Entrepreneurship and Small Business Management

This report discusses different types of entrepreneurial ventures and their relation to entrepreneurship typology. It also explores the impact of micro and small businesses on the economy, the characteristics of successful entrepreneurs, and the role of background and experience in entrepreneurship. Additionally, it highlights the importance of small business and start-ups in the social economy.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Different types of entrepreneurial ventures and how they relate to the typology of
entrepreneurship..........................................................................................................................1
P2. Similarities and differences between entrepreneurial ventures............................................3
TASK 2............................................................................................................................................5
P3. Interpret and assess data and statistics to illustrate how micro and small business impact
on the economy...........................................................................................................................5
P4. Importance of small business and business start-ups of social economy.............................7
TASK 3............................................................................................................................................8
P5. Determination of the characteristics, traits and skills of successful entrepreneurs that
differentiate them for business managers....................................................................................8
P6. How aspects of the entrepreneurial aspects personality reflect entrepreneurial motivation
and mindset...............................................................................................................................10
TASK 4..........................................................................................................................................11
P7. How background and experience can hinder and foster entrepreneurship.........................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship indicates to an action or the capability of the a person to generate,
visualise, develop and organise thoughts in the from of business enterprise with an objective of
obtaining high extent of profitability in an efficacious and efficient way. In addition to it, the
foremost instant of each and every entrepreneurial enterprise to accept innovative thoughts as
well as bear all sort of loss or threat in context of gain rival benefits within competitive sector
(Belz and Binder, 2017). Moreover, it consist different kinds of venture which diverse from each
other in context of roles and responsibilities for developing the living standard of community or
society in a better manner. This report will discuss about different types of entrepreneurial
ventures along with its typologies, diversification and similarities between different kind of
ventures. Further, will define the influence of small, micro and start up businesses on the
economic system and also finding out characteristics, skills and traits of successful
entrepreneurs. Lastly, monitoring personality aspects and determine the experience and
background whether it hinder and foster them in effective manner.
TASK 1
P1. Different types of entrepreneurial ventures and how they relate to the typology of
entrepreneurship
Entrepreneurial venture- It is concern with those determinative which indicates that the
organisation which is commenced by the business person for manufacturing higher and better
quality commodities and services within competitive sector as known as entrepreneurial
enterprise. In addition to this, it is divided in to different types of ventures that varies in term of
roles and aims. Some of them mentioned as below:
Small businesses entrepreneurship- It refer to those kind of business in which business
operations and activities of the company are carried out with the help of limited resources like
land, labour, capital and others in context of fulfilling consumers needs and demands (Bridge and
O'Neill, 2012). The aim of these kind of business activities are providing employment to local
people of that location. Groceries carpenters, plumbers are some examples of small business
ventures.
Scale start-up entrepreneurship- In this business venture, the business person set up the
business concern with the hope of increasing and improving econmic condition of the nation by
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devising investment in different sectors of business.In addition to it, for accomplsihing
maximised extent of profitableness, the organisation recruit skilled and well qualified or
knowledgable person who can contribute in running the business of the firm in an efficacious
manner. Online shopping is a bets example of these kind of business.
Large company entrepreneurship- It refers to those kind of business in which business
persons seeks for creation for fulfilling customers needs and demands in an well improved way.
Furthermore, in these kind of businesses, entrepreneurs forms an attempt to furnish new
commodities within current marketplace (Burns, 2011). Companies perform this procedure by
partnering with or acquiring several creative organisations for increasing market shares or size in
an efficient manner. Google Microsoft, Facebook, Apple, Yahoo etc. are some example of these
kind business ventures.
Social entrepreneurship venture- It mentions those businesspersons who forms an effort
in introducing novel or innovative product or services into rival marketplace with the motive of
serving and improving the living standard of the people or society. These kind of business are
operated to develop the community so they are totally determined in resolving the conflicts.
Scott Harrison, Bunker Roy, Shiza Shahid are some well known social entrepreneurs in UK
marketplace.
Entrepreneurial venture typologies
There are several business ventures typologies some of them are defined as under:
Serial entrepreneur typology- It consist scale start ups entrepreneurship who forms an
effectiveness to collect innovative or effective thought into the business operation for
accomplishing sustainable profit margins ratio. These kind of businesspersons obligate time
management competency which direct them to gain effective result within given time frame
without any conflict.
Social entrepreneur typology- It refers to to those business organisations who are operate
their business for social welfare and passionate to resolve problems of the society (Down, 2010).
It include social business persons who devise an attempt to search or understand the problems of
individuals and community and take effective measures that assist them to gain higher extent of
satisfaction in an efficacious manner.
Female entrepreneur typology- This form of typology indicates that female have more
patients in comparison to male which lead them to implement best plan of action for particular
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issues. In context of it, social businesspersons has been advised which is interconnected with
typology of female as they stratified as good resoluteness devisor which advantages them in
building effective relation with business premises.
Male entrepreneur typology- It refers to male business persons who are more effective in
making control and Eminem whole business actions in comparison to female. So, small business
and large business firms are linked with such typology as these companies are more competitive
and challenging business environment in comparison to social entrepreneurship (Galloway,
Kapasi and Sang, 2015). Due to which it help them to modify their preparation and critical
thinking ability for attaining reinforced extent of sales execution and profitability.
P2. Similarities and differences between entrepreneurial ventures
Particulars Small business
Entrepreneurship
Scalable start up
entrepreneurship
Large company
entrepreneurship
Social
enterprise
Definition It indicates to a
small level
business which is
established with
the help of low
investment and
operated by less
number of
employees at lower
extent (George and
Bock, 2011).
It refer to those
business firms
which are run for a
particular object
and accomplish the
vision some plan of
action. There are
some plans and
strategies are
framed by the
businessperson to
operate these kind
of business .
These kind of
businesses are
operate at large
level and needed
huge capital for
establishment and
enable for the
company to gain
huge profitability.
They also
manufacture
goods and services
as per the needs
and demands of
the consumers.
These kind of
business are
established by
the
businesspersons
fro the welfare
of the society.
The major
objective of
these kind of
firms are making
development in
the living
standard of the
people.
Roles To gain
profitability by
utilising
They play an
effective role for
finding out
The role of these
kind of business
organisations are
They play an
effective role to
create awareness
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constricted origins. quotable and
ascendable system.
satisfying the
needs and
demands of people
by producing
products and
services according
to their needs and
demands .
about the healthy
and safety goods
and services
(Kuratko, 2016).
Characteristics These types of
business requires
limited resources
because they are
operated at lower
level by less
amount of
investment.
These form of
business enterprise
try to devise more
venture capital by
spread out business
at large level
within less time
frame.
These kind of
business are
ongoing process
which devise
modification as
per the
requirements and
needs of their
potential clients.
With the
assistance and
support of
national
authorities these
business firms
get origins to
operate the
business
concern.
Objectives The main motive
of these kind of
business firms are
earn livelihood.
The purpose these
kind of business
organisations are to
invite investors so
that they can show
their willingness of
investing fund for
helping the
development of
innovative ideas.
The major purpose
of these kind of
business firm, to
provide
satisfaction to the
needs of their
target audiences
through
manufacturing
products and
services according
their requirement.
The main
objective of
these kind of
firm's are
improving the
situation of the
society and
community .
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Similarities:
 The common gaol and objective of all kind of business organisations are set up a
successful business and earn profit margins by improving it in less time frame.
 Each and every business is founded and established by the new and creative idea and
thought of businesspersons (Rauch and Hulsink, 2015).
 The main purpose of all kin d of business enterprise to manufacture products and services
as per consumers needs and demand which are able to fulfil their necessities.
The conception of entrepreneurship is generally categorized into different forms of
departments which considers its own role and responsibilities that make them different from each
other. In context of public sector, company execute its business components by providing several
public commodities like food, shelter, clothing etc. Apart form it, private sector organisation
indicates to those firms which are independent in nature and also their are not authorised to sell
their shares on public. Moreover, there are several other ventures like small, medium, large,
social which all are work for improving and developing society and community.
Every enterprise set their standard which vantage them to attain their set business
objectives in an adequate way. In current era, marketplace is growing day by day which appoint
huge challenges over the company in developing its overall criteria. They invest huge finance in
the business actions and operation and utilise these growth options for gaining rivalry benefits.
Apart from this, it direct the individual to offer large employment chance for developing life
standard of community.
TASK 2
P3. Interpret and assess data and statistics to illustrate how micro and small business impact on
the economy
In current competitive sector, micro and small business plays an important role in an
increment of UK economic system as they create enormous job options chances, brings
impressive innovations and improves fiscal interdependence between organisations. Moreover,
some of participation of both business are explained as under:
Small business- It refers to those businesses which are operated by 50 employees and
the annual income of up to £5 million (Walsh and Cunningham, 2016). These kind of enterprise
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make little investment so it direct them to expand their market share or size in a smaller area with
limited resources.
Medium business- The activities and operations of these kind of enterprises are operated
with th help of 250 workers whcih genrate anual revenue of £22 million that assist them to cover
large area of market share or size (Zahra and Wright, 2016).
Large business- in it, companies operate their business operations and actions at global
extent whcuih help them to place their commodities in a better place also assist them to
accomplish sustainable profitability ratio.
Illustration 1: The role of Start-ups and Small Business in today's economy
Source: The role of Start-ups and Small Business in today's economy(2019).
As per the preceding visual communication, it has been mentioned that small business is
making contribution better part i.e. 99.3%compare to medium and large organsiation. Apart form
it, small business creating 48% of employment option where as large business organsiation
contribute 40%and medium sized business furnish 12%. In addition to it, large busines has
largest turnover rate i.e. 53% in comarision to small and medium firms that has 33% and 14%
respectuvely.
Characterstics of differnt businesses
Partnership- These kind of busineses are form with the combinitaion of two or more than
two orgqansiations whn they merge with each other with purpose of accomplishing desired
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objective on time (Brush and Greene, 2015). Apart form it, they share their roles and
responsibvilities in equal proportion.
Sole properitership- These kind iof business organsiations are controlled, determined and
authorised by a single entity as well as risk and proits also bears by own.
P4. Importance of small business and business start-ups of social economy
Social economy is advised as a combination of associations and mutual form of business
that assist the company to accomplish its desired objectives in a decided time frame. Small
business and start ups also play crucial in UK economy as it assist them to cope up with all kinds
of Brexit challenges or risks in developed way (Dana, 2015). It create several complexities over
the firms as it generate intense extent of rivalry between organisation that intently impacted the
determination devising activity and productiveness. Apart from it, Brexit also benefited UK
small business and start up organisations in a favourable way which direct them to create job
options and also aid them to acquire precocious technologies or thoughts in an effective manner.
Therefore, small business are get down and authorised by independent people for fulfilling
primary requirements while start-ups companies invites different venture capitalist and improves
novel policies and processes for accomplishing sustainable growth. The importance of both kind
of organisations are defined as follow:
Opportunities to local people- Small and start ups companies majorly want to improve
economic development for that they consider local people as workforce which are rejected by
large companies. So, achieving the set goal, organisations employ skilled or talented employees
who can obligate progressive and imaginative resolution to sustain within impulsive existence of
business concern environment.
Adopt innovation- One of the major objective of small and start-up company is to gain
progressive and fresh thoughts or techniques in order to execute sustainable competency ratio.
Furthermore, these advancement assist them to attract large number of customer base regarding
the brand. This help the ample companies and global business in acquiring platforms to establish
their skill within industry in terms of manufacturing products or making the investment of a good
amount of money in to company.
According the mention graphical information, it has been found out that small, medium
and large organisations plays an important role in improvement of the economic system of the
nation by creating large employment option, adopting innovative techniques and considering
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local people (Welter and Gartner, 2016). Cause of this, it assist them to adopt best place in the
rivalry market place.
Small business concern has played important role in regional, local and national extent.
In term of local level, it created job option of 48% whereas regional level offer different chances
for the community to improve its living standards. In addition to it, national extent, it help
business to gain limited profit which guides them to devises less or low endeavour.
TASK 3
P5. Determination of the characteristics, traits and skills of successful entrepreneurs that
differentiate them for business managers
To acquire growth and development in business, a businessperson must need effective
and efficient set of traits, characteristics and skills so that the person can operate its business in
competitive world in effective or adequate manner (Schaper, 2016). For this study, martin Lewis
and Brent Hoberman has been selected whoa re UK well known businesspersons.
Characteristics, traits and skills of Martin Lewis
Characteristic
Flexibility- It is an essential characteristic of entrepreneurs and Martin Lewis is
considered as flexible personality because he always takes an initiative in accepting
modifications in business procedures and commodities which assist him to widen his thinking
ability and help in accomplishing in their desired goals. This is the reason businessperson are
differ from business administrators due to following the orders of top engagement.
Passion- The respective business person also have this ability due to which he was very
passionate regarding his aim which appoint him to run forward even in big challenges which
formed Martin as a financial journalists in UK.
Traits
Decisiveness- Martin was capable to find out complex condition efficaciously that help
him to apply effect determination for particular situation. But when any issues are arise in the
business, business managers communicate to top management.
Risk taker- Martin achieved is aim and goal by devising use of upcoming risk as an
option and chance that assist him to found the moneysavingexpert.com. So businessperson are
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contrary from administrators as they do not take any kind of challenges rather administrator
perform thoughts provided by businessperson (Richter, Kraus and Syrjä, 2015).
Skills
Communication skill- Martin has efficacious communication ability which help him in
building effective relations with consumers, workforce and clients in more desired way.
Decision making skill- It is another effective ability of Martin because due to have this
capability the person is taken effective decision regarding their business and take it desired
success (Goss, 2015). But mangers are not free to implement their decision in the business, they
make determination regarding any problem and then the management of the company approved
the solution and implement in organisation.
Characteristics, traits and skills of Brent Hoberman
Characteristics
Competitive- Brent Hoberman was extremely agonistic as he always see every threat and
risk as a competition which assist Brent stand out from other in prospect of ideas and solutions.
Creativity- In it, Brent is being able to generate connections between underrated
conditions or events which aid him to become CEO of Founders Factory. Cause of it, business
persons diverse from business administrators because manager does not take initiative in
applying fresh ideas as they just follows their superior.
Traits
Persuasiveness- Brent has the ability of conveying others which form their contribution
to be him successful business person CEO of Founders among UK market.
Versatility- Brent was versatile in nature as he was capable to deal with any situation in
an effective manner. Thus, entrepreneur differ from administrators because they follow business
person rules, regulations and instructions.
Skills
Decision making- It is the most crucial ability of Brent and help in devising effective
determination in different situations of complexities. So due to taking accurate decisions, he
taking their business at desired growth level.
Networking- Brent is being capable to frame number of network of connection that
appoint him to gain growth options, making partnership deals in a better way (Wang and Liu,
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2016). That's why businesspersons are differ from business mangers because administrators
consider as employee which does not enforce burden over them in grow their social network of
connection.
P6. How aspects of the entrepreneurial aspects personality reflect entrepreneurial motivation and
mindset
According to the preceding defined competences and traits, it has states that
businessperson attribute which instantly reverberate over their encouragement and mindset
(Ateljevic and Page, 2017). So OCEAN model can be considered which help in showing how
they are affiliated to each other which are mentioned as follow:
Openness- In is the first phase, it indicates that entrepreneur are open to experience as
they take benefit of every growth option that help them to acquire effective result. In context of
it, Martin Lewis has consisted as his adaptive and open mindset which help him to become the
owner of moneysavingexopert.com company in a suspenseful manner.
Conscientiousness- This aspect defines that such type of businessperson have time
management competency and critically think about the causation of their behaviour over others.
So Brent has effective networking skill which assist him to bring effective resolution for specific
situation in improved manner.
Extraversion- In these kind of people are those who are extravert in nature as they like to
deliver their thoughts to others and also to increase views from others which aid them to spread
out their connectivity.
Agreeableness- In this phase, individuals monitors current market way and consider them
to implement best plan of action determinations in order to gain rivalry benefits in an improved
manner.
Neuroticism-Within it, personnel are capable to counter any sort of challenges or threat
in easy way which direct them to take restorative course of action as well as to assume better
fulfilment extent in an effective style.
Every business person are those people who are possible to introduce new creation in
current market. Apart from it, trait theory indicates that businessperson are born not made as it
states that each person inherit their entrepreneurial competencies which they can adopt or learn
from situation which assist them to performance their best execution their best performance in an
efficacious way (Belz and Binder, 2017).
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In order to earn more growth an development in the career, entrepreneur learn or accept
skills like abstraction, decision making, risk tasking etc. which lead them to gain more
competitive advantages in effective manner. For instant, Martin Lewis is highly passionate and
flexible personality individual which made him an owner of MoneyExpertSaving.,com whereas
Brent Hoberman has effective abstraction and risk taking competencies that direct him to be a
CEO of Founders Factory.
TASK 4
P7. How background and experience can hinder and foster entrepreneurship
Both the businessperson faced various complexities still because of their skills and traits
they were able to become successful personality between UK business industry which is defined
as beneath:
Martin Lewis
He was born on 9 May, 1972 in Manchester, England. He completed his schooling and
further study from London School of Economics, Cardiff University. He was decided to become
a journalist in reputed TV channel. His father was headmaster (Bridge and O'Neill, 2012).
Hence, he suffered various problems in his childhood as he lost his mother in a car accident
which was the biggest shock for his life. After he completed his education where is accomplished
several competencies and cognition. Even after all such endeavours and solitariness he
stimulated his imagination that appoint him to become a producer for BBC business unit of BBC
Radio Five Live and editor of BBC 4's Today. After he stirred to Satellite channel where i.e.
merely monetary system for which he varied as Money Saving Expert. But this business thought
furnish him loss and 51 of its staff lost their employment. Therefore, being a threat broad and
passionate attributes, Martin was capable to success on his dream in a consummate time as
become the owner and founder of MoneySavingEPan, B., MacLaurin, T. and Crotts, J.C., 2007.
Travel blogs and the implications for destination marketing. Journal of Travel Research, 46(1),
pp.35-45.xpert.com and also the fiscal journalist in BBC network in an sensational and
foraminiferous style.
Brent Hoberman
He was born in 25 November 1968 in British. He completed his schooling and degree
from Oxford. His father and grand father was businessman who motivated Brent to set his own
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business organisation. In his early life, he faced various difficulties in term of financial, mentally
and physically but still being adaptive nature (Burns, 2011). It direct to him to acquire effective
position in competitive marketplace. During his journey, he got various honours like co-founded
of lastminute.com, my deco.com, Co-chair of the Prime in Minister Theresa May's Business
sector Council for Britain for Entrepreneurship, scale-ups and small business. Therefore being an
innovative and creator it direct Brent to become a successful businessperson and CEO of
Founders Factory in an improved manner.
There is a direct relation between each people characteristics with their personal
background as it assist them to devise a final analysis over their career (Down, 2010). For
instance, Martin lewis and Brent Hoberman faced different complexities yet they overcome upon
each problems in an effective way. Therefore, their quality and skills assists them to
appurtenance over their painful experiences in their life which made them to accomplish success
in their career in an accurate way.
Businesspersons background and cognitive content affect favourably ad unfavourably
over their career. In term of favourably, it motivate them to gain and acquire competences and
capabilities to achieve their passion and goal (Galloway, Kapasi and Sang, 2015). In
unfavourably term, if they do not try to overcome them then it direct them to go in stress,
depression which is the cause of their destruction and ruins their whole living.
CONCLUSION
It can be summarised form the preceding described information that entrepreneurship is a
crucial process of converting effective and appropriate ideas and thoughts in a business with the
purpose of fulfilling consumer needs or providing satisfaction to their requirements by
manufacturing goods and services as per their desires. In addition to it, there are several kind of
business venture and they are related with entrepreneurial typologies in different manners. In
current era, small, medium and start up business make their contribution in the growth and
success of the company in different manner in term of creating employment and hob options for
the local people of the nation. It also help in improving the living standard of the people and
make growth in economic system of the country in productive manner. In addition to it, every
businessperson have specific skills, competencies, traits, knowledge and characteristics so that
they can use the in the growth of their business and operate it in effective manner by overcoming
the challenges and issues which are arise in the business operation and activities.
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REFERENCES
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business. Palgrave Macmillan.
Burns, P., 2011. Entrepreneurship and Small Business. 3rd Ed. Basingstoke:
Palgrave.MacMillan.
Down, S., 2010. Enterprise, Entrepreneurship and Small Business. London: Sage.
Galloway, L., Kapasi, I. and Sang, K., 2015. Entrepreneurship, leadership, and the value of
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Goss, D., 2015. Small Business and Society (Routledge Revivals). Routledge.
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Ateljevic, J. and Page, S. J. eds., 2017. Tourism and entrepreneurship. Routledge.
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