Entrepreneurship and Small Business Management

This report explores the concepts of entrepreneurship and small business management. It covers the different types of entrepreneurial ventures, examples of successful entrepreneurs, and the importance of SMEs in the economy. The report also discusses the scope, development, and growth of entrepreneurship ventures.

Entrepreneurship and Small Business Management
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Executive Summary
The report is all about the entrepreneurship and entrepreneurial challenges. It defines the terms
and the responsibilities of the entities. It also includes the traits of different person’s employing
the tasks and the enterprises. It defines the success of Mark Zuckerberg. It also defines the
ventures and the different types of the ventures. The report defines about the various types of the
entrepreneurship. It also defines the scope and development of the enterprise. It also defines the
growth of the enterprise. It defines the importance of the enterprise. It also defines the SME’s
and their scope.

Contents
Introduction.................................................................................................................................................3
Difference between different types of Entrepreneurial Ventures.................................................................4
Examples of Ventures and difference of them.............................................................................................4
Scope, Development and Growth of Entrepreneurship Ventures.................................................................5
Effect of SME’s...........................................................................................................................................5
Importance of SME’s..................................................................................................................................6
SME’s Contribution to Economy................................................................................................................6
Critical Analysis of SME’s impact..............................................................................................................6
Example of a successful Entrepreneur.........................................................................................................7
Traits of a Successful Entrepreneur.............................................................................................................7
Entrepreneur Upbringing.............................................................................................................................8
Entrepreneurial upbringing of Mark Zuckerberg.........................................................................................8
Conclusion...................................................................................................................................................9
References...................................................................................................................................................9

Introduction
Entrepreneurship refers to the situation or willingness of a person that will develop, manage or
organize a business venture. This situation includes risks too. The base of this process is to earn
some profit for the business venture. The example of this process can be termed as starting of a
new venture. Entrepreneur can be termed as the person who develops his own business with the
use of a new idea or a new concept. There is another term called as intrapreneur. It refers to an
employee of a given organization which innovate the product, service or any process of an
organization. The intrapreneur is financed by the company whereas entrepreneur financed for his
business himself. The resources used in the business of entrepreneur must be of himself only.
The intrapreneur can use the resources of the company. There are four types of entrepreneurship
which can be termed as small business entrepreneurship, scalable startup entrepreneurship, Large
company entrepreneurship and social entrepreneurship. The business of an entrepreneurial can be
of various typology. The entrepreneurial ventures describes four types of typology in the
business context (Ocasio, W., 1997). These four types can be defined on the basis of stages of
the business context. It may be termed as the survival, life style, managed growth and the one
last aggressive growth of business. It has various types of properties which be explored.
Difference between different types of Entrepreneurial Ventures

The entrepreneurial ventures can be of different types and sized. These different types include
the private, public and social enterprise. These types of enterprise have different types of features
and similarities between each other. The public sector entrepreneurial venture can be described
as the ventures that generate the economic prosperity by transforming a status quo economic
activities that describes various facilities of the public services. The public sector entrepreneurial
ventures increase the economy of the company. It helps the organizations of public sector to
achieve the highest levels. Private entrepreneuriale of t ventures refer to that enterprises that
relates to the business by a person for his own profit only. It refers to the self related business by
a person. The both type of entrepreneurial ventures have the similarity of earning profit. These
enterprises are established to earn profit for the company itself. They earn the profit and give this
to the owners. The difference between the two is that the profit is divided into many parts in
public entrepreneurial ventures. In private ventures, the profit remains with limited persons only.
The social enterprises refer to the organizations that works for the social welfare and health of
society. It works only for the well being of the society. The difference of this venture with others
is that it does not aim to earn profits. These ventures can also differentiate on the basis of size of
the enterprise.
Examples of Ventures and difference of them
There are many ventures in the world which can be of anyone that is public, private or social.
The public sector entrepreneurial ventures includes the ventures named entrepreneur’s
organization, the Founder’s card, the young Entrepreneur Council. Private entrepreneur includes
the ventures started y named Andrew Caenegie, Thomas alva Edison and William all
entrepreneur’s businesses. The business started by the various types of business address them
about the address of their office. The objectives of all types of enterprises are to earn profit
for their companies. The structure of these enterprises or businesses refers to the structure of the
organization’s related place. The privates entities have more space and facilities that are provided
by these enterprises. These entities includes the difference of the size of the enterprises. The
enterprise will be different according to the members of the enterprises and their facilities. The

growth describes the size of an enterprise. It can be macro, micro or medium. These enterprises
affect the types of the enterprises. The investors of the business pr ventures also get affected by
the size. They prefer to invest in the big size enterprises. The activities of the organizations or
venture can’t remain the same if it has the opportunity of the big organizations.
Scope, Development and Growth of Entrepreneurship Ventures
The scope of entrepreneurship can be changed with the efforts of an entrepreneur. The scope of
the entrepreneurship has effect on the scope of eh business due to its effect of self employed
entrepreneurs. It is the innovation scope of management. There is also the scope of income
generated activities of the business by the ventures that defines the level of income generated by
the company or enterprises. It is the initial growth that reflects or act as it encourages the growth
of people that helps in self employed. The development of an economy depends upon the growth
of enterprises of a country. The most important method for the growth in entrepreneurship can be
termed as the employee commitment. It is the most important factor for the growth of business.
The entrepreneur of venture is the main lead for the responsibility of the enterprise (McDougall,
P. P., Oviatt, B. M., & Shrader, R. C. , 2003). He is responsible to apply the legal rules and
applicable laws in the enterprise. The scope of enterprise is not upto a limit. It can extend with
the time passed and with the efforts of the organizations. The entrepreneur has the interest of
understanding the better management of the enterprise. He is responsible for the venture creation
process and the factors of research on the person of the entrepreneur is also important factor of
the growth of the organization. For the growth and development of the entrepreneurship, it is
important to identify the reason of establishment of the enterprises.
Effect of SME’s
SME’s can be termed as Small and Medium scale Enterprises that has occurred a great role in the
world economy. Now, most of the businesses are registering under the law of small and medium
scale enterprises. The term has different meaning in different countries. If we talk about the

Europe, then we can say that the term used for the firm or company which has employees
between fifty and two hundred and fifty. It describes that annual turnover must remain between
seven million Euro to forty million Euro. In Canada the employee numbers are five hundred.
Above this ratio, we can’t say that it is a company with no longer registered in small and medium
scale enterprise (Kirzner, I. M. , 1997). It has some reasonable opportunity for the companies
under this act to be a specific of company related activities. The number of the registered
enterprises under this act is 42.50 million. The units have great impact in the social economy
which can be describe as the worldwide importance. It affects the globalization and the industrial
changes in the environment. It dismissed the problems of businesses of lack funding, problems in
the utilization of technology factors. It contribute in the form of provision of output of goods and
services. It helps the economy to reduce the disparity of income due to differentiate between the
skilled and semi skilled employees of the company. It helps in funding of the organization.
Importance of SME’s
The SME’s have great importance in the level of economy. The SME’s helps in the generation in
the income of lower areas and the lower ventures. It helps to introduce the activities of
developing the societies and cultures. It specially refers to the activities of agriculture, services
and trading of the activities. It relates to the various cities and different incomes. It was
discovered that the small and medium scale enterprise refers to the opportunities that helps to
invest in the project of net present value and the activities of the undergoing things
(Dennis, W. J., 2014). These firms don’t usually have the power to the public funds. These
enterprises depend upon the banks for the activities of finance. The SME’s present strong
position in the case of financial activities and provides social gain. It helps to adapt to change the
new environment and demands of the country. It needs to increase the entrepreneurism of this
level. It helps in the change of innovation. It helps the climate to invest in the activation of the
firm creation of fundaments of the worldwide. It helps to present the activities of the social life
on the small level. It provides the 60 to 70 % of the total employment of the country. The level
presents the great economy level in the way of employment. It helps in the industrial change.

SME’s Contribution to Economy
The SME’s occupy the place that provides pride to the economy of the country. It helps the
business in the long run. It provides the ability of sharing the data in the long term business
context and the data for the business return. It has significant role in the growth and development
of the enterprise. The enterprises can be termed as the engine for the growth of the vehicle that
want the socio economy change and the change in the country (Eriksson, K., & Chetty, S. ,
2003). It provides the facility of an alleviation and the generation of employment at the low level
income of the country. It also provides the facility and ability of providing the data to the
infrastructure facility. It helps in the return of the data to be provided for the evaluation of the
poverty evaluation and the different entrepreneurs. It helps in the supply of data provided for the
things of economic activities. The establishment of new SME’s provides the opportunity for the
new jobs of the country. It provides the ability to work for the enterprise for the benefit of the
society (Gagliardi, P. , 1986). It utilizes the resources of the local purchases due to the small
business level. It promote the ability of using the raw material in the local level. It helps in the
increment or the development of the country.
Critical Analysis of SME’s impact
The Small and Medium scale Enterprises reflect on the different levels of the economy. It may
reflect on the levels of local, regional, national and international context of the enterprise. These
different levels of the enterprise affect the level of authority of the organization. In the local
level, it reflect the idea of transforming and use of the local purchases and the local business
effects. The SME’s attract to the local customers towards their small business. It may reflect the
position of the business by different context of the levels. The local government is also
responsible for the current issues in the business context of the development of the local level.
The regional level get affected due to the regions of the enterprise. There are different types of

persons of different regions (Colbert, A. E., & Witt, L. A., 2009). It affects the company at the
big level. The national level get affected by the services of the SME’s at the local level. It
reduces the economy at the national level and the effect of such reduction is the increment at the
local level. It also affect the level of international context by improving the ratio of SME’s at the
global level. It is the international level for boosting the cooperation of cross border region of the
economy.
Example of a successful Entrepreneur
There are many entrepreneurs who have achieved the level of big heights. These entrepreneur’s
have different traits with which they achieved the level of achievement. One of the famous
entrepreneur includes the name of Mark Zuckerberg. He is an American technology
entrepreneur. He invented the Facebook and the level where one cannot easily go. He has the
trait of making the ideas into reality. It makes him famous due to the idea of innovation of the
Facebook. The next trait of Mark Zuckerberg is that he believes in his own team (Malone,
Jasmine, 2010). The trust or believe in the team is the best source for the achievement of big
heights. He believes in the continue growth and innovation in the level of the research. There are
many more skills of the Mark Zuckerberg which helps him to achieve great level of success in
life.
Traits of a Successful Entrepreneur
An entrepreneur must have some traits which will make them successful. These traits helps the
person to achieve the level of success. The most important trait is passion with the entrepreneur.
The person doing the venture business must have passion to see the things going slowly and
achieving the level with short achievements. The next trait that a person must have for the
successful business is to have resilience. The person must have to see the failures also. It is the

base for the success of a business or venture. Bill Gates, Donald Trump etc. are the examples of
resilience. Another trait of an entrepreneur is to have the strong sense of humor. There are many
problems in the enterprise that an entrepreneur must need to solve with the effective sense. The
person doing the business must be flexible in his decision. He is very down to earth man. If a
person want to achieve something, the person must be down to earth for the achievements of the
different levels of the business. The down to earth man can achieve success easily. There are
other traits like vision of an enterprise. The vison of an entrepreneur affects the nature of the
business also. These traits helps an entrepreneur to achieve success of an entrepreneur. The traits
of entrepreneur describe the level of success of an enterprise. The entrepreneur must have the
trust on the team for achieving the success of the organization.
Entrepreneur Upbringing
The upbringing of an enterprise can be termed as the achievements from the starting of the
factors. The first point of the upbringing includes the selection of the projects that will be the
group projects. This factor reflects the point of achieving the leadership from the starting level.
The leadership project from the childhood helps a person to take the effect of upbringing the text
of the enterprise. The entrepreneurial upbringing must be come with the factor of GPA must be
very effective for the achievement of the levels of the company. The GPA of the company must
be effective in the every year of the achievement of the company. The entrepreneurial upbringing
also covers the factor of selling the product of the enterprise (Domurath, A., 2011). The
enterprise has the opportunity of receiving the value of the creative allowance. The entrepreneur
must take the initiative of this level. They must take care about the benefit of the level of
allowance description and the submission of such allowances. The educational, national culture
and economic circumstances affects the level of an entrepreneur. It affects the achievement of an
enterprise due to these factors. The education of an entrepreneur affects the level of achievement.
It makes the person responsible for the qualified achievement where degrees are must for
achievement. The culture of a nation also affects the achievement of the organization due to the
difference in culture. The culture may be different of different enterprise. It reflects the level of
achievement in the organization due to the service level. The economic circumstances of the
entrepreneur also effect the achievements of an organization or enterprise. An entrepreneur can

use the resources upto the financial condition of the enterprise. Thus it affects the achievement of
the enterprise.
Entrepreneurial upbringing of Mark Zuckerberg
It reflect that the upbringing of an enterprise affects the level of the success of an entrepreneur.
The famous enterprises also go through the various levels of entrepreneurial upbringings. It
reflects the various types of factors that the persons had to face during the entrepreneurial
upbringing. For explaining the factors we are taking the example of Mark Zuckerberg for the
effective success during the entrepreneurial upbringing and the factors of national culture and
economic circumstances that affect the success of Mark Zuckerberg (Zuckerberg, Mark, 2017).
He was a partner with his friend in making the social site calling Facebook. It becomes one of
the famous social media site which was able to give profits to the company. It helps the person to
achieve the level of success. Mark Zuckerberg was not a rich person before the invention of the
Facebook. After the success of Facebook, he becomes the person with billions in his hands. He
was responsible for the level of success due to his own efforts. The national culture also affect
the success of Mark Zuckerberg. He invented the Facebook and make it for worldwide. There are
different cultures in different nations which has their own rules. But the efforts of Mark
Zuckerberg make it effective and useful for the society. It helps him to achieve great success for
the life time.
Conclusion
The above report is all about the entrepreneurship and the success of an enterprise. It concludes
the responsibility if the person doing the business. It concludes that the person must have some
traits that will help him to achieve the level of success and the achievements in the organization.
It helps to achieve the level of success equal to the successful enterprises of the world. The report

concludes that the difference of successful entrepreneurs with the upbringing. It concludes that
the upbringings are must for the achievement of the success in the organization. The report at the
end concludes that the person eligible for the report of entrepreneurial success must take the
effective steps for the traits and other things that will help in the success of the organization.

References
1. Colbert, A. E., & Witt, L. A., 2009, “The role of goal-focused leadership in enabling the
expression of conscientiousness”, Journal of Applied Psychology, 94(3), 790-79
2. Dennis, W. J., 2014, “Profile of American Small Businesses and Their Owners”,
Washington, DC: National Federation of Independent Businesses Research Foundation
3. Domurath, A., 2011, “Entrepreneurs’ expertise and venture internationalization”,
Working paper, Technische University München, München, Germany.
4. Eriksson, K., & Chetty, S. , 2003, “The effect of experience and absorptive capacity on
foreign market knowledge”, International Business Review,
5. Gagliardi, P. , 1986, “The Creation and Change of Organizational Cultures: A Conceptual
Framework”, Organization Studies
6. Kirzner, I. M. , 1997, Entrepreneurial discovery and the competitive market process: An
Australian approach, Journal of Economic Literature,
7. McDougall, P. P., Oviatt, B. M., & Shrader, R. C. , 2003, “A comparison of international
and domestic new ventures”, Journal of International Entrepreneurship
8. Malone, Jasmine, 2010, "Mark Zuckerberg wins Time person of the year: profile". The
Daily Telegraph. London, UK.
9. Ocasio, W., 1997, “Towards an attention-based view of the firm”, Strategic
Management Journal,
10. Zuckerberg, Mark, 2017, "My great grandparents came from Germany, Austria, and
Poland", Facebook. PaloAlto.