Entrepreneurship and Small Business Management

This report explores the world of entrepreneurship and small business management. It covers topics such as different types of entrepreneurial ventures, characteristics of successful entrepreneurs, and the impact of small businesses on the economy. The report also discusses the role of background and previous experience in hindering or fostering individual success as an entrepreneur.

Entrepreneurship and
Small Business
Management

TABLE OF CONTENT
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Critical evaluation of different types of entrepreneurial ventures...............................................3
Different types of typology related to entrepreneurial ventures..................................................4
Similarities and difference between entrepreneurial ventures.....................................................4
Use of data and statics to analysis impact of small and micro enterprise on economy...............5
Significance of Small and start- up business for social economy...............................................6
TASK 2............................................................................................................................................6
Evaluation of characteristics, traits and skills that are present in successful entrepreneur.........6
Asses of the way aspects of entrepreneur personality reflect mindset and motivation level.......7
TASK 3............................................................................................................................................8
Evaluation of the way background and previous experience hinder or foster individual to
become successful entrepreneur..................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES................................................................................................................................9

INTRODUCTION
Entrepreneurship is a ability of individual to undertake various activities such as sells of
products and services for establishment of business in order to earn specific amount of profit
margin. There are number of Small business and start- up business in UK that have contributed
in effective growth of economy. Therefore small business needs to be effectively managed so
that they can grow and expand their operation in future circumstance. This report has examined
different types of entrepreneurial ventures and the way they are related to typology of
entrepreneurship. It has also covered information related to similarities and difference between
entrepreneurial ventures. Various relevant data, statistic are used in report to understand impact
of micro, small business on growth of economy. It has also discussed about different
characteristics, traits of entrepreneur and aspects of entrepreneur personality that reflect level of
motivation and mindset of entrepreneur. It has also examined and analysis the way background
and experienced of individual can foster or hinder in development of successful entrepreneur.
TASK 1
Critical evaluation of different types of entrepreneurial ventures
Entrepreneur is a individual that plan to establish and run business by incorporating
associated risk for earning maximum profitability. Entrepreneur ventures can be differentiated
between each others on basis of size, scale of operation, legal liability and many other factors.
Therefore different types of entrepreneurial ventures are public, private and voluntary which can
be explained in detailed below:
Private or corporate Enterprise: Companies that are decided to be established by single
individual or two partners by equally or by contributing capital in specific ratio for smooth
operation of business. Private enterprise cannot issue share to general public therefore it always
raise fund by its own saving or taking loan from bank or investors (Giuliani, Robert and Roy,
2018). Private enterprise can be small, medium and large that is mainly operated to earn
maximum profit through satisfying requirements of customers in best possible manner.
Public Enterprise: It is types of enterprise that are managed by elected individual so that
services or products can be offered to people at affordable rates. Government may have full or
half control over operation of public enterprise that are operated to render services for benefit of
people. Such enterprise can raise capital through subscription from general public at the same
time have wide scale of operation so that requirements of each individual can be satisfied.

Therefore there motive is to provide essential services at reasonable rates so that people can have
better living standard and economy can grow.
Voluntary Enterprise: Some people by want to start enterprise to use their extra capital for
benefits of society in other term they want to support people that does not much resources to
satisfied their own requirements. Voluntary organisation satisfied need of few individual and run,
operated by member that have invested money for social cause (Wegner and Koetz, 2016). Thus
it can be stated that voluntary firms have limited resource, employees that works to provide
social services to citizen of country.
Different types of typology related to entrepreneurial ventures
Small enterprise: These are firm that have being started by solely individual and its family
member to earn money by delivery limited amount of products to few customers. Thus, small
enterprises have limited resource, capital to offer to specific range of people for survival of
enterprise in competitive market condition.
High growth firm: Enterprise that are mainly run to grow and expand its business across
worldwide by continuously bringing new ideas and innovation so that maximum number of
individual can be motivated to make purchased (Nikolopoulos and Dana, 2016). These firm
aims to provide excellent customers services in order to retain customer’s loyalty, satisfaction
level for growth of firm.
Lifestyles firm: Entrepreneur that want to live luxury life by way of earning large amount of
profit by business planned to operated and run such types of business. Lifestyles firm provide
best or luxury services to customers so that they are happy and satisfied with organisation
operation and it can charged competitive price for them.
Similarities and difference between entrepreneurial ventures
BASIS HIGH GROWTH
FIRM
SMALL
ENTERPRISE
LIFESTYLES FIRM
Objective of operation
of business
High growth firm have
objective to earn
maximum profit margin
by increase market
share, customers and
products and services.
One of the most
important and necessary
objective of small
enterprise is to grow and
survive in market by
meeting needs of few
people.
These firm aim to
provide services that are
beyond expectancy of
customers so that they
are ready to pay high
prices as compared to
other competitors.

Therefore objectives is
to maximise investors
fund by fulfilling needs
of customers in best
possible manner
(Hornsby and et.al.,
2018).
Scope of business/
market share
Company have wide
scale of operation as it
enter new market or
launch new products for
need of different
customers. Therefore
growth firm have large
market share.
Whereas small
enterprise have small
and limited market
share.
Such enterprise have
medium to large scale
operation as it target
customers that have
enough money to make
select luxury services.
Management: It can be stated that every organisation need to be effectively managed or
operation needed to be controlled for effective achievements of organisational goals. High
growth, small and luxury firm need to be managed its operation such as employees, resources
and customers to retain its market position (Kusakina and et.al., 2016).
Use of data and statics to analysis impact of small and micro enterprise on economy
Small enterprise have more number of employees as compared to micro firm that 10-50
whereas micro firm recruit employees between 0-9. Small enterprise have large scale of
operation and takes various from micro enterprise as they mostly manufactured raw products that
can be used further for satisfaction of customers’ needs. Small and micro businesses are
backbone of UK economy as they help in generation of employment opportunities, adding value
to GDP etc (Dubruc and et.al., 2017). There are various data, statics that illustrated about impact
of micro and small business in economy growth and development are:
Creation of employment: It can be stated that micro and small enterprise have generated 16.3
million employment opportunities for people thereby contributed overall 60% of employment
generation in private sectors. Therefore more than half of jobs have been generated by such
enterprise thus making life of people better.

Turnover: Small and micro business have also contributed in generation of high turnover by
manufacturing products and services as per needs and requirements of customers. 37% that is
£1.5 trillion turnover have been contributed by Small and micro enterprise in UK economy.
99.3% are small, micro business in UK that has contributed in overall generation of employment
around 47.8% and turnover around 36.8% (The number of private sector businesses in the UK at
the start of 2019 was , 2019).
Increase in competition level: Another impact of small and micro business is that increase in
level of competition due to increasing number of small and micro business in nation economy.
Since 2000, small business has been increased by 2.4 million that is approx 69% growth that
provide more option to customers.
Significance of Small and start- up business for social economy
Start-up business refers to enterprises that have recently started their operation in order
to earn profit or income for living of individual and its family member. Small and start-up
business are closely connected with customers so their need can be easily fulfilled by such
enterprise as compared to large (Doktor and Bui, 2018). Therefore significance of small and
start-up business for social economy can be illustrated as follows:
Development of facilities for local communicates: Small and start- up business that grow
rapidly contributed in high rates of interest to government which helps in investment in various
social facilities and infrastructure for better living standard of people.
Recruitment of local residents: Large organisation want to higher people from outside of
country for better customers services whereas small and start-up business because of limited
operation planned to recruit local resident for effective operation of business (Roundy, 2017).
Better customer’s satisfaction: It is another point that state importance of small and start up
business in social economy as they are close connect with people due to limited scale of
operation. Therefore they can easily satisfied need of people in best possible way by making
certain changes in operation.
Innovation: Start- up business are established with new and innovative ideas in order to attract
maximum customers to make purchase and enhance its market share within limited time and
cost. Therefore it can be stated that small, start up business contributed in making live of people
better and growth of society.

TASK 2
Evaluation of characteristics, traits and skills that are present in successful entrepreneur
Entrepreneurs have special charatertsicks, skills and traits that help them to take
associated risk of business in order to enjoy profit margin. Innovations, goal oriented, inquisitive
and independent are some of the skills and charatertsicks that are present in successful
entrepreneur that helps it to take crucial action to establish and operate business (Ribeiro-
Soriano, 2017). Various skill that are present in successful entrepreneur of UK such as JK
Rowling, Kim Antoniou and peter Jones.
Independent: It is charatertsicks that is present in entrepreneur as they have ability to take
various decision, action independently that helps them to take first mover advantages to start and
operate business. For examples: JK Rowling have decided to run and operates its business
independently in order to earn profit by writing various book or series of harry porter for fun and
entertainment of people.
Inquisitive: It is ability of individual to learn new skills, knowledge quick and easily as
compared to other so entrepreneur such as Peter Jones and Kim Antoniou have always ready to
learn new knowledge that can be useful in effective operation of business. Entrepreneur by
gaining new knowledge bring new ideas is able to fulfil requirement of various customers and
expand their business.
Innovative and creative: Entrepreneur always thinks of innovative and creative ideas for
establishment and smooth operation of business so that needs of individual can be fulfilled
(Saseendran and Salman, 2019). For examples: JK Rowling by thinking of new idea to make
series of harry porter has gain name fame and independent.
Goal oriented: It can be stated that entrepreneur main focused on goals and objective that they
want to achieve in life which helps them to face different challenges and work effective for
growth and success of enterprise. JK Rowling, Kim Antoniou and peter jones three of them are
highly focused and dedicated towards their respective goals that have helped them to stay
positive and motivated to face different challenges.
Asses of the way aspects of entrepreneur personality reflect mindset and motivation level
There are various aspects that states about entrepreneur personality reflect mindset and
motivation level of individual. Entrepreneurs are always ready to accept different challenges of

business as they are highly motivated and determined to work hard for growth and success of
firm. Such as:
Strong determination: Entrepreneur has strong determination, confidence in its idea that also
motivated to take crucial action or face different challenges and problem of business in order to
attain specific objectives. Strong determination, dedication and confidence have motivated them
to put best efforts for growth and success of enterprise (Yan and Yan, 2017). Peter Jones has
strong personality which stay that it is happy, satisfied and motivated to start and operate
business.
Positive thinking: Another aspect of entrepreneur personality is positive thinking which state
about its mindset and motivation level. Entrepreneur always think positive in vast to vast
situation that differentiate themselves from other people. They have strong mindset and ability to
overcome problem that they have been facing while smooth operation of business. Such as JK
Rowling was always positive about its launch of various series that helps her to become one of
the leading entrepreneurs of UK.
Creative styles: It can also be illustrated that entrepreneur are highly creative, innovative
towards that state they always think new idea in mid so that business can gain competitive
advantages. Such as JK Rowling have always make use of creative and innovative ideas in its
serial so that customers may have more fun. Peter Jones is also one of the biggest business
tycoon that have recent made one of the series Dragon den by using its creative idea.
TASK 3
Evaluation of the way background and previous experience hinder or foster individual to become
successful entrepreneur
Background and experienced of individual contributed in effective and successful
development of entrepreneur that can be illustrated with examples of different entrepreneur in
UK. Such as:
Kim Antoniou is one of successful entrepreneur of UK that have founded Kafoodle in
2014 with helps of her friend named Tarryn Gorre. She get inspiration and motivated to decided
to start its own business from a trama that is her husband have been resuscitated from restaurant
because a waiter gave allergen information (Kim Antoniou, 2019). Therefore her previous bad
experienced have motivated her to take crucial steps for having independent and luxury life for

longer period of time. So, it can be stated that its innovative mindset have changed traumatic
experienced to products which can save life of different people.
JK rowling have faced various challenges in its personal life despite of that she decided to
undertake business operation or write various series of harry porter. She have faced problem in
her personal relationship which have motivated and inspired to think of innovative idea to write
series and book for people. She has faced various challenges or struggle in handling her daughter
after divorce so that inspired her to think innovative idea to start business (J. K.Rowling
Biography, 2019). Therefore, now it is most wealthy private citizen in UK that is $1 billion so
decided to start business have helped her to earn profitability.
Peter Jones is another entrepreneur of UK which is most famous for role in BBC TV series
that is dragon den. He is too ambitious, hard working and motivated towards work that
contributed in development of huge enterprise that is valued approximately £485 million. It have
overcame its bad time and make hard efforts for good fortune as it was born in Maidenhead in
1966. He was highly ambitious and day dream since his childhood, having interest in sports or
tennis with economic that have motivated him to establish school of successful tennis for
children. He have loss million of pound and everything which it owns in early stages of start of
business due to its poor decision making that forced him to restart career and business gained. At
age of 28 he get success in career by getting job in big corporate business and then next year he
have planned to start its own business that is phone international group. In this way all of
struggle, previous experienced and background of peter have foster him to become one of
leading entrepreneur of UK.
CONCLUSION
It can be concluded from above report that Entrepreneurship includes activities that are
run to provide products and services to customers in exchange for specific amount of capital.
Small and Start- up business are most crucial for growth and success of UK as well as other
economy as contributed in addition of value to GDP and growth in overall employment
opportunities. It can also be concluded that innovative, creative and goals oriented skill are
presented in entrepreneur that helps to expand business. At last it can be stated that background
and experienced of entrepreneurs foster and hinder growth and development of entrepreneurs.

REFERENCES
Books and Journals
. Toward a framework for studying cosmopolitanism, entrepreneurship and society. International
Journal of Entrepreneurship and Small Business, 28(4). pp.414-430.
Doktor, R. and Bui, T., 2018. The symbiotic relationship of entrepreneurship and information
technology. Int. J. Entrepreneurship and Small Business, 33(4). p.467.
Dubruc, N., and et.al., 2017. Château Kefraya, a small-medium sized Lebanese winery with a
socially responsible business model. International Journal of Entrepreneurship and
Small Business, 32(1-2). pp.28-46.
Giuliani, P., Robert, M. and Roy, F. L., 2018. Reinvention of management innovation for
successful implementation. International Journal of Entrepreneurship and Small
Business, 34(3). pp.343-361.
Hornsby, J .S and et.al., 2018. Entrepreneurship everywhere: Across campus, across
communities, and across borders. Journal of Small Business Management, 56(1). pp.4-
10.
Kusakina, O. N and et.al., 2016. State stimulation of development of small entrepreneurship in
developing countries.
Ribeiro-Soriano, D., 2017. Small business and entrepreneurship: their role in economic and
social development.
Roundy, P. T., 2017. “Small town” entrepreneurial ecosystems. Journal of entrepreneurship in
emerging economies.
Saseendran, H. and Salman, S., 2019. Influence of Entrepreneurship Psychology on Small
Business Creation and Organisational Success. SEDME (Small Enterprises
Development, Management & Extension Journal), 46(3). pp.205-216.
Wegner, D. and Koetz, C., 2016. The influence of network governance mechanisms on the
performance of small firms. International Journal of Entrepreneurship and Small
Business, 27(4). pp.463-479.
Yan, J. and Yan, L., 2017. Collective entrepreneurship, environmental uncertainty and small
business performance: A contingent examination. The Journal of
Entrepreneurship, 26(1). pp.1-26.
Online
J. K.Rowling Biography, 2019, [Online]. Available Through :<
https://www.biographyonline.net/writers/j_k_rowling.html>.
Kim Antoniou, 2019, [Online]. Available Through :<https://uk.linkedin.com/in/kim-antoniou >.
The number of private sector businesses in the UK at the start of 2019 was, 2019, [Online].
Available Through :<https://www.gov.uk/government/publications/business-
population-estimates-2019/business-population-estimates-for-the-uk-and-regions-2019-
statistical-release-html>.