Journal of small business strategy. 6(1). pp.1-20.
Carraher, S.M. and Paridon, T.J., 2017. Entrepreneurship journal rankings across the discipline.
Journal of Small Business Strategy. 87(2). pp.89-98.
Castello, I., Barbera, D. and Vaara, E., 2017, January. Legitimizing Entrepreneurship Identities
through Failure Narratives. In Academy of Management Proceeding. 8(6). pp.15535.
Charness, A.N., 2017. The Role of Practice and Coaching in Entrepreneurial Skill Domains: An
International Comparison of LifeSpanChess Skill. The road to excellence: The
acquisition of expert performance in the arts and sciences, sports, and games. 89(5).
pp.90-99.
Cherny, V.V. And et.al., 2017. Tryptophan 207 is Crucial to the Unique Properties of the Human
Voltage Gated Proton Channel, hHv1. Biophysical Journal. 89(3). PP.601.
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