Entrepreneurship and Small Business Management (Thomas Edison)

Entrepreneurship and Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
P1 Entrepreneurial ventures and their relation to the entrepreneurship topology.......................1
P2 Differences and Similarities between the entrepreneurship business ...................................2
LO2.................................................................................................................................................4
P3 Impact of micro and small business on economy..................................................................4
P4 Importance of small business in growth of social economy..................................................5
LO3..................................................................................................................................................6
P5 skills and traits, characteristics of two successful entrepreneurs ..........................................6
P6 the entrepreneurial personality of both entrepreneur reflect their motivational and mindset
.....................................................................................................................................................7
LO4..................................................................................................................................................8
P7 Different environments/environmental factors that foster or hinder entrepreneurship.........8
CONCLUSIONS..............................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneurship is a process to identify the capacity and will to develop new ideas and
manage business activities effectively and efficiently. It is the best method to design new
approaches and ideas for establishing business in marketplace. They are mainly focused on
launching new products and running business in proper manner.
This report will identify different types of business venture and their specific roles in
enterprise process. This report will determine differences and similarities in entrepreneurship
business. This report will determine the impact of macro business and economy. It will identify the
importance of micro business and start-up business for growth and development. Therefore, it will
determine important skills, characteristics and traits of successful entrepreneurs Thomas Edison.
The entrepreneurial personality reflect or his entrepreneurial motivational and mindset will be also
included in this report.
LO1
P1 Entrepreneurial ventures and their relation to the entrepreneurship topology
An entrepreneur is a very successful person who can develop new ideas and innovation for
business activities. It will generate a capability to manage the whole business process in proper
manner. They are mainly focused to establish business that would apply new strategy for growth
and development. They have specific goals and objectives to plan new business strategy. Thomas
Edison is very successful entrepreneur to develop a new strategy for handling the business
operations and functions. The entrepreneur should always find new idea for innovation because
every business require a new planning that would be helpful for growth and development. The
entrepreneurship plays an important role in maximizing the economy.
There are various types of businesses established all around over the world is given below:
Small business- The small business is very popular in all over the world because they are
highly adopted for the business environment. Each and Every organization should be start from
initial level and then developed a strong business in market. Small-scale organization has taking
fund through investor and then start their business (Wang and et.al., 2015). This organization is
based on small level and generates a less revenue. There are various types of business establish in
United Kingdom. A successful entrepreneur is always established a small business for investing a
small amount by taking money through investor, band and other finance company etc. Small
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business is included such as Tour and travel agency, conference and boutique, other small
manufacturing companies etc.
Social Entrepreneurship- The social business should be used for people to improving
their life style and enhancing their skills. The entrepreneur is establishing a social business for
human welfare because they provide the best services and product in market. This is very beneficial
for human being to improving the services (Henrekson and Sanandaji, 2014). Social business is
very important for people to fulfil the need of people in effective way. This business is
transformation and innovation in different fields such as environment, health, educations and
development. They are building a strong and sustainable company in the world.
Scalable Entrepreneurship- The Scalable entrepreneur or business is required to develop
an effective business strategies and planning to establish a specific structured. The main objective
of this organization to increases their productivity and profitability in marketplace. It will invest
small amount to increasing their business in all over the world. The scalable entrepreneurship
mainly focuses on customer satisfaction to extend their business.
Trading Entrepreneurship- this business is basically based on their supply an effective
type of goods and services in market is known as trading business. They are mainly focused on to
manufacturing a good product and supply proper services to their customer (Laukkanen and
Tornikoski, 2018). The production team perform many functions that are not to be part of trading
entrepreneurship. The trading entrepreneur are follows some trading activities that would not
concern about the manufacturing. It is only identified the market values, demands of product and
create a desire interest of buyer.
P2 Differences and Similarities between the entrepreneurship business
There are various types of business or entrepreneurship ventures which have different goals
and objectives to create strategies and planning for growth and development. Sometimes the
business should have same targets and objectives to achieve in proper ways. They are performing
many functions such as planning, marketing, financing, accounting and manufacturing. These are
various operations performing in business process to achieving their task and goals. Each and Every
department has separate working together (Burch and et.al., 2016). They create a specific strategy
to identify roles and responsibilities of management. There are various types of businesses already
running in United Kingdom and can be classified on the basis of their size, structure and scope.
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The entrepreneur should always thing beyond the other people because they are innovative
and it can put a new strategy in business to establishing a strong company. The entrepreneur is
always concerned about their productivity because he launches a new product according to
requirements of customers so that it increases their productivity and profitability in market. It is the
best medium to expand small business in all over the world.
The difference between into different type of entrepreneurship venture are given below:
Trading
Entrepreneurship
Social
Entrepreneurship
Small Entrepreneurship Scalable
Entrepreneurship
Trading
entrepreneurship is
very useful for business
to provide an effective
product services and
goods in marketplace.
They are mainly deals
with business activities
like planning,
exchanges of goods
and branding etc.
It is to be creating an
effective idea for
enhancing their sales
rate in market.
This venture is very
fast growing and
dynamic business to
increasing their
demand in market
because they provide
the best services to
people. There prime
motive to provide the
best product and
services for human
being and people
welfare.
This entrepreneurship
is creating own legal
structure to provide the
charity of poor people.
Small business is start-
up business that would
be established in
market. They are
investing a small
amount (Obeng,
Robson and Haugh
2014). There are many
investors to invest
money for
development.
This business is
independently owned
to handle their size and
business operations in
proper manner. They
have small number of
employee working
together. The small
business is generated a
less revenue.
Scalable
entrepreneurship is
very important for
creating an effective
structure for growth
and development.
This is the initial step
of business to
established in
marketplace.
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They are implementing
an effective strategy for
growth and
development.
They are mainly
focused to increasing
profitability for human
welfare. It is directly
impact on society and
country economy.
They are mainly
focused to creating a
strong business in all
over the world. This is
the best way to
increasing their market
rate and maintain
productivity and
profitability.
They are mainly
focused to creating an
effective approach and
strategies for growth
and development.
LO2
P3 Impact of micro and small business on economy
The micro and small business is impact on the country economy at high extent. The big
companies are such as Toyota and Tesco will contribute in the economic improvement of the
country but this small organization will support the country in raising the job opportunities and
improving the Growth development program. In his way, they provide many opportunities for
people to improving the economy of country (Epifanova and et.al., 2015). Brexit is the big issues
that would affect the economy in United kingdom. The large organization was affect the Economy
of UK. Most of the large organization closed because of declining the country.
In United kingdom, most of the people are established a business in all around the world.
Small organization is playing important part for growth and development. There are 200 people
working together in the organization. There are 5.3 million small business already established in
other country. The micro organization is only concentrated on innovation and uses new technology
for growth and development. This firm is planning a new strategy for increasing their business in
marketplace. This organization is try to conducting the business at low cost. In this way, they are
generating high revenue and increases the market values. These are important resources to
establishing their business and economy of country. At the time Brexit, Most of the large
organization is terminated their employee due to loss of profit, the level of company is decreases in
market. The small business should provide many job opportunities to the people and provide many
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sources of income to increasing their productivity and profitability in marketplace. In this way, the
revenue is increases approximate 47% in UK that would be helpful for developing the country.
United kingdom is developing country and many small and large business are already running in
proper ways.
Micro business are performing a different operation and they have limited area to covered in
the country. The micro company has 10 to 20 people working together at same place to establishing
the business in all over the world. The turnover of this organization is only 2.5 million in which
small firm are generating a large revenue as compare to micro business. In UK, 80% market are
covered in small and medium business that would helping to reducing a poverty in the country.
They provide many options for people to earning a lot of money (Gibson, 2017). It can provide
many options to increasing their business value in marketplace. They are contributed only 3%
decreasing the poverty in country. It will improve the Growth development program and capital of
economy. They are participated to improving the functionality of business and contribute for
growth and development.
P4 Importance of small business in growth of social economy
Small business is a fast growing company in United kingdom because they provide various
type of benefits for the country and economy. This sector is influenced with the economic
conditions, education level, employment etc. In this way, the financial level and conditions is
affected in different level. As per analysis, it identified that when the Brexit organization is gain a
lot of opportunities for establishing their business in different levels. They have expanding the
business from small level to high level. In his way, this business is assists to increasing the
profitability and generate a high revenue. This is very beneficial for growth and development.
The most important significance of this business to provide the latest option to increasing
their income and many opportunities are available through small business. They are making a good
planning to increase their market value (Menkiti and et.al., 2016). Most of the companies are uses
new technology for development. For advancement of technology, it is very easy for people to
planning a strategy and promoting their product in market. Time to time, they provide the latest
scheme, voucher and discount etc. this is the best medium to creating a new idea and innovation
would helpful for growth and development. The GDP is influences for development and identified
the best strategy to boost their business at higher level. The creativity and innovation is very
helpful for organization to handle the performance of business operation. It can be creating a good
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product in marketplace. Some times, the financial dependability is affected the country economy
and decreases the level.
LO3
P5 skills and traits, characteristics of two successful entrepreneurs
A successful entrepreneur is play important role to start the small business effectively and
efficiently. Entrepreneur develops a new strategy and planning to build a strong business in UK.
They are accepts all challenges and issues that would be occurred in business. They have to use
different techniques to increasing their productivity and profitability in marketplace. They are
applied new idea for establishing the small business. For Example- Google is a multinational
company to explore their business in all around the world. They performing different role and
responsibilities to achieve their goals and targets in proper way. Larry Page is the founder of google
to established their business form initial level to top most level. They performing many roles to
increase the brand value in market place. There are some specific role and responsibilities towards
the organization. They have unique characteristics and skill, traits to putting some effort for growth
and development.
Positive attitudes- A successful entrepreneur has unique skill and quality, positive attitude to
achieve the goals and targets. They have positive attitude to putting some effort for business
activities. The entrepreneur should always take a risk at the time of business operation in which
faced many challenging issues that solve in proper manner. A Successful Entrepreneur Should have
motivating skill which helps to encourage his\her subordinates or employees on order to achieve
organizational goals effectively.
Effective leadership quality- this is very important skill for organization to increasing the business
operations in proper ways. Leadership quality is essential for each and every organization to
coordinating with other people. The leader is directly interacted to the other member and
understand the requirement of people (Qianand Hayne 2014). They have skill to solve the problem
of other people effectively and efficiently. They deal with the clients and directly interacted to
people and motivated.
Communication skill- communication skill is very important for company to understand the
problem of employee and customer. It is the best medium to share the information from one
department to another. They can be making an effective strategy and taking right decision for
business process. This is very important skill to achieve their goals and objective.
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Taking high risk- this is the important characteristics of successful entrepreneur always take a risk
on the business process. They are always planning a new strategy for innovation that would be
helping for business. At that time, most of the companies uses new technology for growth and
development. It is very easy for employee to solve the problem very fast. A successful entrepreneur
is motivated to other employee, providing important information regarding the business operations
and activities.
Self confidence- this is another important characteristics that would be very helpful for business
establishment. They have unique quality to understand the need of business in market. Larry Page is
great successful entrepreneur to established their business effectively and efficiently. They have
achieved their goals and objective in market place. Larry Page is very intelligent person to always
opened their mind and adding new features for innovation. Larry page faced many problems and
challenging in his life but they never give up. They are always tried to achieve their goals.
P6 the entrepreneurial personality of both entrepreneur reflect their motivational and mindset
A successful entrepreneur has positive personality to impact on the issue and outcomes. The
entrepreneur has performed many tasks to achieved their goals and objectives. They have unique
traits, skills and characteristics is based on their background, life style and performance so on. It
always encourages to other employees to put new ideas and innovation for growth and
development. They have positive attitude to increasing their mind level and always try to do new
thing for development. A successful entrepreneur has special quality that would be reflect and other
people is influences to their personality. In this way, they motivated and achieve their goals and
targets. There are important motivational and mindsets of successful entrepreneur as describe in
given below:
Openness- A successful entrepreneur is always open their mind and always innovated a new idea
for growth and development. They are planning the best strategies to uses for business process.
This is key element of every entrepreneur to innovation of new ideas and increasing their
experience for business process. Wang Jialin and Larry page is develop the company in proper way.
It can be applied many efforts to established a multi national organization. They are mainly focused
to increases their productivity and profitability in marketplace.
Consolidation – this is the element to develop the strategy that would be helpful for growth and
development. This is the best way to move towards their goals and objective at the workplace.
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It is open-ended process to relax and motivated to their goals in proper ways. The sucessful
entrepreneur is always doing multi tasking to achieve goals in which they have always putting new
ideas and innovation for development. This is the key element to enhancing their capabilities and
skills towards the growth and development. They are doing many projects at same time to do their
best for business operations.
Extroversion- it is very important for people to understand the situation of business and then
according to requirement, they have to do the best work for development. Each and every
organization has need to identify the importance of business and determine the main role and
responsibilities. A successful entrepreneur is always used new techniques and solving a problem in
very effectively. They have high quality extroversion to do many tasks an effective way. This is the
main characteristics to handle the critical situation in perfect way.
Accommodation- this is essential part to developed business in market because entrepreneur is
always accepts the competition level, accepting the critical situations and then handle in proper
way. A successful entrepreneur should have goals and targets to performing a different function to
identify the main advantages of business process (Snow, 2016). They are determined the actual
business function and how they achieve their target. This is main important thing because every
business has need of resources to control the business process.
Larry Page is very supportive person to other employee because they would be helping for
employee. It provides the best information to their employee. They have enhancing their skills for
growth and development. It always uses new technology for growth and development.
LO4
P7 Different environments/environmental factors that foster or hinder entrepreneurship
According to the various researches and studies related to development of entrepreneurs, it
can be observed that there are various factors that affect the performance and success of an
entrepreneur or business owner. These factors develop various skill, abilities and characteristics in
an individual that assist or affect his or her entrepreneurial capabilities and knowledge. These are
different factors or elements that are influencing entrepreneur's skills as well as performance in
organization which are described as below -
Experience – It is a major factor that foster or hinder entrepreneurship and functions performed by
them. The entrepreneur having effective and good knowledge or experience about a business can
help him or her to perform a business activity in a most appropriate manner. On the other hand and
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individual having lack of knowledge or experience can not perform the same task or functions as
good the experienced person. Therefore, experience plays an important role to hinder or foster
entrepreneurship.
Family background – This factor also influence entrepreneurship roles and functions, in this
manner their development activities and skills helps to implement creative outcomes at workplace.
Furthermore, the characteristics of an individual depends upon background of his or her family,
level of upbringing and standard of living (Fayolle and Gailly, 2015). This plays an important role
in entrepreneurial skills of the person. Family background is important because every people has
learned in his life through family. It is the first stage of learning to improve their performance and
achieving their goals and objectives.
Education – Education is also an essential element that affects individual behaviour and
entrepreneurial role in an organization. The entrepreneur gain knowledge and information with the
education he or she posses. Education is very necessary for a person in order to understand the
concept and functions which are important for running a business effectively in the market. The
level of education helps a entrepreneur to perform different functions, developing strategies and
implementing business plans successfully for the achievement of goals and objectives. This I very
important part of every people to enhance their skill for development. They have start their career
through education because it is the best platform to improving their skills and quality.
CONCLUSIONS
This report will identify the business requirement in effectively. It determines the skills,
traits and characteristics of successful entrepreneur. They have capability and ability to achieve
their goals and objective. This report is clearly identified that the successful entrepreneur has faced
so many challenging issues, risk related family back ground, business process but they never
disappointed. They always tried to achieve their targets. They provide many options for other
people to earning a profit and regarding job opportunities to earn money. They provide chance to
improve their skill for growth and development. As per discussion, it concluded that small and
large business is playing important role for development. They generate high revenue that would be
helpful for country economy. A successful entrepreneur has reflected their mindset and
motivational. It will identify the business strategy and planning for growth and development.
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REFERENCES
Books and Journals:
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Journal, 11(1), pp.183-212.
Henrekson, M. and Sanandaji, T., 2014. Small business activity does not measure
entrepreneurship. Proceedings of the National Academy of Sciences, 111(5), pp.1760-1765.
Laukkanen, M. and Tornikoski, E.T., 2018. Causal mapping small business advisors’ belief
systems: a case of entrepreneurship policy research. International Journal of Entrepreneurial
Behavior & Research.
Burch, S., Andrachuk, M., Carey, D., Frantzeskaki, N., Schroeder, H., Mischkowski, N. and
Loorbach, D., 2016. Governing and accelerating transformative entrepreneurship: exploring
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Obeng, B.A., Robson, P. and Haugh, H., 2014. Strategic entrepreneurship and small firm growth in
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Epifanova, T., Romanenko, N., Mosienko, T., Skvortsova, T. and Kupchinskiy, A., 2015.
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tensions in Australian Universities. In United States Association for Small Business and
Entrepreneurship. Conference Proceedings (p. 716). United States Association for Small
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Menkiti, M. and Ward, T., 2016. Keeping the business afloat: Entrepreneurship in the small
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Qian, H. and Haynes, K.E., 2014. Beyond innovation: the Small Business Innovation Research
program as entrepreneurship policy. The Journal of Technology Transfer, 39(4), pp.524-543.
Snow, R., 2016. The Entrepreneurship Center at the Mississippi Development Authority: An
Assessment of the State’s Small Business Engine (Doctoral dissertation, University of
Mississippi).
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Fayolle, A. and Gailly, B., 2015. The impact of entrepreneurship education on entrepreneurial
attitudes and intention: Hysteresis and persistence. Journal of Small Business
Management, 53(1), pp.75-93.
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