The Importance of Entrepreneurship and Leadership

This assignment delves into the importance of entrepreneurship and leadership in driving economic growth and development. It examines various types of entrepreneurial ventures, their characteristics, and the role of leadership in success. The report also discusses the impact of micro and small businesses on economies and the factors that foster or hinder entrepreneurial ventures.

Entrepreneurship and Small
Business Management

Contents

Introduction
Entrepreneurship is ability to take risks and set up business enterprise. It helps in better
management of business function that will help in significant handling of different operations
that will help in effective attaining of better productivity and profitability. The entrepreneurship
leads to the better adopt ability of various measures that help in significant increase in business
operations (Bae and et.al., 2014). The Small and medium enterprises (SME’s) will help in better
handling of different functions that helps in significant increase in the business operations. For
the report, Educ8 Group is been taken as organization in context. This report will cover details of
various types of entrepreneurial ventures and its different typologies along with similarities and
differences are been taken into consideration, the roles and characteristics of the various ventures
is been discussed. The impact of micro or small business on economy is been taken into
consideration. Apart from this, various entrepreneurial skills sets and the effect of their mindset
is been taken into consideration with factors hindering or fostering the entrepreneurial venture
are discussed.
Part 1
P1 Discuss various entrepreneurial ventures along with the typology of entrepreneurship.
Different types of the entrepreneurial ventures will work in different ways to carry out
their business operations, as per the size and the capabilities or efficiency of the enterprise. The
different types of operations will help in significant increase in various operations which helps in
the effective gaining of better profitability and productivity. Some major types of the
entrepreneurial ventures and their typology are as follows:
 Small Business Entrepreneurship: This type of entrepreneurial ventures help in better
growth of different functions that are limited in growth, finance and other resources.
They consist of the largest number of the business enterprise and cater the maximum
number of customers. The small and medium business enterprises or SME’s are usually
owned by a single individual. The employees are generally the local people or the family
members who work in the enterprise. This also helps in effective management of
different operations that will produce the raw material and skilled labor for the other
entrepreneurial ventures. Other than this, the SME’s will generate the largest number of
jobs for the candidates.
 Scalable startup Entrepreneurship: This entrepreneurial venture will help in better
handling of different operations which will help in effective rise in different operations

which will help venture to gain better productivity and profitability. The operations and
financial resources of these ventures are limited but can be easily accessed and
measured. They will comprise the employees from local as well as international level
and are bigger in profitability than the SME’s. These are owned by a single individual or
by group of people.
 Large business enterprises: These consists of the largest business enterprise, which are
owned in a partnership. This helps in the effective execution of the different operations
which will help in the better management of different operations which are generally
larger in operationality. (Bruton and et.al., 2015). They have large amount of resources
and financial support and consists of many countries for operations. The revenue or the
profit generated by them is been shared among the business partners or owners of the
venture.
 Social enterprise: These are generally owned by a social group and works for the
betterment and welfare of the people. They input the resources and efforts to develop the
product or service for the welfare of the society. The profit gained by them is utilized for
the development of better products and services of people.
Besides this, the typology of the entrepreneurial ventures will involve the ventures like
Private firm, public firm and hybrid firms that help in better execution of various business
operations.
P2 Similarities and Differences between various entrepreneurial enterprises and ventures.
Various entrepreneurial ventures have been taken into effective consideration as it helps
in better handling of different business operations and functions which will help in the significant
rise in different business functions which will help in better management of different
entrepreneurial ventures. There are various similarities and differences that help in better
handling of the different entrepreneurial ventures such as:
Similarities between various entrepreneurial ventures:
 Financial resources: All the entrepreneurial ventures whether smaller or larger, need the
financial resources or investments that help the entrepreneurial venture to carry out the
various business operations in an effective and significant manner. This is an essential
factor to carry out the different business operations.
 Customers: The customers or the clients are the most important factor for a business
enterprise to carry out the business operations that help in effective handling of different
business functions that help in significant rise in different operations that help in better
growth of company. This will lead to effective development of better product or service
(Glaeser, Kerr and Kerr., 2015).

 Market: All the entrepreneurial ventures need and effective and supportive market that
help in better management of different operations that helps in significant increase in its
productivity and lead to a better market growth. These also help in the better planning of
the various operations keeping the target customers in mind. Apart from this, it helps in
the significant rise in different operations that supports the positive market growth and
development of the high quality product and services by the various entrepreneurial
ventures. It will help in the effective rise in revenue generation of firm.
Differences between the various entrepreneurial ventures
 Scalability: The scalability is the major factor that differentiates the various
entrepreneurial ventures from each other. It helps in better management of various
operations which helps in better growth of various entrepreneurial ventures. The SME’s
have low financial resources while other have larger resources.
 Profitability: The profitability of the various entrepreneurial ventures will help in better
development of various operations which will help in effective handling of different
operations (Singer, Amorós and Arreola., 2015). The SME’s have the low or moderate
profitability while the larger enterprises use their big profit margin for a better growth
and development of the firm.
P3 Showcase the impact of small and micro organization on economy of a country.
The micro and small business enterprises plays very crucial and significant role in better
handling of various functions that will help in effective growth of economic condition of a
nation. The micro businesses and SME’s caters the maximum number of customers and thus also
employees the maximum number of candidates on a local or regional level. Besides this, even
they help in giving the training and develop the professional attitude, thus contributing on a
social level. They generate the maximum number of jobs, thus contributing to the growth and
development of the economy. Besides this, the micro and Small businesses help in development
of effective trade relations on national and international level. These also help in better
management of various business functions that help in growth of business enterprise on local as
well as global level.
The development of the micro and small business enterprises in a country help in better
development of various operations that help in significant increase in various operations that help
in the better handling of various business operations that will support significant increase in
operational capacity of company. Other than this, the rise in the number of the SME’s in an
economy will effectively help in better growth of economic and business environment of nation
this help in increase in number of jobs and improve financial condition of country. The rise in
trade relation will help in better handling of the various operations which will help in better
handling of various operations that will help in better increase operational capacity of company.
The improvement of the foreign trade relations will help in the effective growth of the different

operations in the country. Apart from this it will help in the effective meeting of targeted goals
(Bhachu, 2017).
P4 Explain the importance that small businesses and business start-ups on the growth of
the social economy
The small businesses and startups play a very significant and crucial role in growth of
social economy of company. This will help in the significant rise in better management of
various functions of the economy and increase the productivity and profitability of the company.
This will also generate numerous jobs on local and the regional level, which will help in sorting
out the social requirements of the people and improve economy of nation in a better way. This
also helps in significant rise in different operations which will help in better growth of economy
of the nation. They will also help in the better management of the different operations to improve
the economic growth of country. This also helps in better handling of different operations in a
significant and effective manner. The SME’s caters maximum number of customers in country
and help in effective growth of various operations in company (Baum, Frese and Baron, 2014).
The rise in productivity and profitability will effectively help in better handling of various
operations which will help in the significant rise in the operational quality of company.
The effective increase in number of SME’s in UK will help in better rise in profitability
and productivity of company. The better management of various functions will help in
superficial increase in the satisfaction level of people in society. The rise in the jobs and the
employment rates will help in the better increase in satisfaction level of clients as well as the
employees. The rise in trade will help the employees to get a better global exposure, and increase
their skill set in an effective and sustainable way. The proper training and the improvement in the
professional approach and knowledge will support the better growth and development of the
company that will help in significant rise in operations. Apart from this, the better satisfaction
level that is been gained by employees will lead to rise in development rate of company. And
adopt effective measures of innovation to meet customer’s needs and demands. The achievement
of effective customer satisfaction level will help in better management of various operations of
the cited firm.
PART 2
P5 Give the example of the successful entrepreneurs and the effective traits and qualities
possessed by them which made them and their venture successful.
The entrepreneur’s plays a very crucial and vital role in execution of different functions
of company. They will be main risk takers who will showcase various traits and qualities which
will act as catalyst in their growth and development. These traits and qualities will help in better
handling of various operations which will help in better management of different operations of
company (Schaper and et.al., 2014). The two major successful entrepreneurs who had a very
significant handling of the various operations are as follows:

 Steve Jobs: He was not only the co-founder of Apple Inc. but also regarded as one of the
greatest entrepreneurs of our time. His zeal and the passion for the development of the
innovative and unique product and services helped him to develop the extraordinary
products and services like iPhone, iTunes and iPad. This help inn the rise in popularity
and achieving of the various targeted goals by meeting the customer’s needs and
demands in a better way. The ability to never give up and effective quality to understand
the needs and demands of the customers and come up with the innovative product or
services in a better way. His ability to take the effective decision in a better way and
implementing them to get better output helped him to achieve the desired success. Apart
from this, the better management of the different operation will also help in the effective
profitability of the company (Parker, 2018). The innovative mindset and effective
leadership will help in the rise in operational capacity of Apple Inc. Other than this, the
vision and determination also plays a very crucial and vital role in the setting of goals or
targets and effectively achieve them in a better way.
 Richard Branson: The founder of the Virgin group, he suffered dyslexia in his early age
and was had a poor academic record. But he overcome all his difficulties and became one
of the most influential and successful entrepreneur in UK. He founded Virgin Group and
now heads almost 400 business ventures. His ability to overcome his problems and the
never giving up attitude helped him to a great extent in becoming successful. His attitude
of taking risks and having a good control on various business operations in a better way.
The effective and better planning of the various resources and effective meeting of the
goals and operations will help in an effective and significant manner to gain a better
revenue generation to meet needs and demands of the customers and come up with
innovative products and services. Other than this, his ability to build better network with
various people and come up with the effective handling of various operations increase his
effectiveness as a successful entrepreneur. The positive attitude is also the key factor,
which played a very crucial role in the success of his business venture. This has also
helped him to gain a better operational efficiency and achieve a better productivity and
profitability.
P6 How the various aspects of entrepreneurship helps in reflecting motivation and mindset
of an entrepreneur. Determine various factors affecting it.
The entrepreneurial personality and the motivation play a very crucial role in better
management of various operations in a better way. The qualities like positive attitude and having
an effective handling of a range of functions will help in the significant rise in the operational
efficiency of an individual person as an entrepreneur. The ability to take the right decision, better
leadership qualities and effective networking help them to meet them in and effective and
significant manner. This help in the better growth and development of the different operations to
make their entrepreneurial venture a great success. Also, the better planning and effective

handling of the different operations improve their efficiency this also helps in significant rise in
the revenue generation of company (Drucker, 2014).
Besides this, the effective management of decision making process and other business
operations will help in better handling of business operations in better way to provide customers
with better satisfaction level. The innovative approach will help in the rise in the operational
capacity of the company. Other than this, the better decision making ability and efficiency to
manage people is the biggest factor that helps in better growth and development of enterprise.
Apart from this, effective management of the different operations will help in the rise in the
productivity and profitability of the business enterprise or the entrepreneurial venture. The
personality and cultural factors also play a significant role in gaining the success and expand the
business. The firm mindset and ability to take risk and manage the various resources also help in
the rise in the effective growth of the company (Dees, 2017).
P7 How experience and knowledge foster or hinder the growth of an entrepreneurial
venture. Explain with example.
The background and experiences plays a very important role in growth and development
of the company. This help in significant rise in better growth of entrepreneurial venture that
helps in better handling ofvarious functions which will help in effective rise in different
operations to meet the needs and demands of the customers and clients in a better way. The
effective idea about the various measures that are been taken to establish and run a business
enterprise will help in better rise in operational efficiency of company. This will help in the
better management of the different resources.
Also, then financial stability helps in taking up the risks in a very easy way to meet needs
and demands of the organization. The educational capabilities although don’t play very crucial
role with knowledge as in the case of the above discussed entrepreneurs but having the basic
knowledge of the various operation is very crucial and important for the effective handling of
different operations of the company. These act as an additional advantage for establishment and
development or fostering of a business enterprise in market to gain better customer satisfaction
level (Kirzner., 2015).
CONCLUSION
Thus, it can be concluded that the entrepreneurship plays a very important role in growth
of economy and business enterprise in a nation. This report covered the details of the various
types of the entrepreneurial ventures and its different typologies along with the similarities and
the differences that are been taken into the consideration, the roles and characteristics of the
various ventures is been discussed. The impact of the micro and small business on economy is
been taken into the consideration. Apart from this, various entrepreneurial skills sets and the
effect of their mindset is been taken into focus with various factors hindering or fostering the
entrepreneurial venture are discussed.

REFERENCES
Books and journals