Entrepreneurship and Small Business Management - Sample Assignment

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1.Various types of entrepreneurial ventures and how they relate to the typology of
entrepreneurship..........................................................................................................................3
P2. Similarities and differences between entrepreneurial ventures............................................5
TASK 2............................................................................................................................................6
P3. Assess relevant data and statistics to illustrate how micro and small businesses impact on
the economy................................................................................................................................6
P4. The importance of small businesses and business start ups..................................................8
TASK 3............................................................................................................................................9
P5. Characteristics, traits and skills of successful entrepreneurs that differentiate them from
the other business managers........................................................................................................9
P6. Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mindset...............................................................................................................................11
TASK 4..........................................................................................................................................12
P7. Using relevant examples, how background and experience can hinder or foster
entrepreneurship........................................................................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship is an activity of setting up a business concern or businesses and
fetching on fiscal risks in the hope of net profit. It is a process of creating lancing and operating a
new business concern which is often initially a midget business concern. The individuals who
create these kind of business are known as businessperson. They are those people who
undertakes the designing, organising and taking risk regarding a business and founds or operates
a small business and assumes all the risk or reward of the venture (Baum, Frese and Baron,
2014). Entrepreneurship refers and indicate an activity of establishing a new business by
applying created innovative and new ideas in to an action with a clear objective of earning more
profit. It means that the owner of the business will focus on creating a market for its products and
services which are based on a business plan. These kind of small business help in the
development of the economy of the country. Different kind of entrepreneurial ventures make
contribution in the growth of the nation's economy by providing employment to the local people
and making tax payments to the government which indirectly work for the welfare forb the
society. This assignment will discussed about the effect of midget business concern on the
economic system. Further will defined the key aspects of an entrepreneurial mind set and the
various encircle that adoptive and obstruct entrepreneurship.
TASK 1
P1.Various types of entrepreneurial ventures and how they relate to the typology of
entrepreneurship
Entrepreneur- It refers to a person who have the capability and disposition to create, coordinate
and negotiate a business concern task along with any of its risks in order to make a profit.
Entrepreneur indicates to a person or an individual who doing work rather than an employee and
convert their progressive thoughts in the business concern with the purpose of earning profit. The
primary causative of the entrepreneur is to gain more profit so that they can set maximum efforts
in executing all business operations more effectively.
Entrepreneurial venture refers to the business which are differ in size and scope or run or
operated by an individual and person for different purposes. These kind of midget enterprise and
start-ups help in the development and maturation of the nation as well as the economic growth

(Burns and Dewhurst, 2016). There are several kind of businessperson project, they are as
following:
Small business entrepreneurship- It refers to those business concern which are small in
size and operate at small level with the small investment. These businesses are start and run with
constricted rootage and planning by a respective (Burns, 2016). Midget enterprise being
severally closely-held and run with little estimate which come from diminutive respective and
unable to bidding high market share. They enter in the market with the purpose of earning
livelihood cause of running at low scale. These kind business include grocery stores, tour
operator, electricians and others.
Scalable start up entrepreneurship- It refers ton a company which is initiated by
respective recovered or businessperson to identify a quotable and ascendible business model. In
these kind of enterprise an individual would not dispatch the enterprise in vast marketplace
because there is no certification of being implemented in the market. These business are newly
emerged and the motive of them to develop a viable business model that help in meeting a
market place need or problem.
Large company entrepreneurship- It mention to those enterprise which run and run at
large standard and help the company to earn and provide huge profit. To start, these kind of
businesses, huge amount and number of resources are required. Large business are beneficial for
the company because they help in earning profit.
Social enterprise- These kind of organisation refer to those firm which operate their
business for the social benefits such job creation and others. These businesses are set up the
person by change over their new and progressive thoughts in the business. The objective of these
business is to improve the living standards of people by providing them employment.
Typology of entrepreneurship- They are as following:
Male- These kind of entrepreneurship specially based on male who are responsible for
the running of the company and female are restricted to participate in the decision making
process.
Female- In these kind of firms, female are the owner of the business and they take
decisions and design policies for the maturation of the organization (Fayolle and Gailly, 2015).
The whole business concern is operated by them.

Managed growth- It refers to those entrepreneurship in which male and female both are
responsible for the proper running of the company (Hatten, 2015). They both can make
participate in decision making and develop strategies and policies.
P2. Similarities and differences between entrepreneurial ventures
The difference between entrepreneurial ventures are as following:
Basis Small business
entrepreneurship
Scalable start up
entrepreneurship
Large company
entrepreneurship
Social
enterprise
Definition It refers to a small
scale business in
which there are
low investment
are required to set
up these kind of
business. These
business operate at
low level.
It is business
which run and
operate fro a
specific aim and
objective and to
attain that vision
some strategies
and plans are
developed by the
entrepreneurship.
This business
operate at large
scale and required
and required huge
investment. It
help in earning
more profit by
providing goods
and services
according to the
needs and
demands of the
customers.
These kind of
business are
operated by the
entrepreneurs for
the welfare of the
society. The
objective of
social enterprises
are to make
improvement in
the living stand
of the people.
Roles To earn profit by
by using limited
resources.
They play role for
identifying
repeatable and
scalable model.
The role of large
enterprises is to
fulfil the needs
and demands of
the customers by
providing product
and services to
them.
They play role to
generate
awareness about
the healthy and
safety products
and services
(Karadag, 2015).
Characteristics This kind of
business needs
This kind of
enterprise try to
It is an ongoing
process which
With the help
and support of

limited resources
because they
operate at low
level and invest
low fund in the
business.
make more
venture capital by
expanding
business at large
scale under a short
period of time.
make change
according to needs
and demands of
the customers.
government
these enterprise
get resources to
run the business.
Objectives The main purpose
of them to earn
livelihood
(Karatas‐Ozkan
and et. al., 2014).
To invite investors
so that they can
show the
willingness of
providing financial
help for the
growth and
development of
innovative ideas.
The main motive
is to provide
satisfaction to the
customers by
providing goods
and services
according their
demands.
The main
purpose is to
increase the
interest of
society by
providing the
products and
services foe the
social welfare.
Similarities between entrepreneurial venture- They are as following:
 All the business enterprises and companies have common goal or objectives to
established a successful business and earn profit by developing it in shorter period of
time.
 Each business is developed and established by the new and innovative ideas of
entrepreneurs.
 He main objective of all these kind of business to develop product and services according
to the targeted people and provide transfection to them.
 The purpose of these businesses are to earn profit by producing goods and services.
TASK 2
P3. Assess relevant data and statistics to illustrate how micro and small businesses impact on the
economy
Micro and small business make contribution in the maturation and improvement of the
country's economic system in which the business is operating (Mazzarol, 2014). These

enterprises execute their business in the marketplace so that they can help the countries to
resolve and remove the problems and issues such reduced national income, fluctuation in
inflation and deflation rate and others. The enterprises who are operating business successfully
and efficiently can beneficial for the development of economy. Small enterprise are less
impressed by the economical issues because they run their business at small scale. But these
issues and changes in economic conditions, highly affected the business of large organisations.
All micro and small organisations are operating their business with less resources, ideas and
employees and workers but they manoeuvre an essential role in the growth of economic system.
Micro and small business have good knowledge and information or effective skill while
there is lack of monetary resources and they help in managing all the operation and activities of
the business (Mugler, 2017). This organisation have limited resources but it do not affect the
profitability and productivity of the firm and they earn more profit. Now these days, large
organisations take over the small and micro business due to expand their businesses. But the
small business help in devising share in the improvement of the economic condition of the firm.
The main effect of midget and small business concern on the economic system are as following:

Job opportunities- Micro and small business are beneficial for job creation and provide
employment to those people and individuals who are not recruited and selected by the large
organisation. In a nation, of all the individuals and citizen get desired job, the problem of
unemployment will resolve (Obeng, Robson and Haugh, 2014). Different micro and small
enterprises set up their businesses and hire qualified candidates who help the company to attain
its objective and make sustainability. If the employment will high in any country then it
positively affect the economy of that nation in terms of growth and development.
Infrastructure development- It refers to the construction and improvement of
foundational services with the aim of sparking economic growth. Micro and small business help
in growth of economic state on the nation by making contribution a high amount in country's
income. In UK, it help the legal authorities of UK by using the fund for the growth of
infrastructure by building roads, brides, schools and others.
P4. The importance of small businesses and business start ups
Every business are stared with the help of one person and individual's idea. Small
businesses and start up are vital for the success of the economy and useful for the development
of the social economy. It is important and necessary for the small and start up business that the
government of the country support these business so that they can help in dealing and facing the
economic challenges. These business are helpful for increasing the revenue and make
development in the company of the nation. Small and start up businesses help in generating
employment and job opportunities for citizen which is helpful for the country. The importance of
these business can be analysing as following points:
To generate job opportunities- Small and start up business help in the economic growth by
providing job opportunities to the individuals. These businesses are start at low level so they do
not have workers to operate and run business activities and operations. For this, they required
creative mind which help them in developing their business.
Motivating for innovative and new products- Small and start up businesses are mainly start
and launched with the innovation and new ideas (Rey-Martí, Porcar and Mas-Tur, 2015). In UK,
people attracted with the innovation and new ideas because it help in the social development as
well as economic growth or increase the revenue of the firm.
Create awareness- When companies and firms are suffer with conflicts and facing issues cause
of economic changes, it is necessary that small and start up businesses help in increasing

awareness among public so that they can survive in the marketplace. If the large number of
customers and people are attracted towards them, it help in increasing the revenue of the
company and enhance the economic condition of the firm as well as the nation also. It is useful
because it increase the sale of the company and provide a large customer base to it.
From the above mentioned point it can be monitored that small and start up business are
helpful for the development and growth in the economy and society of the nation (Sahut and
Peris-Ortiz, 2014).
TASK 3
P5. Characteristics, traits and skills of successful entrepreneurs that differentiate them from the
other business managers
An businessperson is an respective who start and launch a enterprise by converting their
new and progressive thoughts in to business and assumptive all the danger and mortal of the
venture. For operating and running the business in effective and efficient manner they have some
specific ability, attribute and characteristics which provide guidance to them for the success of
the business. In UK, at present time, there are two successful businessperson such as William
Chase and Mark Zuckerberg. William Chase is the founder of the Tyrrells crisp brand and his
recent business ventures include Chase Distilley Ltd. That manufacture Chase vodka and
Williams Gin. Mark Zuckerberg is an American technology entrepreneur and philanthropist or
leading Facebook as its CEO.
To make business successful within shorter period of time, it is necessary for individual
that they have some specific skills, traits and characteristics. Both the entrepreneur entered in the
market with limited resources but with the help of their skills and specific quality they
established their business and make them successful. Skills, traits and characteristics of these
entrepreneurs are as following:
Characteristics- They are as mentioned below:
Risk Taking-It is an important characteristic for an entrepreneur because when they
launch and manufacture new products, they have taken risk that it will be liked by the targeted
audience or not (Scarborough, 2016). Some of the businessman afraid to taking risk but Mark
and William do not afraid it because they are confident towards their ideas.

Passionate- It most important for all entrepreneurs that they are passionate towards their
aims and objective. It help in the success and growth of the business. William and Mark both are
passionate for their aim so this characteristic differentiate them form others (Shaw, 2014). They
face various problem during the time of launching business but due to this quality, they achieve
more success in the business.
Traits- The traits of entrepreneurs are as following:
Confident- It is an useful and important trait and with the help of it both entrepreneurs
are confident towards their ideas and they successful convert them in the business or achieve the
growth at market place. This quality differentiate them from business managers.
Disciplined- Both entrepreneurs are disciplined and keep their personal and professional
life separate form their business. This help them to make the innovation and development in their
business. With the help of this traits, thy make full concentration on their business.
Skills- They are as following:
Problem solving- Mark and William both have this skill which help both of them to solve
problems and issues that generate in their business and create barriers for the success. With the
help of this skills they reduce the hurdles and get positive results in form of growth of the
organisation.
Decision making- Both entrepreneurs have this skill which is necessary and beneficial to
them form making appropriate decisions for the development of the business. This skill make
differ to them from other because with the help of it, they have got huge success by taking right
decisions fro the business.
Differentiation of characteristics of successful entrepreneurs with business manager
Skills/Characteristics Entrepreneurs Managers
Communication It is a necessary skill and
beneficial for entrepreneurs
because it help them to reach
their new and developed goods
and services to their target
audiences (Smallbone, Welter
and Ateljevic, 2014). Mark and
William both have this skill
It is important for mangers
because with the help of this
skill, they share and transfer
information with their sub
ordinates. This skill help them
to facilitate them about the
vision and mission of the
company to the employees so

which help them to attract
investors, suppliers and others
to providing support in their
business.
that they can help in achieving
the aims and objectives of the
firms.
Critical thinking It is another important
characteristic which is
necessary for the entrepreneurs
to create new and innovative
ideas which is useful for
differentiating the business
form the competitors (Volery
and Mazzarol, 2015). William
Chase make changes in their
chocolate products by using
new and extra ingredients.
This is beneficial for the
mangers because they always
try that they provide healthy
and friendly work environment
to the employees so that they
can do their wok properly.
With the help of this skill they
critical think and develop
strategy and rules so that they
can provide a good workplace.
Strategic vision This quality help them to
provide a clear vision and help
them to making innovation so
that they can achieve their aim
by making differentiation in
their existing products and
services against their rivals.
They are follower who follow
the vision which is generated
and framed by top
management. The managers
provide resources to the
employees so that they can
help in achieving the aims
which is set by the
management department of the
company (Zaridis and
Mousiolis, 2014).

P6. Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mindset
Every businessperson have their own personality which lead and escort them to keep
flushed abstraction with the people to attain their loyalty with the business till a long term period.
For this, they can use Big Five model of personality which assist them in acquiring skills and
attribute. It is as following:
Openness- It include attribute like being perceptive and ingenious and having a broad
assortment of involvement. It is important for those entrepreneurs who like to learn and gather
substance about new belongings and utilize new experiences (Siegel and Wright, 2015). With the
help of it, they make innovation in the products and produce new goods and services.
Conscientiousness- This trait consist organised, methodic and thorough. Those
businessperson who have it, they are self-conscious about the imagination and not enlarged it by
the other activities and functions. They only focus on their aim and trying to achieve it by
developing strategies.
Extraversion- This include the traits of loquacious, emphatic and snappy. According to
it, the businessperson have these all attribute so that they can interact with the workers and target
audience and make their attraction and loyalty towards the company.
Agreeableness- it consist trustworthy, cooperative and coordinate which must be
necessary fro an businessperson so that they can get fresh and innovative thoughts from their
faculty and employees during the determination devising procedure. It assist in creating a flushed
and amiable surroundings at workplace so that all the staff and workers do their work in an
effective and efficient manner.
Neuroticism- This trait include being moody and tense so sometimes called emotional
stability. It is beneficial for an businessperson so that they can nutriment their employees calmly
and effectively. With the assist of this they can understand the feelings of employees and control
their feelings such as angriness, anxiousness and others which are not and affect the business
negatively.

TASK 4
P7. Using relevant examples, how background and experience can hinder or foster
entrepreneurship
Marks Zuckerberg and William Chase have good experience which help them in their
success. The background and experience of both of them are as following:
Willem Chase- He is the beginner of the Tyrrells Crisp brand and actual business concern
investment consider Chase Distillery Ltd which manufacture Chase Vodka and Williams Gin
(Baum, Frese and Baron, 2014).
Background
 He was born in Herefordshire and belongs to a farmer family.
 For studying, he went to a private boarding school. When he was 20 years old, his mother was died and his father lost the farm (Burns and
Dewhurst, 2016).
Experience
 He was born in a farmer family an d shown poverty in his childhood and adulthood.
 When he was 20 years, he purchased the farm and struggling for few years and gainful
consequence of other without have business concern education.
 He has endowed in Woolworths and lost all the invested with money.
Mark Zuckerberg- He was born in 1984 and an American technology entrepreneur and
philanthropist and the CEO of Facebook.
Background
 He was born in White Plains, New York.
 His parents are Karen, a psychiatrist and Edward Zuckerberg, a dentist. He started using computer software when he was in middle school and programming
from his father.
Experience
 He faced various problems in his like like lack of funding for the business and others.
 When the was learning programming from his father, he experienced it.
Impact of background and experience on entrepreneurs
Positive- Mark and William both have seen the worst conditions and situations in the
childhood so this motivate both of them that they dream and covert them in reality. Cause of it

they always render fresh thoughts and creation and convert them business. They have knowing
various belongings from their past experiences which now assist them in the success of their
business concern.
Negative- Both entrepreneurs belong from middle class family which affect the
education of them (Burns, 2016). Cause of it, they faces various kinds of problems related to the
business and knowledge which create restriction and barriers in the success of the business.
CONCLUSION
As per the defined information it can be terminated that midget business play an essential
character in the development of the economic system. They generate employment opportunities
for the people or citizen of the nation and make improvement in the economic condition of the
firm. There are several businessperson speculation survive in the marketplace and to achieve
various aims and for the welfare of the society. To achieve the objective, it is important that
entrepreneurs have skills., traits and characteristics. For developing skills, there are two
flourishing businessperson such as Marks Zuckerberg and William Chase are taken like an
example who help in motivating the people. So that individual can convert their ideas in business
concern and help in the development of the national economic system.

REFERENCES
Books & Journals
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strategic management approach. EMAJ: Emerging Markets Journal. 5(1). pp.26-40.
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Online
Big Five personality test traits. 2019. [online]. Available Through:
<https://www.123test.com/big-five-personality-theory/>.

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