Entrepreneurship and Small Business Management

This report explores the significance of entrepreneurship and small business management, examining various types of ventures, their economic impact, and the traits of successful entrepreneurs. It highlights the role of small businesses and startups in driving economic growth and innovation, and analyzes how background and experience can influence entrepreneurial success. The report also delves into entrepreneurial motivation and mindset, emphasizing key factors that drive entrepreneurial behavior.

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

Contents
ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT......................................................................1
TASK 1..........................................................................................................................................................3
P1. Different types of entrepreneurial ventures and their relation to the typology of entrepreneurship
.................................................................................................................................................................3
P2. Similarities and differences between entrepreneurial ventures........................................................4
TASK 2..........................................................................................................................................................5
P3. Impact of small and Micro business on economy..............................................................................5
P4 explain the important of small business and business startups to the growth of the economics.......7
TASK 3..........................................................................................................................................................8
P5.Mini research to determine the characteristics, traits and skills of two successful entrepreneurs: . .8
P6.Enterpeneurial motivation and mindset.............................................................................................9
TASK 4........................................................................................................................................................10
P7. With practical examples obtained through your mini-research, examine how background and
experience can hinder or foster entrepreneurship................................................................................10
CONCLUSION.............................................................................................................................................10
REFERENCES..............................................................................................................................................11

INTRODUCTION
Small and micro business has a huge impact on growth of economy. These business
provides knowledge and employment opportunities to the people who are living in geographical
areas (Martin and et.al., 2013). This report is carried out in the context of entrepreneurs.
Different types of entrepreneurial ventures and their relation with typology are also been
discussed under this report. In addition to this, some benefits of small and micro business are
also evaluated in this report.
TASK 1
P1. Different types of entrepreneurial ventures and their relation to the typology of
entrepreneurship
Entrepreneurship
It is the process of designing, launching and setting up of new businesses by taking
financial risks in order to create profits (Bae and et. Al., 2014). These type of business are run by
and created by individuals which are called entrepreneurs. These businesses are also called small
businesses. It is a business method which involves product, services and advanced technology
products.
Types of Entrepreneurship
There are different types of entrepreneurship which are as evaluated under the following
heads.
 Small business entrepreneurship: Small business includes grocery stores, hairdressers,
consultants, carpenters, etc which runs their own business. There are approximately 5.7
million of small business in UK. The main motive of these businesses is to make profits
and feed their family.
 Scalable startups entrepreneurship: These are also known as Silicon Valley
entrepreneur. It is a small software based business which includes Twitter, Facebook and
Instagram. The entrepreneur of this business has an ability to create profits without
putting additional costs. The entrepreneur of scalable business operates mainly in
Shanghai, New York, etc.
 Large company entrepreneurship: These businesses offers new products with
advanced technology to its consumers. These business are focused on long term stay at
market place. The main objective of these business is to increase sales by offering
superior quality products to its consumers and also the profitability margins.
 Social entrepreneurship: These business is established by entrepreneur in order to serve
its consumers with all social needs and problems. This also helps in bringing positive
changes by identifying problems of people.

Typology of entrepreneurship:
 The skeptical entrepreneur: In this, entrepreneur sees the success of others and ask
questions related to the business. They determine the business of other entrepreneurs and
wait waits for the breaks.
 The copycat entrepreneur: These entrepreneurs are called copycat because they copy
all the things of other companies. They use the same website like others business and also
copies the same business cards. They look after the success of others and copy tem
exactly.
The research entrepreneur: These entrepreneurs believes in research. They find every possible
techniques and strategy to make their business successful at marketplace. They focus on learning
different things to grow their business. but without copy from any business (Fayolle., 2013).
These types of people like to run their business with their own ideas and techniques. They
analyze the needs and demands of its consumer and then produce their products so that they will
increase their profitability margins and increase sales.
 The accomplished entrepreneur: These types of entrepreneurs build their business to
make it grow and success at marketplace. They focus on developing their business more.
They have gone already with all types of stages of entrepreneurship and now have all
type of knowledge to make their business grow. The main objective of these
entrepreneurs is to accomplish their set goals in allotted time frame.
P2. Similarities and differences between entrepreneurial ventures
Small and large entrepreneurship
Basis Small business entrepreneurship Large company entrepreneurship
Similarities  These business are run by
entrepreneurs to achieve growth
and profitability at marketplace.
 They attract their consumer
towards their goods by proving
products at affordable rates.
 The main motive of these
entrepreneurs are also to increase
revenues and sales and grow their
business successfully (Fayolle,
and Gailly., 2015).
 They also allure their consumers
towards their company by
providing superior quality
products at low costs.
Differences  These businesses run with a
small investments and with small
number of employees.
 Their leadership trait is patience
and maintain discipline in
company.
 Large company entrepreneurs
start their company with a large
amount of funds. Along with this,
workers performing in this type of
company are also large in
number.
 Leadership trait of these business
are highly motivated and
influential.

Scalable and social entrepreneurship
Basi
s
Scalable entrepreneurship Social entrepreneurship
Similarities  These run and promote their
business in order to increase sales
and profits.
 They set up and start their business
with help of software applications
such as, Instagram, Facebook, etc.
 They also work for generating
profits by satisfying consumers
with social needs.
 They also promote their
business with the help of social
networking sites such as,
Instagram, Facebook, etc.
Differences  Their main objective is to satisfy
its consumers with all
environmental needs and demands.
 These entrepreneurs invests in
business on the basis of leadership
team.
 Their main motto is to create
social changes and satisfy its
consumers by providing all
social needs and wants.
 These emphasis on individuals
as they raise money and donate
in charitable causes.
TASK 2
P3. Impact of small and Micro business on economy
These businesses has a large impact on growth of economy. They help the economy by providing
employment opportunities to lower class people. It helps individuals in developing their skills and
knowledge which is beneficial for them in future. They also provide various facilities and training
sessions to unskilled and semi-skilled workers (Morris and et. Al., 2013). They also provide economic
benefits to the individuals who are residing in small towns and villages. In this context, statistical
analyses have been examined which explains impact of small and micro business on economy under the
following statement:
Source: Impact of small and micro business on economy.
From the above statistical data, it has been shown that employment opportunities are
increasing from year to year. In above figure, in 2014 4.72 people were employed in micro and

small business which are represented in total employment percentage of 4.40. The opportunities
of employment of lower class people are increased at great scale from year 2008 to 2014 which
is shown in above statistical data (Rideout and Gray., 2013). Millions of people were employed
or opportunities given by small an micro business which impacts the whole economy at a great
height. According to the above data, more people were employed in the year 2010-2011. So, in
this way these business plays a dominant role in increasing economy growth and employment
opportunities.
Micro and small companies plays an important role in economy. They give employment
opportunities to individuals. In 2016, they give opportunities by 99.33% to private sector
business in their start-ups in UK. Along with this, 99.3% to small and medium sized companies.
Total employment in SMEs is 15.7 million and 60% to private sectors in UK. If distinguished,
there are approx 25-27 million small businesses in UK which provide so many employment
opportunities to local residents. Small and micro businesses are also contributed in growth of
economy and innovation.
Different types of businesses
There are three types of business namely, small, micro and large which impacts economy
as a whole.
Micro business: This business is smaller in size and operates on a very small scale. In this
business employing nine people or fewer than this and sales turnover is less than £2 million.
Their ··main motto is to increase sales and profits margins by selling goods and services to its
consumers. Micro businesses are started by individually men and women of every age. These
have become one of the main growth in UK as there are mostly people are self-employed. An
individual can run a micro business with small investments and funds. These are also known as
home based businesses as one can run this from home also.
Small business: This business is small in size but bigger than micro business. In this, company
employs fewer than 500 or not more than few dozens of employees. There are approximately
28.8 million of business are operated in US( Zhang., Duysters and Cloodt ., 2014)
The main objective of these business is to maximize sales and growth of their business at market
place. They operate their business in order to stay for a long period of time in market.
Large business: This business operates at a very large scale and with a large amount of funds
and investments. There are greater than or equal to 250 employees which perform their activities
under this business. They have net revenue greater than and equal to £22.8 million. The main
motto of large business is to increase sales and achieve growth in economy. These are largest in
size from micro and small business. These business also provide training sessions to its
employees which helps them to assist consumers.
Benefits of types of business
Small, micro and large business are beneficial for the growth of economy and for lower
class people which are as evaluated below:

Employment generation: These business has a huge benefit on the economy. It helps the
economy in generating employment opportunities. With help of this business, most of the people
are employed. This helps individuals in developing their skills and abilities which is good for
their future.
Standard of living of people: It also helps economy in improving living standard of people. It
helps to improve their lifestyle which is good for growth of economy (Sánchez., 2013). These
provides all social and economic facilities to people who are living in small towns and villages.
P4 explain the important of small business and business startups to the growth of the economics.
Small business Startup business
 A private owner business with
the small turnover. And own by
self and no. of employee are list
 They play important role in our
economy
 Small business help people for
survive and for development of
society
 We can start it in small capital
and with list labor
 Small business is also suitable
for the internet marketing
 Startup business is based on the
innovative ideas generated by
the youth according the demand
of future generation.
 Its always about future vision
and how we can change the
ideas with help of the
technology
 Startup have more chance for
failure because its all about
people perception.
 Its show that how times are
change and what people need in
the future and how can they
phase it .
Innovation:
It is all about new ideas device or methods. And can we solve the problem with the new
ideas by the example uber solve the taxi problem, pay pal solve the currency problem goggle
map solve the mapping or gaps problems (O'Connor ., 2013). Innovation tend s to be produced
by outsiders and founders in startups. Innovation is related to, but not the same as, invention, as
innovation is more apt to involve the practical implementation of an invention to make a
meaningful the impact. Brexit impact fertilization and talent and recession. The impact of Brexit
is not necessarily going to be negative all around .for instance while some investors and lenders
may turn their backs on what they fear is a sinking Britain, opportunities investors may see U K
properties or shares of U K based corporations as undervalued and rush to buy at attractive
yields.
Employment
Employment is a relationship between two parties usually based on a contract one being
an employer and another being an employee. The impact of Brexit to employment sector trade
reductions focused very much on inner London much more so than is the case with trade as a
whole.

Enable competition
Organizations to formulate strong and confident strategies to ensure they are continuing
to get the best from British nationals working abroad and from EU nations employee in the UK.
TASK 3
P5.Mini research to determine the characteristics, traits and skills of two successful
entrepreneurs:
1. Walt Disney
Characteristics
He is an innovator and a dreamer. He was also an exceptional leader (Duval‐Couetil., 2013). To
create memorable animated films and, later on, the first ever theme park he had to emulate his
legendry films and be animated in the leadership sense. He have honesty, enthusiasm,
confidence, courage and persistence . To his employees he was not just a leader, he was their
servant and defender.
Traits
Walt Disney was a legendry man. Not only he entertain people, he create iconic
characters and inspire innumerable artists, he also had a personality that everyone can learn from.
Walt Disney was creative and passionate about his work. Walt Disney had ferocious tenacity.
His pursuit for something better drove him to all echelons so he could accomplish what he had in
mind.
Skills
He was very optimistic and analyst. He is innovative and create innovation in
entertainment (Wong and et. Al.,2005). He would gather everyone together in the studio. To
create memorable animated films, and on, the first ever theme park.
Steve Jobs :
Characteristics
Jobs is famous entrepreneur. He dropped out of college because his family could not handle the
financial burden of his education (Haase, and Lautenschläge., 2011). Jobs credited the
calligraphy class he stopped in on as his inspiration for the Mac’s revolutionary typefaces and
font design.
Traits
He think most important and has unique and unbelievable imagination. It is one thing to envision
his company growing and taking market share from another competitor. His ability to develop
and design technology products that people are not love other entrepreneur’s. He was passionate
and fearless when it came to growing Apple.
Skills

Stave has the ability to convince people. He convinced his early employer that he could
deliver computers with more capabilities (Schumpeter., 2000). He is ruthless, honest and often
times excruciatingly direct. He is a great visionary. Being perfect at one thing is the spectacular
achievement one must have in order to bring a true sense of understating to the group he works
with.
P6.Enterpeneurial motivation and mindset
Entrepreneurial mindset
The entrepreneur is an actor that has the ability and drive to carry out innovations,
characterized as a new source of raw material, a new method of production, a new product, a
new market and a new organizational principle (2011Wiklund and et. Al., 2011). To carry and
implement ideas the entrepreneur also need collaborators and workers.
Entrepreneurial motivation
It is the process of activates and motivate entrepreneur for exert higher level of efforts for
the achievements of their goals. It is a force or drive in an entrepreneur that affect the direction,
intensity and persistence of their voluntary behavior as an entrepreneur.
Nature of motivation
Self motivation or internal motivation
Motivation can not be seen because it is internal in human (Scott., 2006). It is analyzed
by behavior. It activate man to achieve his goal.
Extraversion
It is related to aspects such as being energetic , sociable and seeking a leadership role.
Openness to experience
Intellectual , imaginative, independent minded all these quality describes a person who is
characterized by seeking new experience, exploring ideas, being creative and innovative (Javalgi
and Todd., 2011).
Motivating factors
Internal factors
The entrepreneur has desire to do something new.
The entrepreneur should be independent.
Achieve what one wants to have in life.
Be recognized for one’s contribution.
The entreprenure educational. Occupational background and experience in the relevant
field.
External factor

Government should assist and support them.
Encouragement from big business houses.
Promising demand for the product.
TASK 4
P7. With practical examples obtained through your mini-research, examine how background and
experience can hinder or foster entrepreneurship.
Entrepreneurship has been hailed as an avenue for upward social mobility and a driver of
innovation, job creation, and growth. As a result, policies aimed at encouraging successful
entrepreneurship have been adopted in many countries.
One might suppose that entrepreneurship is god gifted or come by parents. Entrepreneurship is
genetic matter it is always influence by peoples domestic or outer environment . some people
grow up in very favorable conditions so they have good chance for success they have their
parents experience (Smallbone and et. Al., 2012). Modeling appears to be the main driver of the
intergenerational association in entrepreneurship (Lindquist et al. 2015). Additionally, exposure
to a dense entrepreneurial environment during formative years also increases the likelihood of
entry into entrepreneurship (Guise and et al,. 2015)
There are two entrepreneur warren buffet and Walt Disney both are one of the best example for
that .Walt Disney started off as a farm boy drawing cartoon picture of his neighbors. Horses for
fun. When he was older, Walt tried to get a job as news paper cartoonist, but was unable to find
one and ended up working in art studio where he created ads for newspaper and magazines. It is
best animation company in the world as compare to other animation company.
Second warren buffet born in Omaha 30 august 1930.He is the best investor in the world he had
share in coca Heinz craft and apple. His attribute about investment are non compare to other. we
can say he is god father of investment market. His weakness is that now a days his share down
due to political issue. He is the bigger donator in the world. After bill gates. he had investment in
lot of big company because he can view the future.
CONCLUSION
From the above report it has been stated that small and micro business plays a dominant
role in growth of economy (Perrini and Vurro., 2006). They assist so many people with lots of
employment opportunities and also improve their standard of living. In this report, it has also
been discussed that these business also gives many benefits and facilities to people who are
residing in small towns and villages. Entrepreneurs also plays an important role in running their
own business.

REFERENCES
Books and Journals
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Schumpeter, J.A., 2000. Entrepreneurship as innovation.
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