University of XYZ: Entrepreneurship and Small Business Report

This report provides a comprehensive overview of entrepreneurship and small business management. It begins by examining different types of entrepreneurial ventures, including large corporations, small businesses, social enterprises, and scalable businesses, and their relation to typology. The report then delves into the roles and responsibilities of various types of entrepreneurs, such as social, macro, and micro entrepreneurs, and the differences between public and private enterprises. It analyzes relevant data to illustrate the impacts of small and micro businesses on the economy, emphasizing their role in job creation, innovation, and economic growth. Furthermore, the report highlights the importance of small businesses and business start-ups, discussing factors like job creation, innovation, and relationship development. Finally, it identifies the key characteristics, skills, and traits of successful entrepreneurs, including confidence, discipline, and a positive attitude. The report incorporates real-world examples and data to support its analysis, providing a valuable resource for students studying entrepreneurship.

Entrepreneurship and Small
Business Management
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Table of Contents
INTRODUCTION...........................................................................................................................3
PART 1............................................................................................................................................3
P.1 Examine different types of entrepreneurial ventures and their relation with typology........3
P.2 Different types of entrepreneur with their similarities and differences considering their
roles and responsibilities.............................................................................................................4
P.3 Interpretation and assessment of relevant data to illustrate the impacts of small and micro
business on economy...................................................................................................................5
P4 Importance of small businesses and business start-ups.........................................................6
P5 Characteristic, skills and traits of successful entrepreneur ..................................................7
P6 Assess the entrepreneurial personality aspects .....................................................................8
P7 Investigating background and experiences of entrepreneurs.................................................9
Conclusion ....................................................................................................................................10
REFERENCES..............................................................................................................................11
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INTRODUCTION
Entrepreneurship is a word demonstrated for those who have their own creative ideas and
innovation to establish and run a business by taking all the risks. This is the fundamental
component fr economic and social growth. This is done by acquiring more experience and
knowledges so that it can reduce the chances of risk. The national development as well as the
regional and local developments are enhanced by these type of businesses. These are complex
and dynamic and having different kinds of business are categorised with the respect of life
knowledges and experiences that have been acquired. Here in this contest entrepreneur with its
various ventures is going to describe here
(Dees, 2017). Difference among all entrepreneurship with their roles and responsibilities is
depicted below. Different start ups and their impact on regional, local, national and international
economy is about to describe in this given topic. All personalities and innovations that re needed
to make a successful entrepreneur, these all are here. The skills and characteristics of each and
every type of business including private and public enterprise are also discussed below.
PART 1
P.1 Examine different types of entrepreneurial ventures and their relation with typology.
An entrepreneur is an individual by whom a business is started and with restricted
resources to by taking all the risks and rewards of the business venture. This business plan
related with new innovations, ideas, products and services instead of other business that is called
associate existing business model. There are enormous number of ventures that are being used by
entrepreneurs and every single venture holds a specialised operate ability that can prove helpful
on various factors involved in the business. There are various kinds of entrepreneurial ventures.
Large corporations:
Leading a large corporation is not an easy task because they require growth and
suitability through synthesizing new products and services. They run with a particular cycle to
control all the operations in a managed way(Fried and Taue, 2015). There are many types of
competitions so it is necessary to mould new products and services according to the changing
business and the trend of markets. The effective and the adaptive changes are made in business
by different entrepreneurs. The manifestation of innovative, creative abilities of the entrepreneur
are made during the turning point or imminent change.
Small Entrepreneurship:
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These are small business that are the main sprout start up of a business. The small starts
up had been taken a great root in UK during 2015 to 2016. There were about more than 3630
start-ups had been sprouted at that time in UK. Businesses like local and regional super markets,
internet cafes and stores, auto mobiles retailers and small scale production domestic companies.
These small businesses were to emerging for the economic of UK because this evolution of small
business reduces the employment rate. The formations of these companies were made by the
meme bes of a family. So it is also called a family business model.
Social Entrepreneurship:
The main behind this type of entrepreneurship is to develop the products and services for
the betterment of society. These types of business are done by the people of society to increase
the efficacy of social people and to provide a better management for social
works(Guerrero,Cunningham and Urbano. 2015). There are involvement of the social business
men, services people and one who are interested in these types of social activities. The growth
rate of this type of business is not in a cycle so it takes more time to make a new step for the new
development.
Scalable business:
These types of business mainly focus on the quality and creative aspects of business.
Personnel workforces are involved to run these types of business. These are run to increase the
scale of companies. The most powerful pillar of this entrepreneurship is the capital and funds
because they use this to expand the companies and business at large scale.
P.2 Different types of entrepreneur with their similarities and differences considering their roles
and responsibilities.
The main objective of a business is to generate revenue and profits. Though the main aim
is to generate more revenue and profit but there are many roles and responsibilities that are need
to be completed to resist the competition in market. These roles and responsibilities are followed
to achieve goals and to increase the shares of their products and services.
Social Entrepreneurship: This entrepreneurship is mainly oriented on the basis of social people
and environment. This is started for the betterment of society, surrounding people and
environment(Hitt,and Duane Ireland ,2017). This help in enhancing the life style of people and to
increase the ongoing conditions of environment.
Macro entrepreneurship:
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This type of entrepreneurship is mainly owned by the business founders and the owners
of large businesses. The aim behind it is to bring the changes within THE industry with the help
of more and more market shares. They also prefer to be leader of their own industry to enhance
its productivity. The roles that are taken by the entrepreneur are as captain or leaders so that they
can run their industry with their work experiences. Weakness and strength of firm is understood
by them and new plans and strategies are made to make it successful. Main aim behind it to
acquire market segment and shares.
Micro entrepreneurship:
This is a small type of business that is established and run by few numbers of people .
They may be the members of a family or friends' partners. The initial annual revenue is smaller
than that of macro entrepreneurship. Although the workforces that are used in this are smaller
than the macro but the chances of expansion is more with small investment if they have efficient
ground for the employees to acquire the knowledge of industry(Scarborough, 2016). They have
better chance to make it at a large level. The main aim behind this to make more profits within
established industry .
Enterprises are also type of businesses that is established and run by either a personal owner or a
public owner. This business is known as the backbone of a nation and with e help of this type of
business wealth and status is made. There are differences and similarities between public and
private enterprises.
Public enterprise: This type of business that are mainly controlled by government. These
services are given to public to enhance the public life. This is only possible in a democratic
country. Services like municipal water and sewer, these all are run by government. The main aim
behind this to provide good facilities and better services to the public(Storey, 2017).
Private enterprise: This is controlled by private citizens. It may be owned from small level to a
large level business. There is no any say of government in this type of enterprises. It may helpful
in decreasing the employment rate. This is also known as a free type of business.
P.3 Interpretation and assessment of relevant data to illustrate the impacts of small and micro
business on economy.
This has been already discussed that the small business is the most sprouted business
among all. Its impact was clear in 2015 when there were about more than 3500 small businesses
had been established and due to that the economy rate of UK was enhanced during that time. The
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main reason behind this was that the political and economic conditions that were in the favour of
small business start up. It is estimated that about more than 27 million people are employed
under small scale business. The overall business growth of the small scale is more than that of
large scale because they have innovative s and creatives strategies to operate the small business.
One of the relevant data is presented here that these were the small businesses that played a
major role in surpassing the difficulties and challenges faced by UK during 2007- 2008 global
recession. In 2012 it was stated that the major contribution was given by small business in the
economic growth of UK. The main sectors that involved in this micro business are Hospitality
industry, Real estate and Whole sale retail industry. These are the three phases in which most of
the start ups are occurred throughout UK.
The people were getting the employment with the help of these small business. They
never let them stop these start ups. The products' and services were taken by people because they
were initiated by new innovations. It is found that about 10 companies that are registered every
week and half of them relate to these major industries. Still, there are many urban and rural areas
In UK that has great expansion of small business and their status if living has been changed in
last two decades. Now this is accepted that the small businesses are playing a very important role
in the economic growth of a nation(Hitt,and Duane Ireland ,2017). So these small and micro
business are being supported by government bodies. Banks are providing loans to innovate new
business that it may give employment to uneducated people. Ladies and those people are
encouraged by government to run their own small domestics business who are not able to go out
to do work.
P4 Importance of small businesses and business start-ups
The small business is the important for job creation, innovation, provide opportunities,
achieving financial success and independence.
Job Creation: The small business is important for creating and increasing the jobs. If the
entrepreneur wants to be survived , so that small business is important. An individual's is start a
small business in the economy (Burns,2016).
Innovation: In the small business, developing and creating the new ideas and innovation.
In the small business, entrepreneurs are developing the ideas for working. For the growth and
start-ups of small business, it is important for entrepreneur growth as well. By the innovation,
fast decision making in small businesses.
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Low overhead: In the small businesses, there is low level of the overheads because there
is low level operations. Due to small scale business, low costs, low rent and rates to pay. They
are providing on low price of products and services to the customers.
Problems and challenges: In the small businesses, responding of flexibility of problems
and challenges are lower. But in the large businesses, there are many problems facing by the
entrepreneurs. Therefore, for growth and start-ups, small businesses is important for the
entrepreneur (Do Paço Fand et.al., 2015).
Developing relationship: The entrepreneur is developing the relationship with
customers, employees and suppliers, so that small business is important for it. Peer to peer
interaction is important for strong relationship by the small business. The small business is to
helping for developing not only company relation but also personal relation in the small
business.
Profits Maximization: By the small business, maximization of profits is to so much easy
, because there is low level of challenges and low risk in small businesses. They are not
generating the revenues and not contributing the economy.
Self Motivate: In the small businesses, entrepreneur is to self motivating and self
developing for their growth. They are always preparing for taking risks and for preparing the
competitions. They are impelled the achievements for their developments (Edwards-Schachter,
and et.al., 2015).
P5 Characteristic, skills and traits of successful entrepreneur
There are many characteristic, skill and traits of successful entrepreneur such as
confident, discipline, positive attitudes, open minded and other characteristic.
Confident: The entrepreneur should be confident in any work in the company. They
should be confident for motivating the employees. If the entrepreneur is confident, so that this is
helping for their development and growth. They should be confident for making the decisions.
Discipline: The entrepreneur should be disciplined. They should be ensured that all the
works finish on time by all the employees. If works not complete on time, so that there is the
responsibility of entrepreneur for completing work on time. For the completion of work, they
should be disciplined and focusing on it (Kuratko,2016).
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Positive Attitude: In the any situations, challenges and problems, so that the
entrepreneur should be taken decision on the positive attitudes and there is no negative thoughts
in their mind. Therefore, it is to helping in achieving the company goals.
Open Minded: For making decisions, entrepreneur should be open minded. There is no
emotional activity in the decision making. An entrepreneur is to generating the work flows and
efficiency and potential for new business.
Strong Peoples Skills: In the strong peoples skills, entrepreneur is to giving the training
for goods communication skills with employees and customers by selling products and services.
They are giving and motivating for better performances. They are motivating for facing any
situations and challenges in company (Storey, 2016).
Passion and Motivation: The entrepreneur is to passionate for their works. It is the
important skills and characteristic for successful entrepreneur. This entrepreneur is to like their
work. They are giving motivation of employees for better performance.
Strong Work Ethic: In the work ethic includes time management, meets employees
expectation, motivation and always concentration on their work.
Creativity: The entrepreneur should be creative and innovative in any situations and
conditions. They are always creating a new ideas in their work. They are creating new idea for
implementation and development for achieving the company goals. The solution of any problems
and situations by using the creative and innovative ideas.
P6 Assess the entrepreneurial personality aspects
There are different aspect of entrepreneur personality which is reflecting their motivation
and mindset. Such as lifestyle, family upbringing and cultures differences etc.
Life styles: The life style of entrepreneur is to reflecting the motivation and mind set in
the decision making. The life styles of every person is reflecting to their personality. But if the
person working in the company, so that the lifestyle is important for their personality and
working in the company. The personality is to main part of the life styles working in the
company. If the entrepreneur life styles better, so that they are motivating for employees and
themselves. Through life styles and personality is different aspects and their reflection are
different on the entrepreneur mind set working in company (Kuratko,2016).
Cultures Differences : There are many employees are working in company and they are
related from different cultures, so that different cultures are reflecting to their life styles as well
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as personality. Cultures includes attitude, behaviour and social cultures. These all are reflecting
their personality. Not only employees but also entrepreneurs, is related to different cultures,
reflecting to their personality and lifestyles. Their cultures also reflecting the mind set. Mind set
is mean to that concentration on work, maintain relationship to employees, motivating of
employees, managing all works and other activities. Cultures includes social cultures and society
trends and knowledge. An entrepreneur is to handling of business according to company policies
not their cultures and attitudes (Tehseen and Ramayah, 2015).
Family upbringing: It is also reflecting the personality as well as life styles. Family up
brining and back ground of entrepreneur is important part of lifestyles. It is also helping the set
of mind and concentration on the work. It is to helping for motivating of themselves and for
employees. There is reflecting the entrepreneur's personality. If the family upbringing of
entrepreneur is goods so that it is to concentration of their work.
P7 Investigating background and experiences of entrepreneurs
To accomplish the dreams and aspiration, successful entrepreneur need to faced lots of
struggle and issues. This may happen due to the background in which they live and experience
gained by them. Fir instance, Bill gates parents who are not rich enough to afford their son’s
high-quality educations. Similar to this, J.K Rowling who received ordinary education and he
make itself extraordinary. Therefore, contrasting to this statement it is clearly reflect the way
individual background and experience lead to hinder or foster the growth of entrepreneur. It is
identified that Bill gates parents was not able afford his study in Harvard university. Along with
this, lots of family issues are faced by him at the time of introducing Microsoft (Edwards-
Schachter, García-Granero and Amara, 2015).
Various risk faced by him due to culture, lack of knowledge of people related to new
software, family issues etc. However, after facing so many risks he never gives up and his
dreams at present become successful. Further J.K Rowling has completed her study and become
graduated. There are lots of family and cultural issues faced by her. But he has surpassed each
and every issue and become a successful author. When he published Harry Potter book she
become famous in all over the world. From the above examples it is clear that background and
experience lead to hinder the growth of the firm (Obschonka and Stuetzer, 2017).
Along with this it also dependent on individual that they can become successful from
their learning or not. As their curiousness and creativity lead to make them successful. After
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facing lots of issues, restrictions and failures both the entrepreneur gave their best efforts and
become one of the successful entrepreneurs in their respective field. This all traits, skills and
characteristics has helped to be successful in their time and accomplished desired goals and
objectives (Henry, Hill and Leitch, 2017). Self motivation in both the entrepreneur has made
them different from the normal people and they stand successfully in all over the world.
Conclusion
From the above report it is concluded that there are various types of entrepreneurship
ventures and their typology. Different types of entrepreneur are known as scalable- start-up and
large ventures, and small business ventures. All the small and medium size business lead to
provided help country in growth and development of the economy. Further, traits, skills and
characteristics help entrepreneur in becoming successful in the business world. To be successful
it is important that individual become passionate, risk taker, innovative etc. Further it concluded
that, different types of people lead to hold different personality such as openness extraversion
etc. Openness shows that level of intellectual curiosity, creativity and preference for novelty and
difference within an individual. There are different sets of background and experience which can
hinder and foster the growth of the individual. To be successful entrepreneur it is important to
never give up and fight with the tough situations.
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REFERENCES
Books and Journals
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Dees, J. G., 2017. 1 The Meaning of Social Entrepreneurship. In Case Studies in Social
Entrepreneurship and Sustainability(pp. 34-42). Routledge.
Do Paço, A., Fand et.al., 2015. Entrepreneurial intentions: is education enough?. International
Entrepreneurship and Management Journal 11(1). pp.57-75.
Edwards-Schachter, M. and et.al., 2015. Disentangling competences: Interrelationships on
creativity, innovation and entrepreneurship. Thinking Skills and Creativity. 16. pp.27-39.
Edwards-Schachter, M., García-Granero, A.,. and Amara, N. 2015. Disentangling competences:
Interrelationships on creativity, innovation and entrepreneurship. Thinking Skills and
Creativity. 16,pp.27–39.
Fried, H. O. and Tauer, L. W., 2015. An entrepreneur performance index. Journal of Productivity
Analysis. 44(1). pp.69-77.
Guerrero, M., Cunningham, J.A. and Urbano, D., 2015. Economic impact of entrepreneurial
universities’ activities: An exploratory study of the United Kingdom. Research
Policy, 44(3). pp.748-764.
Henry, C., Hill, F. and Leitch, C. 2017. Entrepreneurship Education and Training: The Issue of
Effectiveness: The Issue of Effectiveness. Routledge.
Hitt, M. and Duane Ireland, R., 2017. The intersection of entrepreneurship and strategic
management research. The Blackwell handbook of entrepreneurship, pp.45-63.
Kuratko, D. F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Obschonka, M. and Stuetzer, M. 2017. Integrating psychological approaches to entrepreneurship:
the Entrepreneurial Personality System (EPS). Small Business Economics. 49(1),pp.203–
231.
Scarborough, N.M., 2016. Essentials of entrepreneurship and small business management.
Pearson.
Storey, D. J., 2016. Understanding the small business sector. Routledge.
Storey, D., 2017. Six steps to heaven: Evaluating the impact of public policies to support small
businesses in developed economies. The Blackwell handbook of entrepreneurship, pp.176-
193.
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Tehseen, S. and Ramayah, T., 2015. Entrepreneurial competencies and SMEs business success:
The contingent role of external integration. Mediterranean Journal of Social
Sciences, 6(1), p.50.
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