Entrepreneurship and Small Business Management - Wiser Company

Entrepreneurship and Small
Business Management

Table of Contents
INTRODUCTION ..........................................................................................................................1
TASK 1 ...........................................................................................................................................1
P.1 Various types of entrepreneurs and their relation with typology..........................................1
P.2 Similarities and differences between entrepreneurial ventures............................................3
M.1 Diverse range of entrepreneurship ventures........................................................................5
D.1 Scope, development and growth of entrepreneurship ventures ...........................................5
TASK 3 ...........................................................................................................................................6
P.5 Characteristics, skills and traits of successful entrepreneurs................................................6
P6 Analysis of entrepreneurial personality reflect entrepreneurial motivation and mindset.....7
P.7 Background and experience cam hinder or foster entrepreneurship.....................................8
M.3 Arguments regarding entrepreneurial characteristics........................................................10
M.4 Link between characteristics and personal background to successful entrepreneurs.......10
D.3 Characteristics, traits and motivating factors of successful entrepreneurs ........................10
D.4 Background and experience can hinder or foster entrepreneurs .......................................10
CONCLUSION .............................................................................................................................11
REFERENCES .............................................................................................................................12

INTRODUCTION
Entrepreneurship is the process in which entrepreneur creates new and innovative ideas.
They take huge risks so that they can earn huge profits. Company can apply the creative ideas in
firm (Agarwal, Audretsch and Sarkar, 2010). Through this they can bring changes in process and
methods and thus they can easily increase the efficiency in all techniques. Thus firm can earn
more revenues and they can increase the market share. This also helps the organization to
expand their operations. They can also diversify the business. Assignment describes about the
Wiser company which is a recruitment firm. It was established in U.K. Report explains about
different types of ventures that are considered entrepreneurial. It also describes about the impact
of small business on economy. It also explains about various key aspects of entrepreneurial
mindset. It also describes about different environment that foster or hinder entrepreneurship.
TASK 1
P.1 Various types of entrepreneurs and their relation with typology
Entrepreneurial ventures: These are the enterprises which creates innovative and creative
ideas in the company. Thus they can easily grab opportunity and can create good quality of
goods. Thus as a result firm can earn more revenues and can increase the market share. Thus
they can easily expand their operations.
Entrepreneur: They are the person who creates innovative and creative ideas. In this
case study Billionaire Richard Branson is the entrepreneur and they think that people can do
something so that they can make their life easier and better. They also said that entrepreneurship
is the truest form and they can create product so that they can make all people life comfortable.
Types of Entrepreneurs: Various types of entrepreneurs are there in market. They are:
 Small business entrepreneurship: These are the businesses which run on small scale.
There are approximately 7 million small businesses. Different types of business include
small coffee shop, travel agents, carpenters, travel agents, grocery stores etc. They start
their business at own risks and earn more revenues themselves. It takes less capital and
finance to start the business.
 Scalable entrepreneurship: They create strong and creative ideas. They have a mission
and vision for the organization (Barringer, 2012). They take funds from market and thus
they try to convince people so that they can invest in their idea. For example According
to case study, there is an entrepreneur Billionaire Richard Branson is the entrepreneur
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who creates innovative and strong ideas in company. Thus firm can manage all activities
and tasks in an effective and efficient manner (Bosma and Levie, 2010). Through this
they can earn more profits. Hence they can easily increase their market share. They also
think that company can create innovative product so that it can fill the market gap. Hence
organization can earn more profits. They said that company can explore various ventures
and they can examine the different environments which helps in foster or hinder
entrepreneur. Social entrepreneurship: They are the entrepreneurs who creates various activities and
tasks that benefit society. They create healthy products so that they do not affect heath of
all people. They can maintain positive image in minds of all people and thus they can
give strong competition to other companies. Thus they can attract many individuals and
thus company can earn more revenues. Hence they can expand their operations and thus
they can easily diversify their activities.
Relationship of ventures with entrepreneur typology:
All entrepreneurship ventures are connected with many typologies. For example scalable
entrepreneurship can be connected with Lifestyle venture. Social entrepreneurs can be
connected with managed growth venture. Hence various types of typologies are there and can be
connected with many entrepreneurship ventures.
Types of Typology: Various types of entrepreneurial typologies are:
 Lifestyle ventures: They are the entrepreneurs which help in generating more revenues.
Thus they can work alone in their business. Hence they can maintain good position in
industry. They can be connected with scalable entrepreneurs.
 Survival ventures: These are the ventures which helps in earning money so that they can
earn their livelihood. It is a small business such as small coffee shop, carpenters, barber
stores etc. Hence company can earn more revenues. They can be connected with small
scale business.
 Managed growth venture: These are the business that are started by small business
man. They earn their own profits and money is not wasted (Dacin, Dacin and Matear,
2010). Thus they can earn more profits and they can easily increase their market share.
They can be connected with social entrepreneurs.
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P.2 Similarities and differences between entrepreneurial ventures
There are various similarities and differences between various entrepreneurship ventures.
Through this any person can evaluate the enterprise and they can easily decide to invest their
idea (Delgado, Porter and Stern, 2010). Thus they can easily invest their money in a particular
start up. Through this any person can earn their own revenues and can easily expand their
activities and operations. Hence similarities and differences between entrepreneurial ventures are
described below:
Basis Private Public Social
Definition It is the company
which is not controlled
and managed by Govt.
It is the company
which is controlled
and managed by Govt.
Thus it government
creates rules and
regulations for the
company.
It is the organization
which create plans and
policies for the
society. Thus it give
many benefits to
society.
Objectives Their main objective is
to earn huge profits
and there is effective
organization structure
and protecting the
company policy from
the competitors.
Their main objective is
the economic
development. It also
includes the self
reliance, development
of backward areas and
employment
generation.
Their objective is to
perform activities and
tasks so that they can
provide many benefits
to society.
Characteristics Company requires
minimum of two and
maximum of 200
members to start the
business. Liability of
each member is
limited.
Public companies is
created by an act of
parliament. It has
minimum of seven
members and there is
no limit to maximum
members of public
This is a company
which create
innovative and
creative ideas. They
are passionate and
generate more creative
and unique ideas for
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company. the organization.
Similarities: There are various similarities between various ventures. They are described below:
 Public, private and social companies work for the customer service. They perform all
activities and operations so that customers are satisfied. Hence firm can run smoothly and
Successfully (Drucker, 2014).
 Open to change: There are may changes in working environment. Thus they adopt many
new opportunities and thus perform in an effective and efficient manner. Hence this is
also a similarity between three companies.
 There is an opportunity for growth of employees in three companies. Hence they can
perform in an effective and efficient manner. Thus they give good results.
Basis Micro Small Medium Large
Definition Micro business
has less
employees. It has
approximately
10-20 staff
members.
It has
approximately
30-50 staff
members. It has
more employees
than micro
business.
It has
approximately
60- 70 employees
which is more
than small
companies.
It has
approximately
200 employees.
They are more
than micro, small
and medium
companies.
Objectives To reduce the
unemployment by
creating small
scale sector and
to give
employment to
poor people also.
To increase their
revenues and
profits.
To reduce the
poverty from
country and to
increase the
income level of
country.
To increase the
revenues and to
increase the
market share.
Characteristics They have less
funds and they
They have more
funds than small
They have more
finance as
They operates on
large scale. The
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small a business
on a small scale.
scale business and
their business is
big as compared
to small scale
business.
compared to
small and micro
business. Thus
they operate on
huge scale as
compared to both
business.
have huge amount
of funds and they
operate their
business on large
scale as compared
to micro, small
and medium
business.
Similarities:
 Four companies work for benefit of many people. Thus they operate their business and
give many advantages to many people. Through this they can perform their work in an
effective and efficient manner.
 Companies work for earning of more profits and they wants that they can easily increase
the level of satisfaction of all people.
M.1 Diverse range of entrepreneurship ventures
There are many entrepreneurship ventures who have objective to earn more revenues and
to enhance the market share. Thus various types of ventures include:
 Micro business: The have less employees and very less funds to start the business. Their
objective is to provide employment to poor people.
 Small business: These business run on a small scale and there are few employees who
operates this business.
 Medium business: They have more employees as compared to micro and small business.
They have more funds as compared to micro and small business.
 Large business: Company have huge funds and there are many employees who operates
this firm. This operates on a large scale.
D.1 Scope, development and growth of entrepreneurship ventures
Scope: There are many entrepreneurial ventures. Micro business has less employees and
they operates on small scale (George and Bock, 2011). While micro and medium have funds and
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operate on big scale than micro business. Large companies have more funds and operates on
huge scale as compared to three companies (Jones, Coviello and Tang, 2011).
Growth and development: Large companies have high market share as compared to
small, micro and large organizations. This leads to increase in GDP of nation.
TASK 3
P.5 Characteristics, skills and traits of successful entrepreneurs
Entrepreneurs have unique skills and attributes and due to this they become successful in
minimum time. According to the case study there is an entrepreneur Steph Croft Simon who is
the founder of Nom Popcorn. They initially think that they cannot become an innovative and
creative entrepreneur. But later on they become a successful entrepreneur. Characteristics, skills
and traits of Steph Croft Simon are:
Strategic vision: They had a strategic vision and mission for the organization. Steph
Croft Simon after monitoring the large scale entrepreneurs want to increase the market share.
Thus initially her business is not performing well but they had not loose their hope and work
with full passion.
Communication: If they improve the communication skills they can easily attract many
customers and thus they can directly increase their sales. Thus they can earn huge profits and
This helps Nom Popcorn to maintain good image in minds of all people. Thus they can easily
expand their operations and can diversify their business.
Delegation: They do not perform the activities and task relating to production and
selling. Instead they delegate their operation's and activities to all staff members. Thus all
activities and operations can be effectively managed. Thus firm can earn huge profits and can
increase the market share. This also helps Steph Croft Simon to perform activities in proper
manner.
Critical thinking: Entrepreneur can think of new and creative ideas which can be
implemented in company. Through this all activities and operations can easily be managed by
Nom Popcorn. This helps the organization to earn huge profits and they can also increase their
market share. These characteristics help a person to become successful entrepreneur.
Traits to become a successful entrepreneur:
 Entrepreneur is determined and they perform smart work so that they can accomplish the
objectives (Karlan and Valdivia, 2011).
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 They can take huge risks and do not be afraid of taking any risk in the business.
 Entrepreneur can have high level of confidence so that they can perform all activities
properly and effectively (Kirzner, 2015).
 Entrepreneurs have zeal and enthusiasm so that they can easily perform all tasks of the
company. They always want to grab new opportunities so that they can create new idea in
effective manner.
 Entrepreneurs have problem solving trait so that they can easily solve all issues and
conflicts. Thus all activities and tasks in an effective and efficient manner.
 Successful entrepreneurs have decision making skills so that they can take effective and
efficient decisions. Thus they can perform activities in proper manner. Through this
Steph Croft Simon can manage the organization in effective manner.
 Successful entrepreneurs are passionate and motivator. Thus Steph Croft Simon can
motivate all employees so that their enthusiasm level increases and they can perform
better. This helps in motivating all staff members and they can give good results.
 Successful entrepreneurs are adaptable and flexible and thus they can easily adopt any
situation. They can create effective and efficient policies so that they can easily adopt in
any situation.
P6 Analysis of entrepreneurial personality reflect entrepreneurial motivation and mindset
Nom Foods is a company which comes with the concept of organic popcorns. They have
ideas to satisfy demand of popcorn without using artificial flavours. This is effective for growth
and increase good will in market. It is not easy to come with innovation, there is requirement of
motivation to employees through which business operations can be performed in appropriate
way. When company is thinking to come in sector of Potato Crisps whose target market is
children. Entrepreneurship can be successfully possible with the help of join efforts of managers
and employees. There is requirement of changes in working style through which targets can be
achieved in effective and efficient manner. There is requirement of changes for being successful
entrepreneur. There is requirement of various skills, characteristics through which they can work
according to market trends. There is requirement of some skills which help to attain goals and
targets (Blackburn, Hart and Wainwright, 2013). There is change in business environment, so
entrepreneur has to work according to society.
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To analyse entrepreneur personality, there is discussion about Big Five Model, which is
discussed as under (Aspects of Entrepreneurial personality, 2017)-
Openness to experience: There are many changes taking place in Food industry. So it s
important to accept them and work according to market trends (Bridge and O'Neill, 2012). As
Nom Foods wants to compete with Metcalfe’s Food Company, Skinny Popcorn, etc. big
companies, so this can be possible when Steph Croft-Simon is ready to learn and accept new
things. There will positive results from such change in business operations. Entrepreneur must
ready to take new experiences which teaches lessons for market growth.
Conscientiousness- Entrepreneur must be conscious for actions which are taken by him
for business purpose. This means entrepreneurs must be liable and responsible for their actions.
In business changes are taking place very frequently, so it is important to take take decision fast.
There are possibilities of negative as well as positive outcomes, so entrepreneur must ready to
face it. Steph Croft-Simon is thinking to launch Potato Crisps which can be done with the help
of proper planning and decision making (George and Bock, 2011) .
Extraversion- Entrepreneur is the person who deals has some unique idea which is not
present in market, so it is important to deliver some knowledge about ideas to society. This helps
to make changes in working style and actions through which positive results can be get. It is
essential for organisational growth and entrepreneur is able to grab opportunities present in
society. Steph Croft-Simon has idea for organic popcorn, so delivering knowledge about it is
effective for market
Agreeableness- While running business, there are modifications in demand of
consumers. Steph Croft-Simon has organic popcorn because they analyse market and then come
with concept of it. This means they agree to the changes happening in society and work
accordingly.
Emotional stability- This is one of the important characteristic which must be present in
entrepreneur. As ideas proposed by Steph Croft-Simon of new in market, so there are
possibilities of failure too (Carsrud and Brännback, 2011). So it is essential to work according to
the market trends. There must not be over happy or sad on getting results.
P.7 Background and experience cam hinder or foster entrepreneurship
Any person's background and experience can easily hinder or foster the entrepreneurship.
If any person who belongs to a family who motivates a person to become a successful
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entrepreneur, then that person can easily start their own company in shorter period of time. If a
person from their childhood wants to take huge risks to earn more revenues the this is a positive
motivating factor for that person (Chittithaworn, and et. al., 2011). Govt. of that nation and new
technologies promotes Bill gates and Steve Jobs, then they can easily perform activities in proper
and effective manner. They had got a positive environment where they are motivated to perform
better.
Needs time and training: Entrepreneurs have sufficient time and they can perform all
activities in an effective and efficient manner. If person has taken subject related to entrepreneur
in their school and college, then this is a good and motivating factor fort a person. Practical
knowledge is also very crucial in the company. Thus they can handle all tasks in effective
manner.
Support of country: There are many countries who directly promotes a person to become
a successful entrepreneur. Thus this is a positive motivating factor for that person to become a
entrepreneur. Through this person do not face any problems and issues.
Economic impact: If the country is facing problem such as terrorism attacks and floods
or earthquake then they cannot promote and supports a person to become a successful
entrepreneur. In this case study Nom Popcorn do not face any issues like terrorism attacks and
floods. Thus the country is supporting Steph Croft Simon to become a successful entrepreneur.
Personal preferences: Individual character is also an important factor that promotes
entrepreneur. If any person has a zeal and enthusiasm and thus they can perform activities and
tasks in an effective and efficient manner (Fassin, Van Rossem and Buelens, 2011). Due to this
zeal and passion any person can easily become a successful entrepreneur. Thus they can easily
perform tasks in effective and efficient manner.
Experience: If a person has experience of entrepreneurship and they had started business
then they can easily perform activities in an effective manner. Due to good experience it foster
person to become entrepreneur. If person do not have any experience of starting new business the
they faces many issues and problems and thus they cannot give good results. Hence they cannot
become successful entrepreneurs.
Family support: If person's father and mother supports them then person can easily
become a successful entrepreneur. Thus they can easily give good results and hence they can
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easily perform activities in proper manner. Thus all these factors foster a person to become a
successful entrepreneur (Chrisman, and et. al., 2012).
Due to all these factor person can easily become a successful entrepreneur.
M.3 Arguments regarding entrepreneurial characteristics
There are various entrepreneurial characteristics which helps in promoting a person to
become a entrepreneur (Dennis, 2011). Entrepreneurs had good communication skills, high
confidence level, passionate and zeal. They motivate all staff members so that they can perform
better. They can also grab opportunities so that they can perform activities in effective and
efficient manner. All entrepreneurs have good decision making skills and they can also take
decisions in every situations. Entrepreneurs can take huge risks so that they can earn huge profits
and thus they can easily maintain good image in minds of people. Through this person can start
their own business and can earn huge profits.
M.4 Link between characteristics and personal background to successful entrepreneurs
If a person has good charcuteries and motivating personal background then they can
easily become successful entrepreneurs. If person is motivator and good communication skills
this motivates person to become a successful entrepreneur. If father and mother motivates a
person to become a entrepreneur then they can easily start the business. If person has experience
related to entrepreneurship they it is easy for that person to start their own business. These all
factors motivate a person to become a successful entrepreneur. Thus entrepreneur can easily
maintain good position in minds of all people and in industry.
D.3 Characteristics, traits and motivating factors of successful entrepreneurs
There are many characteristics, traits and motivating factor which motivate Bill gates and
Steve Jobs. Thus family and their country both motivates person to become a successful
entrepreneur. Their experience and family background motivates both to become a successful
entrepreneur. Marks Zuckerberg has set a aggressive target and thus they can easily accomplish
their goals and targets. They can take huge risks in the market.
D.4 Background and experience can hinder or foster entrepreneurs
Country supports and motivates both Bill Gates and Marks Zuckerberg entrepreneurs.
Thus they can easily accomplish all objectives and targets. Their personal experience and family
supports both entrepreneurs to to start a new business. They have a unique and distinct
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experience related to entrepreneurship (Drucker, 2014). Thus as a result they can become a
successful entrepreneurs. Thus they can easily start their business and can earn huge profits.
CONCLUSION
Entrepreneurship is very important in every company. Through this company can create
new and creative ideas in company. Thus they can maintain good image in market and in minds
of all people. Different types of entrepreneurship and their similarities and differences.
Characteristics, skills and traits of successful entrepreneurs such as good communication skills
and motivational skills. Personal background and experience can hinder and foster entrepreneur.
Different aspects of entrepreneurship personality which reflect motivation and mindset of the
entrepreneur.
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REFERENCES
Books and Journals
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Dacin, P. A., Dacin, M .T. and Matear, M., 2010. Social entrepreneurship: Why we don't need a
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Delgado, M., Porter, M. E. and Stern, S., 2010. Clusters and entrepreneurship. Journal of
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Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
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Online
Aspects of Entrepreneurial personality.2017.[Online].Available
through:<http://smallbusiness.chron.com/important-small-businesses-local-economies-
5251.html>.
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