Entrepreneurship and Small Business Management

This report discusses the concept of entrepreneurship, different types of entrepreneurial ventures, the impact of micro and small businesses on the economy, characteristics and skills of successful entrepreneurs, and more.

Entrepreneurship and Small
Business Management

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
LO1..................................................................................................................................................3
P1 Entrepreneurial ventures.........................................................................................................3
P2 Similarities and differences and between different entrepreneurial ventures.........................5
LO2..................................................................................................................................................6
P3 Micro and small business impact on the economy.................................................................6
P4 Importance of business start-ups and small businesses..........................................................7
LO3..................................................................................................................................................8
P5 Characteristics traits and skills of successful entrepreneurs...................................................8
P6 Aspects of entrepreneurial personality...................................................................................9
LO4................................................................................................................................................10
P7 Background and experience of individual that hinder and foster entrepreneurship.............10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship is an attribute which always exists inside an entrepreneur. There is
entrepreneur is a person who always finds a business opportunity within the market, and then
begin and start its venture or enterprise to gain effective results within the selected market
segments. Currently different types of entrepreneurial ventures are running by various
entrepreneurs in the market. In this dynamic and modern world, it is very important task to an
entrepreneur for providing those products and services within the market which still has not
provided by any other business or company. There are businesses or ventures plays very
effective role in economic growth of the country. This report discusses the concept of
entrepreneurship. Some major roles of micro and small businesses in economic growth also has
been discussed in this report. Few key characteristics and skills of a successful entrepreneur also
have been mentioned in this report.
LO1
P1 Entrepreneurial ventures
There are different entrepreneurial ventures currently exist in the market. For example;
large, small and social. These major entrepreneurial ventures have been discussed below;
Large Ventures: Large ventures always runs at the large scale within the market. Basically,
most large ventures run their operations at the international level (Bridge, 2016). Currently the
British Petroleum is one of the best examples of large venture, because it provides products and
services many countries. Large ventures always started by such entrepreneurs who has
passionate to achieve high success in its respective life. There are large ventures provides great
employment opportunities in any place or country, because their operations spread at very large
scale in the market. That’s why these ventures are required large number of employees also who
day or night work in their daily operations to achieve final goal.
Small Ventures: A small venture always operates its daily operations at the regional or national
level. These small ventures not able for generating high employment opportunities within the
market, because their operations not spread like large ventures. Currently there is Prufrock coffee

is the best example of small business within the UK. Basically, most small ventures mainly
started by such entrepreneurs who has quality of run a company. Generally, small ventures
believe in using technology in their daily operations to gain huge profit in the market.
Social Ventures: Earn high profit in various market segment is not the key objective of an
entrepreneur behind running a social venture, because a social venture always operates for
working in social welfare (Kedah and et.al., 2019). There are the children’s society is one of the
best examples of social venture. Generally, it is a famous charity organisation within the UK.
There are charity or donation mojor sources of earning to this social venture. Social ventures
mainly generates very less employment opportunities in comparison of large and small ventures.
Typology of Entrepreneurship
Entrepreneurial ventures are completely relating with the typology of entrepreneurship.
Generally, there are three types of entrepreneurship are existing, like; high growth, scalable and
survivor etc. These various types of entrepreneurship have been discussed below;
High Growth: High growth entrepreneurship generally includes such entrepreneurs who has
ability for gaining very high growth in various market segments. There is high growth
entrepreneurship is always able for finding different business opportunities in the market.
Generally, large ventures are relating to this high growth type of entrepreneurship, because there
are only large ventures are able to gain very high profit in the market.
Scalable: Scalable entrepreneurship has involved such entrepreneurs who mostly come with a
unique or exclusive idea to generate very high profit within the market. In this situation, there are
large and small both ventures are relating this type of entrepreneurship, because these both
ventures have abilities to employ various unique ideas in their daily business operations.
Survivor: Survivor entrepreneurship involves such entrepreneurs who runs their operations only
to work in social welfare (Dupuis, 2018). In this situation, only social ventures are relating to this
survivor entrepreneurship, because a social venture is not working to generate profit within the
market. The main aim of a survivor entrepreneur is to create a happy and healthy environment in
the society.

P2 Similarities and differences and between different entrepreneurial ventures
Some prime similarities and differences between entrepreneurial ventures has been
explained below;
SIMILARITIES
Fund: Each entrepreneurial venture always needs to use specific fund to run its various
operations. A venture never achieves its aims and mission without fund. In this situation, there
are small, large and social etc. all types of ventures should be used few potential funding sources
to gain proper fund. There are fund provides facility to these all ventures to convert their various
decisions into actions.
Brand Image: Top-level management within most ventures takes steps towards improving their
brand image. Basically, each type of ventures wants to improve its brand image in its selected
market places, because it is necessary to each venture for achieving great results in the market
(Gehman and Soublière, 2017). Many times, these ventures invest some fund as well for
effectively increasing levels their brand image.
DIFFERENCES
Basis Large Ventures Small Ventures Social Ventures
Scope A large venture
always has very big
scope in the
comparison of other
small and social
ventures. Reason is,
most large ventures
within market are
capable to run their
business operations
internationally. This
is the main reason
A small venture
mainly has less scope
in the comparison of
a large venture.
Basically, most large
ventures operate their
business activities at
the only regional and
national level.
Currently there are
only some small
ventures present
A social venture
mainly operates its
activities at the very
low scale in market.
Basically, social
ventures expands
their services on the
basis of fund or cash
inflow. Suppose a
social venture gains
high fund as charity
or donation, then it

that, a large venture
always has a big
scope.
within the UK which
operates
internationally.
can be easily able to
expand its operations
and services
internationally.
Shareholders Most businesses are
which comes under
large venture
category mostly sells
their shares publicly
in the market.
Generally, there are
people in the market
can easily buy shares
of a large venture,
because large
ventures are selling
their shares publicly
to gain huge fund.
Most small ventures
not sell their shares
publicly in the
market. Reason is,
many times top-level
management and
owners of a small
venture provides its
venture shares to only
its close people, like;
family members and
friends and etc.
Social ventures and
organisations always
have zero
involvement of
shareholders. Reason
is, a social venture
never works for
gaining high profit
margins. Social
ventures raise fund
only through charity
and donation.
LO2
P3 Micro and small business impact on the economy
There are micro and small businesses are mainly backbone to the UK’s economic environment,
because in this time the United Kingdom easily capable for highly growing its economy through
these businesses and enterprises now the UK become one of the richest nations in all over the
world. Without these ventures or businesses, the United Kingdom not able maintain its well
reputation internationally (Manesh and Rialp-Criado, 2019). There are some specific data has
been attached below that can project an excellent contribution of the micro and small businesses
within the economic growth of the UK.

In this time, 5.9 million enterprises and businesses are operating within the UK
(Essential Facts You Should Know about SMEs in the UK, 2019). In this situation, there are 5.82
enterprises are come from small and micro category. It means, number of small and micro
enterprises is higher in the UK in comparison of other medium and large-sized enterprises. These
5.82 million enterprises are approx. 99.9% of the all number of enterprises within the country.
Figure 1: The contribution of micro and small enterprises within the UK’s economic growth.
Source: Essential Facts You Should Know about SMEs in the UK, 2019
Micro and small enterprises have provided employment to 16.9 million people within the
United Kingdom. So, the 60% employment have generated by small and micro enterprises. On
the other side, last year these small enterprises have formulated £2.2 trillion turnover that was
52% of turnover of all enterprises. It means, contribution these enterprises too positively
influence economic environment of the UK.
Evaluation: Currently thousands of people in the UK depends on the micro and small
enterprise for the employment. Now the UK become one of the richest countries globally with
the support of its different sized enterprises.
P4 Importance of business start-ups and small businesses
Business start-ups and small-businesses are playing in development of the UK’s social
economy. Growth of social economy is necessary to the government of the United Kingdom.
There are importance of small businesses and business start-ups has been discussed below;

Encourages people: Small businesses and business start-ups always encourage people for
starting new enterprise. Basically, when people open new start-ups and enterprise, then they will
be indirectly produced huge employment opportunities. This is an excellent contribution of
various business start-ups and small businesses within the social development of the United
Kingdom.
Increases levels of innovation: Small businesses and business start-ups mostly innovates
various exclusive products and services in the UK, in which this factor enables to this country for
gaining huge foreign exchange through selling that innovated products and services in many
other countries (Yang 2018). In this modern world, innovation is important for a country,
because this aspect helps to a country for maintaining its high reputation in the world.
Evaluation: Business start-ups and small businesses has very positively affected to the UK’s
different levels of economy; local, regional, national and international. These enterprises offer
their services at every level of the economy. Currently most people within the UK are depending
only on these enterprises for getting jobs. This is the key reason that, the UK’s government
always need to increase number of small and medium enterprises in the country.
LO3
P5 Characteristics traits and skills of successful entrepreneurs
A successful entrepreneur forever has different characteristics traits and skills within its
personal life. Sir Richard Charles Bronson is the best example of a successful entrepreneur.
Generally, Mr. Bronson is founder of Virgin group. There are some key skills and characteristics
of Charles Bronson has been mentioned below that can help to a new entrepreneur o become a
successful entrepreneur.
Skills
Communication skills: Charles Bronson has well-improved communication skills which helps
him to systematically communicate with people. On the basis to Mr. Bronson, if any person has
well-improved communication skills, then it can easily put an effective impression on other

people, and that’s why every person need to improve its communication skills to become a
successful entrepreneur.
Decision-making skills: Effective decision-making skills also are highly required for becoming a
successful entrepreneur (Ferreira, Fernandes and Kraus, 2019). Basically, Sir Richard’s
decision-making skills are too productive, because he never takes long time for taking an
effective and productive decision. So that, other entrepreneurs need to consider these skills of
Charles Bronson.
Characteristic Traits
Creative: Creativeness is highly required for becoming a successful entrepreneur as Sir Richard
Bronson. Basically, Mr. Bronson is too creative person, he always innovates those services
within its work environment which can be provided excellent results to him within the market.
With the help of this, Mr. Bronson was able to make its enterprise too popular within all around
the world. Customers within market mostly like to buy services from Mr. Bronson’s company.
Reason is, his company always maintains exclusiveness its services. So that, many new
entrepreneurs should be learnt this trait from Mr. Bronson to become a successful entrepreneur.
Punctual: Sir Bronson are too punctual in its personal life, in which this trait also is very helpful
to him for gaining high profit in the market. Generally, punctual trait can support to
entrepreneurs for completing their every entrepreneurship task on time, and that’s why this
characteristic trait plays an excellent role for a person to become a successful entrepreneur (Boh,
De-Haan and Strom, 2016).
P6 Aspects of entrepreneurial personality
There are lots of aspects of entrepreneurial personality directly reflects entrepreneurial
mindset and motivation. An entrepreneurial personality always be motivated in its personal life.
Reason is, motivation is very important in all over growth of an entrepreneur. Then on the other
hand positive mindset also highly matters under the entrepreneurship. So that, each entrepreneur
needs to maintain a positive mindset and mentality in its personal life. Reason is, positive
mindset always encourages to people to achieve very high growth in its career of
entrepreneurship. Many times, many factors negatively impact the mindset of entrepreneurs. In
this situation, every entrepreneur needs to remove those all factors from its life which can

negatively affect its career of entrepreneurship. This is very important task to entrepreneurs,
because many times an entrepreneur get failure because of negative mindset.
On the other hand, there are self-motivation abilities are very necessary for an
entrepreneurial personality. Every entrepreneur always needs to develop self-motivation abilities,
because self-motivation supports to entrepreneurs for getting motivated to become successful
entrepreneur (Rawhouser, Cummings and Newbert, 2019). Entrepreneurs should be maintained
mindset that can run its career of entrepreneurship on progressive path. Generally, positive
mindset mostly provides continuous progress to different entrepreneurs. There are positive
mindset helps to entrepreneurs to properly deal with many of challenges within entrepreneurship.
LO4
P7 Background and experience of individual that hinder and foster entrepreneurship
Background and experienced of individual are major causes of hinder and foster of
entrepreneurship which can be described through example of two very successful entrepreneurs
of the UK, Tessa and Chay. There are Tessa belong to poor family, her father was a small farmer
so that Tessa from her childhood has seen father with doing production food. Therefore, since
childhood she was learnt about the importance of money and food in life of individual which
inspired and motivated to think innovative mindset to distributed food products of surplus to
those who not have appropriate resources. Basically, Tessa have faced many challenges in her in
childhood (Richter and et.al., 2017). Despite there was no good financial condition and family
background of entrepreneur, in which Tessa was able to open business just because of strong
determination in idea and confidence. So, these factors have supported in developing new
business and success of enterprise.
On the other side, Chay was the first person for sailing nonstop worldwide on 59-foot
boat called as British steel. He was joined British army at the age of 18 thus at this stage Chay
started career in sailing. In this situation, it’s all background and experience has supported him to
become a successful entrepreneur. His interest in sailing has encouraged him to start a new
venture so that people who have ability for bearing challenges can be taken active part in venture
and contributed in increasing profitability of organisation.

CONCLUSION
It can be concluded there are many types of entrepreneurial ventures available in the
market which fully relates with typology of entrepreneurship. Micro and SMEs gives high
contribution in the UK’s economic growth. On the other side, these businesses have generated
great employment opportunities also in this country (Kuckertz and Prochotta, 2018). There are
some main skills and characteristics of a successful entrepreneur also has mentioned here.
Entrepreneurs always needs to be maintained very positive mindset to become a successful
Entrepreneur.

REFERENCES
Books & Journals
Boh, W. F., De-Haan, U. and Strom, R., 2016. University technology transfer through
entrepreneurship: faculty and students in spinoffs. The Journal of Technology
Transfer. 41(4). pp.661-669.
Bridge, S., 2016. The search for entrepreneurship: Finding more questions than answers. Taylor
& Francis.
Dupuis, A., 2018. Entrepreneurship: New perspectives in a global age. Routledge.
Ferreira, J. J., Fernandes, C. I. and Kraus, S., 2019. Entrepreneurship research: mapping
intellectual structures and research trends. Review of Managerial Science. 13(1).
pp.181-205.
Gehman, J. and Soublière, J. F., 2017. Cultural entrepreneurship: from making culture to cultural
making. Innovation. 19(1). pp.61-73.
Kedah, Z., and et.al., 2019. Effects of business Jihad on entrepreneurs' motivation and
performance. International Journal of Entrepreneurship and Small Business. 38(3).
pp.277-293.
Kuckertz, A. and Prochotta, A., 2018. What’s hot in entrepreneurship research 2018?.
Manesh, S .M. Z .E. and Rialp-Criado, A., 2019. International ecopreneurs: The case of eco-
entrepreneurial new ventures in the renewable energy industry. Journal of International
Entrepreneurship, 17(1). pp.103-126.
Rawhouser, H., Cummings, M. and Newbert, S.L., 2019. Social impact measurement: Current
approaches and future directions for social entrepreneurship research. Entrepreneurship
Theory and Practice. 43(1). pp.82-115.
Richter, C., and et.al., 2017. Digital entrepreneurship: Innovative business models for the sharing
economy. Creativity and Innovation Management. 26(3). pp.300-310.
Yang, M., 2018. Entrepreneurial marketing of international new ventures: a decision-making
perspective and propositions. International Journal of Export Marketing. 2(3). pp.231-
248.
Online
Essential Facts You Should Know about SMEs in the UK. 2019. [Online]. Available Through: <
https://www.market-inspector.co.uk/blog/2017/05/facts-about-small-medium-
businesses-in-the-uk >.