Entrepreneurship and Small Business Management.

Entrepreneurship and
Small Business
Management

INTRODUCTION
Entrepreneurship is chain of activities related with the commencing new business
activities and venture ship by bearing various kinds of risk factor in order to earn huge
profitability to remain always competitive in marketplace. Entrepreneurs are very much
important for an business as they bring new idea into practice to remain always competitive in
marketplace. As economy is very much evaporable in nature, to remain stabilises having skills
and knowledge to start the unique concept. Entrepreneurial skills are very prominent in regards
of demand to establish the business and every business either it is large or small have to be
entrepreneurial skills to survive in business environment. Entrepreneurs and their skills is very
much important in today's competitive world as unemployment rises day by day so it helps for
establishing job opportunities. This assignment is based on the various kinds of entrepreneurial
ventures and their abstraction with typology of entrepreneurship. It also includes similarities and
difference in between the entrepreneurial ventures with data and statistics to relate with micro
and small business and their effect on economy. Further it elaborates the significance of
enterprises and star tup in economy of the nation. It also includes the characteristics traits and
skills that is very much significant potential to become a successful entrepreneur. It also
includes the entrepreneurial aspects that shows the entrepreneurial aspect which indicate the
businessperson mentality and condition. At last it includes the ground and education which
hinders or surrogate entrepreneurship by using examples.
TASK 1
P1
Various kinds of entrepreneurial ventures and typologies:
Entrepreneurial undertaking which focused on supply or establishing the advisory
employment to the early and mid phase institution (Amatoa and et.al ., 2017 ). Respective kind
of ventures occurs the high level of returns in respect of various kind of uncertainties to reap

major outcomes. In it various kinds of activities or actions includes from small to the large scale
organisation that are as follows:
there are different kinds of entrepreneurial undertaking that are as follows:
Small business entrepreneurship:
In today's enterprise the majority of the business still operate at small scale, in the market
of UK most businesses are small scale for their livelihood. In small businesses includes the
grocery stores, electricians, hairdressers and travel agents that initially operate at very small level
and then expand their market in order to gain sustainability and profitability.
Scalable start-up entrepreneurship:
Scalable start ups and entrepreneurs are the silicon valley entrepreneurs and the ventures
investors too. Respective entrepreneurs outset their undertaking after informed from the day one
regarding the vision by bringing modification at world wide level in order to remain competitive
in marketplace (Brush and Greene, 2015.). By attracting investment from the equally crazy kind
of investors from the venture capitalist by hire the brightest one in order to remain always
competitive in marketplace. The major work is to discover out one of most repeatable and
scalable business model. Scalable start ups in innovation clusters form the little percentage of
entrepreneurs and start ups with help of oversize curve and to pull risk capital.
Large company entrepreneurship:
Large companies have the mortal kind of life cycle with the help of sustaining
innovation, by in order to remain competitive in marketplace that helps to cope about the
products. They build products and services as per the change in customer tastes, advent of new
techniques, legislation and commencement of competitors in order to beat them.
Social entrepreneurship:
Social entrepreneurs are the individuals who centring on the building the products and
services to understand or to resolve concerns of consumers (Burns and Dewhurst, 2016..). As
the goal of scalable entrepreneur is to brand the world peaceful place to live not to occupy
market or wealth for founders. Social entrepreneurs are no profit or hybrid kind of enterprise for
the welfare of society.
Medium size entrepreneurship:
This is considered as entrepreneurship in which there should be minimum 249
employees. Also, its annual turnover should not exceed £50 million.

Corporate entrepreneurship:
This is considered as the procedures that is utilised for developing new enterprises,
goods, systems, and services inside of an existent firm in order to develop value as well as
produce new revenue growth by the action as well as ideas of entrepreneurial.
Public entrepreneurship:
This is considered as an entrepreneurial activity which are carried out through
government liked firms or state owned entities. Moreover, this entrepreneurship was developed
as a part of privatisation programme of country.
Entrepreneurial typology:
Lifestyle entrepreneurs :
These entrepreneurs generally tend to alter their personal lifestyle and not just earn
profits. These entrepreneurs follow their heart and go with their passion so as to improve their
quality of life and manage their work life. These ventures are generally small or scalable start-
ups as they focus on following their passion.
Survival :
These businesses focus on staying in the market over to gain sustainability in market.
Their main aim is to be able to survive competition in the business environment so that they can
regularly make profits that are enough to sustain their families.
Female entrepreneur:
Female entrepreneurs are more sensitive and emotional and have high tendency to raise
their lifestyle. The no. of female entrepreneurs steadily increased in recent time as they focus on
self employed by bringing new and innovative idea into marketplace. They tend to avoid risks
and so are generally small entrepreneurs.
Male entrepreneurs:
Male entrepreneurs are motivated to take more risks so as to increase their personal
wealth (Amatoa and et.al ., 2017 ). They always think in innovative way to become a successful
entrepreneur. They are youngsters that able to manage or coordinate in difficult situations to
build positive outcomes. They are usually large entrepreneurs as they tend to grow rapidly by
taking risks.

P2
Similarities and differences in between the entrepreneurial ventures:
In the economy there are kinds of entrepreneurial ventures take place in marketplace that
coordinate or operates various kinds of business activities to earn profitability and for welfare of
society.
Differences between entrepreneurial ventures:
In the economy there are kinds of entrepreneurial ventures take place in marketplace that
coordinate or operates various kinds of business activities to earn profitability and for welfare of
society.
Large Ventures Small Ventures
They are large and well established businesses
and have great influence over the market and
society. They are responsible for bringing
innovation in products and services so that
high competition is maintained in the market
(Burns, 2016)..
They also employ large number of staff
members and have huge investments involved
in their operations.
Objective of large venture: The major
objective of large venture is to make capital
gain in context of equity investment at time of
regular time of exit or in case of debt
financing. They by taking high risk aimed to
make the investment fruitful.
These are small in size and are generally
managed by the owners themselves. Their
earning is in relatively small market and the
investment involved in these ventures is also
low. Their main purpose is to earn enough
profits that are sufficient for their families
well-being.
Objective of small ventures:
The major objective of small ventures is to
getting and staying profitable by making sure
that remain ahead in related with cost of doing
business in positive manner. They deliver
value in order to compensate the needs and
wants of consumers.

Social Ventures Scalable start-ups
These ventures focus on creating a social
impact in the society through welfare services.
They try to resolve problems that are faced by
the people in the society which can help in
providing solutions for the society problems.
Objective of social ventures: The major aim
of respective venture is to put efforts for real
social changes as they initiate for environment
and social changes by alleviating destitution.
Their main aim is to introduce a new and
innovative idea in the market so as to fulfil the
changing demands of the customers. They are
of the belief of creating a social and economic
impact on the society. They usually have to
struggle initially to find investors so that their
ideas can get monetary value.
Objective of scalable ventures:
The major objective of respective venture is to
gain high level of scalability growth by using
lower capital requirement by making sure that
more effective and efficient results should be
incurred.
Similarities between all entrepreneurial ventures
All the entrepreneurial ventures start with an initial idea of providing customers with
goods and services as per the wants so that profits can be earned. Profit is the main motivating
factor for starting a business. Although all the businesses face various challenges in the business
environment but their entrepreneurs take up all the risks and find solutions by the way of
formulating business strategies and policies so that these risks can be efficiently dealt with.
The major objective are to build products and services that satisfy the consumers needs
and wants in positive manner by accessing their present as well as emerging wants. In order to
compete business environment it is very much essential to ensure that organisation have to
devote money and time in CSR activities.
TASK 2
P3
Micro business enterprise characterised as an small business which state nine citizenry or
few then it by managing balance sheet or have turnover which less than the certain amount. It
helps in economic growth by enhancing the level of income by reducing the cost of business in

order to gain potential outcomes (Burns, 2016). It has been evaluated that without the proper
training and development to employees there are large no. of micro entrepreneurs have high in
place. But it helps to maintain the stable kind of economy in the business environment that helps
to eliminate complexities in scenario of Brexit in marketplace of UK.
On other hand small enterprise are privately owned businesses. Corporations or sole
proprietorships that have few employer and less income in comparison to the regular sized of
business (Cole, 2018.). Respective kinds of businesses are very much convenient in nature as
small businesses exist in every country in large numbers that involves the dry cleaners,
architectural firms and law enterprises and other businesses. So it is very much beneficial for the
economy to reap important advantages with help of various kinds of businesses.
Here are the some major advantages of small and starts-ups in marketplace that are as follows:
Illustration 1: (Source: Brexit’s impact on small businesses, 2019)
From the above Graph it has been summarised that SMEs are very much important for the
economy and evaluated as major strong area of economy as enables in economic prosperity in
market of UK. There are various kinds of business units existed in marketplace that provides not
only job opportunities but also the environment in which every one can give one of their best
efforts ( Järvi, 2015.). In the market of UK there are 5.7m SMEs out of which 99% of the private
sector firms and 60% of total UK private sector employment. So it is very much potential for an
economy to encourage the SMEs by giving them financial and consultation services in order to
so that they can enlarge business opportunities in proper manner.

P4
Small business concern are very much important for the economy as they not only
provides in success story of the future but also provides the needs and wants of consumers. They
also proved beneficial to serve the requirements of large businesses. To Being the entrepreneurial
simply means to develop the ability, attitude and initiatives _1575896198to become a successful
entrepreneur.
There are several potential advantages of small businesses and starts-ups in the development of
social economy that are as follows:
Provide job opportunities:
Small businesses proved very much beneficial for the economy as it opens the door of job
opportunities in order to get opportunities existed in the marketplace. They not only raise the
standard of living but also provides products that helps to better serve wants of potential
candidates. When small businesses and starts-ups provide job possibility to citizenry that helps to
reduce the level of poverty and enhance the per capita income which rises economy in positive
manner.
Bring innovation:
The another major advantage that provided by the start ups and small businesses that it
bring new business ideas into the marketplace by evaluating the needs and wants of consumers in
order to remain always competitive in marketplace (Julien, 2018). Entrepreneurs bring new
ideas and thoughts that helps to prosper in the economy that not only helps to establish into
market but also raise standard of people. It also facilitates goodwill in market that are very much
important to survive and enlarge business opportunities.
Bring improvements:
The another major advantage that bring by small businesses and starts-ups that it bring
innovative ideas and thought in the marketplace that are very much important for the economy to
raise the standard of people in giving one of best attributes to them. They provide business
opportunities to the citizenry who possess rare talent so that it helps to utilises the local talent
which is very much important to build products and services that not only provides employment
opportunities to people but also raise their standard of living.
Raising standard of people:

The small business and start ups contributes towards enhancing the living standard of
people as they provide products and services to the ultimate consumer in most affordable manner
and using innovative ideas to enhance the quality of products and services. Starts-ups not only
provide the employment opportunities to localities but also enhance their level of income so that
they can enhance their living standard in positive manner.
So all are the important contributions of small business and starts-ups in the economy as
well as individual so it is the responsibility of government to provide opportunities to them for
gaining growth.
TASK 3
P5
For an individual it is very much crucial to determine or evaluate the characteristics and
traits that helps to them for gaining potential opportunities in market. There are various
characteristics and traits that differ from person to person that are as follows with the help of
entrepreneur.
Peter Jones:
Peter Jones is a British entrepreneur, business tycoon with great vision and mission and
become the great personality in field of media (Mugler, 2017.). His areas of interest are leisure,
real estate, media and marketing and with large portfolio to remain competitive in marketplace.
He is the most prominent personality by originating the famous show Dragon Den and American
television series.
Characteristics of Peter Jones:
Peter Jones possess some kind of rare personality traits that differ from the manager for
gaining potential outcomes. Here are list of characteristics of Peter Jones:
Passionate towards interest area:
Respective entrepreneur is very much passionate towards the work and duties that are
come under their interest area (Rey-Martí, Porcar and Mas-Tur, 2015.). It can be understand
with help of that he operates in different areas of business such as he deals in media, TV and real
estate and other fields too by building mission and vision that are very much potential to reach at
desirable goal.

Innovative thinking:
Think with innovation is very much important for an individual which enables to bring
new ideas and apply practically into marketplace. As mentioned above they engage in various
works activities with the kinds of ideas and initiatives and working in early age with the vision to
build something best and satisfy consumers demands.
Skills of Peter Jones:
There are some potential skills that which is very much crucial for an organisation as well
as individual that are as follows:
Level of confidence:
Level of confidence is very much potential for an individualistic to perform in
appropriate manner in context of Peter Jones he is highly confident in nature and believe on
oneself. By taking inspiration from Tom Cruise opened the cocktail bar and get losses but instead
of that he never reprimanded.
Richardson Branson:
Richard is one of most prominent personality,capitalist and very much devoted in
philanthropic activities (Saleem, 2017.). He founded Virgin group in year 1970s and also control
400 companies of many fields. Here are the characteristic and skills of respective entrepreneur:
Never relies in comfort zone:
Richard never relies on comfort zone and tried to take risk in order to gain high level of
profitability to remain competitive in marketplace. The major factor of their personality as he
involved in daring activities. After taking huge risk he originated Virgin group and become a
successful entrepreneur.
Skills:
Greet changes:
The first and foremost skill of Richard as he always greet potential changes that are
foundation stone to become a successful entrepreneur (Volery and Mazzarol, 2015.). By giving
proper assistance to their employees while changes occurs in their organisation they deliver
potential knowledge to them.
Respective skills and capabilities differ in an manager as they are only responsible for the
responsibilities which assigned to them. The are not so much risk taking in comparison to the
entrepreneur to reap important outcomes.

Traits, skills and motivational drivers of a successful entrepreneur:
To become the successful entrepreneur it is very much important to possess some traits
and skills that tends towards the successful entrepreneur. The traits are motivated personality,
honesty, creativity mind and motivation to live life independently. The required skills are time
management, curiosity to know things and ability to managing people and very important risk
taking ability. There are various motivational drivers that drive to become a successful
entrepreneur that are making a difference in the world, satisfaction from doing something great
and personal growth. In context of Richard Branson always motivated to do something great
from their life and they are very challenging in their life. So all attributes helps him to become
the successful entrepreneur.
P6
To become the successful entrepreneur it is very much necessary some kinds of
characteristics, traits and motivation level that are very much potential for them. Respective
aspects helps to acknowledge the businessperson status and mentality by using ocean model:
OCEAN model:
Respective framework also famed as the five factor model and big personality that helps
to acknowledge about the characteristics of an individual to effectively run the business activities
in proper manner. Here are steps of entrepreneurial model that are as follows:
Openness to express:
Respective state of mind express about the complexities and in depth analysis of mind
and experiences (Welter and Gartner, 2016). They are very much proficient in imagination and
intellectuality to deal with the situations to gain optimum outcomes. Respective kind of
personality majorly focus on the find out new things or events, always try to think in innovative
manner so that give one of best products and services to the consumers. The major skills are
imaginative, creative and able to handle complex work environment in order to remain always
competitive.
Conscientiousness:
Respective kind of entrepreneurial mindset possess the tendency to monitor or evaluate
the impulses in socially acceptable environment by various ways or behaviours for achieving
organisational goals. The traits of respective entrepreneurs helps to organise, plan and coordinate
various works and activities with consistency, reliability and put one of best efforts in order to

achieve desirable outcomes (Zacca, Dayan and Ahrens, 2015). The person with high in trait are
very much important for an individual in order to be dutiful and self disciplined by coordinating
each and every activity in proper manner. People who are low in respective trait are often with
contrasting behaviour and more impulsive with deride schedules to get the work in proper
manner.
Extraversion:
Individuals with respective trait is emotional in nature and easily assert their ideas as they
are extrovert in nature (Yan and Yan, 2016.). People are very much talkative, social person
while deal with social situations gives them energy and courage to go with business and their
respective ideas. Extroverts are highly energetic, enthusiastic in nature and things are very much
visible for them. So it is very much potential to determine the personality of a individual in order
to get potential outcomes. So all kinds of traits are very much potential for an individual to
handle various aspects in order to gain potential outcomes.
Agreeableness:
Agreeableness people are best people as they are affectionate in nature and full of
empathy for others, trustable in nature. They possess generosity and kindness towards people in
order to treat with them in delicate manner. People of agreeableness nature ready to compromise
their own interest in order to get as they want. So it is very much important for an individual in
order to gain potential outcomes. People who are high in respective nature often like to volunteer
and engage in the pro social behaviour to planned and implement activities in systematic manner.
Neuroticism:
Neuroticism is the last and very much important kind of personality trait, there are some
significant personality traits that have to be avoid such as emotional instability, sulkiness and
unhappiness. People with the level of neuroticism are irritable in nature and easily get anxiety
and sadness that affect on the business activities in negative manner to gain potential outcomes.
They also faces kinds of problems such as psychological issues that affect on their mental ability
to think and take actions. If an individual high in respective trait suffer from the depression,
anger, frustration that shows the negative behaviour of an individual for achieving goals and
objectives (Yan and Yan, 2016.).
So it is very much important for an individual to moderate their behaviour and activities as per
the situation in order to compete with the circumstance for gaining potential outcomes.

TASK 4
P7
For an individual to become a flourishing individual majorly contributing factors are
experience and background , in context of Both the entrepreneur are as follows:
Family background:
family background to become a flourishing businessperson is very much crucial, in
context of Peter Jones who come from economic background family and his father operate the
small class of enterprise. He always interested to obey the footprints of his father. In context of
Richard, from the childhood his life full with struggles and also belong from financially poor
family. So both work on the mission to plan and apply something big and innovative in order to
achieve something great. The whole family of Richard belong from law background but he
always determined to operate business.
Education:
Education is very much crucial for an idiosyncratic to become a booming businessperson,
that helps to mould in thought process and encourage to bring new business idea. In context of
Richard he suffer from the disease of Dyslexia that create problem to attain classes but he always
perceived their own area of strength (How Richard Branson went from high-school dropout to
billionaire entrepreneur, 2019). As it studied that people suffer from respective disease got the
excellence and passionate towards their work.
Hence it can be said that respective factors are very much important for an idiosyncratic to
become a booming businessperson by find out major areas to improve and gain potential
outcomes in order to remain always competitive.
From the above discussion it has been analysed that family background, education and
motivation level of oneself is one of most important factor that helps to an individual to become
a successful entrepreneur. In context of Richard they and their family belong from the business
background so they also born from respective interest to develop the business. The another major
factor education either it is academics or family upbringings, in context of Richard they suffer
from the disease instead of that they always inspire to do something great so all factors helps to
gain success.
It has been critically analyse that respective factors helps to an individual to do something
great in life as all pushes them to think innovatively and take risk to gain desirable outcomes. But

on other hand if the person is not properly educated then s/he not able to give one of their best
efforts as it is requirement of business at some extent while building team and managing people
within the organisation.
CONCLUSION
Respective report states that major feature for an individual as well as for economy to
provide employment opportunities and to raise standard of people. There are various kinds of
entrepreneurial ventures that have close relationship with typologies in order to build targets and
mission. Small businesses and start ups plays very important role in the economy of UK and also
enhance employment opportunities that is very much important for the economy. To become a
successful entrepreneur there are some important kinds of skills and traits that differentiate from
the manager. There are some crucial factors that foster such as family background and
experience to become a successful entrepreneur.
REFERENCES
Books and journals:

Amato, C. and et.al ., 2017. Regulatory modes and entrepreneurship: the mediational role of
alertness in small business success. Journal of Small Business Management. 55. pp.27-
42.
Brush, C.G. and Greene, P.G., 2015. Women's entrepreneurship. Wiley Encyclopedia of
Management, pp.1-5.
Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan
International Higher Education.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Cole, R.A., 2018. Bank credit, trade credit or no credit: Evidence from the Surveys of Small
Business Finances. Trade Credit or No Credit: Evidence from the Surveys of Small
Business Finances (July 31, 2018).
Järvi, T., 2015. Production of entrepreneurship in small business activities of students. Journal
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Julien, P.A., 2018. The state of the art in small business and entrepreneurship. Routledge.
Mugler, J., 2017. The climate for entrepreneurship in European countries in transition. The
blackwell handbook of entrepreneurship, pp.150-175.
Rey-Martí, A., Porcar, A.T. and Mas-Tur, A., 2015. Linking female entrepreneurs' motivation to
business survival. Journal of Business Research. 68(4). pp.810-814.
Saleem, M.A., 2017. The impact of socio-economic factors on small business
success. Geografia-Malaysian Journal of society and space. 8(1).
Volery, T. and Mazzarol, T., 2015. The evolution of the small business and entrepreneurship
field: A bibliometric investigation of articles published in the International Small
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Welter, F. and Gartner, W.B. eds., 2016. A research agenda for entrepreneurship and context.
Edward Elgar Publishing.
Yan, J. and Yan, L., 2016. Individual entrepreneurship, collective entrepreneurship and
innovation in small business: an empirical study. International Entrepreneurship and
Management Journal. 12(4). pp.1053-1077.
Zacca, R., Dayan, M. and Ahrens, T., 2015. Impact of network capability on small business
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Online:
How Richard Branson went from high-school dropout to billionaire entrepreneur, 2019
[Online]. Available through.
<https://money.cnn.com/2018/04/26/news/companies/richard-branson-rebound/
index.html>.