Entrepreneurship and Small Business Management

This study material provides an overview of entrepreneurship and small business management, including different types of entrepreneurial ventures, their relationship with the typology of entrepreneurship, and the impact of micro and small businesses on the economy. It also discusses the importance of small businesses and startups to the growth of the social economy, as well as the characteristics and skills of successful entrepreneurs. Find solved assignments, essays, and dissertations on Entrepreneurship and Small Business Management at Desklib.

Entrepreneurship and
small business
management

Table of Contents
INTRODUCTION.......................................................................................................................................3
MAIN BODY..............................................................................................................................................3
P1 Different types of entrepreneurial ventures and explanation about the ways those relate to the
typology of entrepreneurship...................................................................................................................3
P2 Difference and similarities between entrepreneurial ventures............................................................4
P3 Interpretation and assessment of relevant data and statistics to illustrate the ways micro and small
business impacts on the economy............................................................................................................5
P4 The importance of small business and business start-ups to the growth of the social economy..........6
P5 Determination of the characteristics traits and skills of successful entrepreneurs that differentiates
from other business managers..................................................................................................................7
P6 The personality of entrepreneurial that reflects with the mindset and motivation...............................8
P7 The background and experience can hinder or forces entrepreneurship.............................................9
CONCLUSION.........................................................................................................................................10
REFERENCES..........................................................................................................................................11

INTRODUCTION
Entrepreneurship and small business management develops the knowledge and skills to
create new ideas to start your new and own successful business. It is a way to establish a new
business by identifying various risks and challenges related to managerial, financial etc. The
entrepreneurial ventures have many ownership structures and also the entrepreneurs require
having certain characteristic and skills to management and development of a business. The
entrepreneur’s personal background and experience can have various impacts on the
entrepreneurship that can hinder and foster their business. This report will include the
examination of various types of entrepreneurial ventures and their relationship with the typology
of entrepreneurship. This report will also state about the differences and similarities between
entrepreneurial ventures. This report will also highlight the relevant statistics and data on how
small and macro businesses affect on the economy. This report will also include the importance
of small businesses in the growth of social economy and the skills and traits of successful
entrepreneur.
MAIN BODY
P1 Different types of entrepreneurial ventures and explanation about the ways those relate to the
typology of entrepreneurship
Entrepreneurship is the best way to set up a company by considering many risk related to
it such as managerial and financial. The entrepreneurial ventures have different ownership
structures and development of an organization.
The entrepreneurial ventures are many different types as follows:
Scalable startup entrepreneurship
This are main types of entrepreneurial ventures and this types of organization start
business with new innovative focus and idea on providing innovative services and products for
the starting of business (Burns., 2016). The company looks for the brightest mind for the all
business and they set up a scalable business model of organization. These types of entrepreneurs
provide new idea can change the whole world so this is important type of entrepreneurial
ventures.
Social entrepreneurship
Social entrepreneurship is related to the focus on solving many social problems by
delivering their services or product. This company focuses on creating an improved world for the
people and can be non-profit, hybrid and profit so this is main entrepreneurial ventures of
organization.

Serial entrepreneurs
A serial entrepreneur is related to the start and leads one business after another at the Sam
time. Entrepreneurs who starts a single business and day to day runes operations of organization
until retirement (Gibson., 2017). These entrepreneurial ventures are essential for organization.
Small business entrepreneurship
Small business entrepreneurship is related to the startup business can only be run by the
number of employees and owners are very low. This type of organization can run with the family
members and friends as partner. Along with the revenue generation are not much and these
company can focusing on getting development of its services or products and more clients. Many
several small organization are there that provided grow exponentially and innovative services or
products so this are main types of entrepreneurial ventures of organization.
Entrepreneurs
Entrepreneurs are a person who operate and undertake a new enterprise or venture. This
is main types of entrepreneurial ventures of company. The tem entrepreneur was applied to
company initially to designates a dealer who purchases a production from the combining them
into a marketable products.
Large company entrepreneurship
The large company has focus on providing new services or products to the all customers
from sustainability and finite life cycle of organization. The demand of the customers I
organization are changing along with the legislation and competition. The large size of the
business makes the disruptive innovative difficult in organization.
P2 Difference and similarities between entrepreneurial ventures
Factors Small business
entrepreneurship
Scalable startup
entrepreneurship
Large company
entrepreneurshi
p
Social
entrepreneurship
Employees
number
Employees are not
more than fifty.
Its depends on
size and structure.
Employees can
be more than one
thousand.
It depends on the
size of the
organization.
Goals and
objectives
This company
might not have
structured objects
and goals and
work on achieving
lesser growth and
profitability of
These
organization aims
to provide new
innovative
products and
achieve high
profitability for all
Theses business
aim to sustain in
the all market by
developing new
services or
products and new
marketing
Theses
organization aims
to provide better
quality of all
services or
products to make
the world a better

business. investors in
organization
(Dana., 2018).
strategies of
company.
place and it is
essential for all
organization.
structure No proper
organizational
structures in
organization and
runs with the sole
proprietorship in
are in partnership.
Mainly limited
partnership and
corporations.
The company
structures are
complex and can
be private limited
company or
public limits
company.
Mainly trustee
based
organizations of
these types of
entrepreneurial
ventures.
Risk The risk is lower
but competition is
very high with
same sized of
business.
The risk are high
due to high
amount of
investment and
pressure to return
high amount to
the all investors
by achieving high
turnover volume
of organization.
Risk is medium
because large
organizations are
mange to turnover
is high volume
due to their brand
value of products.
Risk is not high
because it’s get
support from
public and
government due
to their vision.
Range of entrepreneurial ventures to demonstrate an understanding of entrepreneurship in both
public and corporate sector- Corporate sector types of company run privately and can be owned
by public or individuals. Many large organizations are associated with the corporate sector and
that focus on sustainable development by focusing on developing strategies to gain advantage
and focus on competitors. The public sector organization is controlled by government indirectly
or directly (Ratten., 2016). This type of company have establishment in many sector and aims to
provide better services poor products to the all customers. The government invests a higher
amount on business and many private organizations provide strategies help fro organization.
P3 Interpretation and assessment of relevant data and statistics to illustrate the ways micro and
small business impacts on the economy
In every organization, the macro and small business is a higher part and its contributor
highly in the whole economy of a country. The number of small business in macro is increasing
over the time and that generate high revenue by providing main services and products to the all
customers. The small and micro organizations can be many categorized as exporter, non-exporter
innovators and non-innovators. Those organizations generate revenue the or without innovation
and get foreign currencies and contribute to the economy of the UK.

In the UK, the number of small business are very high in different organization and there
are more than 4.8 million small and medium enterprises through the United Kingdom, which is
almost 98 percent of all the business in the country. The revenue generated by that organization
has high contribution to the GDP of the UK (Ratten, Dana and Ramadani., 2017). All the
organization, 95 percent are considered as micro business that employs only 0-8 people. Those
organizations provide 32 percent of employment and 25 percent of total sales in organization.
There is hug important to carry out the micro and small business for the development of
economy in U.K. the small and micro business provides the backbone for [providing the
development of U.K. economy. They provide huge opportunity in areas of market by opening of
the marketing field for the new start up business. Micro and small business provides much
opportunity in creating opportunities for employment among the people in U.K. the growth of
small and micro business decrees the rate of unemployment among the people in U.K.
In order to expand the growth of micro and small business, the management has to keep on
certain factors are as follows –
The small business organization needs to keep the existing customers as well as new
customers while performing organization. The micro and small business needs to improve the
quality of services and products (Ghaedi and Madhoushi., 2018). The small organization needs to
sharpen the technique and process of organization.
P4 The importance of small business and business start-ups to the growth of the social economy
The growth of social economy ids important part for organization and it’s to maintain in
the economy. The startup business comes with the new innovative ideas do services and
products that can meet many requirements the people comparatively othser businesses. In
sometimes startup business can capture the all market very fast and managed to generate high
revenue in very less time period. This process, organization needs to provide high amount of
business tax and that can helpful of the growth of an all country. Many startup of business are
associated with the different types of corporate social responsibility activates and that reelected
to social, economic and environmental problems to increase the brand value. These procedures,
that organization provide better education to the people in rural areas or people with the poor

financial condition (Al-shami and et.al., 2019). Those people affect this situation and it can use
that education in future to get work so it is also helpful in economic growth. In order to run a
business, startup hires many people which can decrease unemployment in a country. There are
many startups that cannot provide high salaries to the all employees due to the lack of capital in
organization and those hire some lesser skilled employees with the lower salaries so it is also
helpful in reducing unemployment problem. Many important for small business and startup to
term growth of social economy.
The small and medium enterprise provides an important resources and help to carry out
the process of the business to function among large industry. The new startup business would
develop the economy of the country of U.K. the new starting of organization would expand the
profit at the time of exporting of many products in many countries and higher growth of
economy in various levels (McKeown., 2017). There is necessity to develop a new startup
business for increasing the economy in United Kingdom. There are high number of startup
business are establishes in many countries in the UK and which have high contribution in the
GDP of a country. The small business is impact on various areas of the economy that includes in
rational, national by contributing the better service of all products in the country.
P5 Determination of the characteristics traits and skills of successful entrepreneurs that
differentiates from other business managers
Different characteristics traits and skills are important for the entrepreneurs to set up a
successful business and improve the growth of business. To set up an organization, different
procedures need to be considered by entrepreneurs. There are many features of the successful
entrepreneurs at the time for performing business as compared with the managers of the
organization (Basco., 2019). This characteristic is providing the main traits, skills and motivation
and they drive to entrepreneur become more successful for the future aspects. Theses re as
follows:
Managing to capital
This is essential point of successful entrepreneurs in organization. This requires
managing the all profit at the time of increasing of entrepreneurial ventures. The successful
entrepreneurs tries to manage the money and makes proper planning to utilize fro present and
futures usage. There is high necessity to manage all capital of organization and this is a limited
resource and needs to be spent wisely by the entrepreneurs.
Ability to take risk
Entrepreneurs need a high ability to tackle all situation of risk that arises from the
performing of organization. In order to decrees the risk, entrepreneurs needs to make proper
planning and execute all ideas to tackle the all situation of risk that arise the performing business
(Mamabolo, Kerrin and Kele, T., 2017). The entrepreneurs need to evaluate the risk for the long
term running of organization in the future and present aspect of organization.

Proper planning
It is essential point for entrepreneurs and the proper planning is needs to be focused by
the entrepreneurs of the well performing business in organization. The proper planning is helps
to tackle all difficult situations that arise from the performing business. The planning includes
the capital, time etc. and its help in managing the organizations properly.
Hard working
This is important point for successful entrepreneurs in business. The hard working, its
help the entrepreneurs to become more successful at the time of performing of organization. The
entrepreneurs focus on the working and needs to provide high dedication to become more
successful in organization.
Motivation and passion
This is essential points for successful entrepreneurs in organization. To become more
successful of entrepreneur, that high necessity to follow the passion and needs to provide netter
motivation among the all employees for the performing business (Ferreira, Fernandes and Ratten,
V., 2017). The proper set motivational and passion its helps to become more successful among
the business entrepreneurs. The passion and motivation would help I determent the all success in
entrepreneurial ventures.
P6 The personality of entrepreneurial that reflects with the mindset and motivation
The entrepreneurial personality is highly reflects the entrepreneurial motivation and
mindset for the performing of business. The entrepreneurial personality of individual is
important set up an organization and to be motivated to deal with many problems and risk. The
entrepreneurial personality is involve many features generate a new ideas and implement it
together high revenue of business. There are high requirements to reflect the entrepreneurial
mindset and motivation. The entrepreneurs need to reflect the mindset and positive motivation is
[performing business organization (Ramadani and et.al., 2018). The positive mindset made by
the entrepreneurs is helps to complete the organization properly and its help to achieve the
success of performing in business. The entrepreneurial personality of entrepreneurs plays an
important role to clear a better mindset among the all employees to achieve better performance in
business. The better working of entrepreneurs reflects on the positive working of all employees
in organization. There is high necessity to maintain the good behavior of the entrepreneurs of the
working in organization. An entrepreneur needs to have ability to take all risk and used the
efficiency resources carefully fro the organizations.
The entrepreneurial personality needs to focus on creating a high motivation among the
all employees at the time of working for the staff members belongs the main pillar for a high
production of business in organization. The entrepreneur identify the opportunities to makes
generate revenue and sales in business. They needs to beer self-motivated to run the organization

by managing the all risk related to the business and the mindset to achieve the all goals
continuously (Ndoro, Louw and Kanyangale., 2019). The entrepreneurs also need to have better
management skills to manage the organization and deal with any conflicts in organization is
effectively managed. Planning mange and effectively the business by dealing with many
problems to grow the organization so this are essential point of entrepreneurial personality. The
positive behavior of entrepreneurs is help to make a good mindset of all employees from the
good performing in business so the entrepreneurial personality is highly reflect the
entrepreneurial motivation and mindset at the time of performing business.
P7 The background and experience can hinder or forces entrepreneurship
The personal background and experience is highly effect on organization and it can
hinder or foster the business the entrepreneurship. The background consists of support from the
family and friends, financial background and motivation etc. they can help the motivated to set
up a business. This procedure under entrepreneurs its get correct support for the family and
friends. The financial background cans also the influence of the risk taking ability of startup
business and individual (Truant, Broccardo and Ratten., 2019). This support can increase the
motivation and risk tracking ability and that can foster the entrepreneurship of organization. The
pe5rsonal background and experience is allowing the individual to set up a successful business.
The personal experience is also the good influence in entrepreneurship and if the
experience is good quality that one can continue with business for large time and become
motivated to set up a business. Is the experience is not go than it is afraid to set up business. The
personal experience and background is affecting the setup of business. For example, Zac
Williams is the owner of Grand Touch and that provides consultancy services to the
organizations and provides support the all students to get a job (Simba and Ojong., 2017). He is
set up a business and self-motivated while failed to fund the jib in Accenture. It is built up a
better experience for the students and many clients through which he become motivated to run
the organizations activities. He can take plan the business risk with clients, so this is important
part of the organization to grow. Ms Rana Harvey is a chemist who set up an organization named
Monster Group. This procedure, she plans the business, make strategies and recruit employees
fro marketing and dealing with many risk. She is self-motivated and participated in organizations
programs to gain experience by associating with many other busies and it is use it for own
business process. It is also conduct future planning and focuses on financial management.
The background and experience of an individual is affecting the entrepreneurship in both
positive and negative ways. Zac Williams and Ms Rana Harvey have motivation to set up a
business and deal with many problems to grow of business. It’s get efficient support from a team
member to be motivated and good run the organization. That is much business that cannot
survive for longer time due to lack of motivation and inefficient team members to keep the
growth (Lechat and Torrès., 2017). In the entrepreneurship the past experience of failure is
negative effect in organization. It has strong financial background and support, they take risk to
set up an effectively business and it is important for organization under entrepreneurship.

CONCLUSION
From the above report, it is concluded that the different entrepreneurship and start up
business has different role according to their nature. Start business includes such types of
business such as small business, micro business, medium business and large business. Small
businesses in the industry provide their large contribution in the country’s economy. It is very
essential to carry out small business because it assists in enhancing the business working and
also helps in development and growth of economy. It is also summarized that in the present
situation is a high needs to manage the entrepreneurship and small business management. The
proper behavior of entrepreneur generate a positive impacts on the workplace and also motivate
the employees. It is also necessary to hinder the large impacts of entrepreneurship that will create
diverse effects on environment.

REFERENCES
Burns., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Gibson., 2017. Teaching entrepreneurship and/or small business management: shifts in content
tensions in Australian Universities. In United States Association for Small Business and
Entrepreneurship. Conference Proceedings (p. 716). United States Association for Small
Business and Entrepreneurship.
Dana., 2018. ENTREPRENEURSHIP & SMALL BUSINESS.
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Ratten, Dana and Ramadani., 2017. Internationalisation of family business groups in transition
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Ghaedi and Madhoushi., 2018. Social capital, knowledge management and innovation
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Al-shami and et.al., 2019. Women's entrepreneurs' micro and small business performance:
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McKeown., 2017. From entrepreneurship to small-to-medium enterprises: Exploring the
challenge and the opportunities. Journal of Management & Organization, 23(2). pp.165-166.
Basco., 2019. Entrepreneurship, Migration and Family in Peripheral Contexts–Avenues for
Growth and Internationalisation.
Mamabolo, Kerrin and Kele, T., 2017. Entrepreneurship management skills requirements in an
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Ferreira, Fernandes and Ratten, V., 2017. International entrepreneurship research: mapping and
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Ramadani and et.al., 2018. Entrepreneurship in Macedonia. In Entrepreneurship in Former
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Ndoro, Louw and Kanyangale., 2019. Practices in operating a small business in a host
community: a social capital perspective of Chinese immigrant entrepreneurship within the South

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Truant, Broccardo and Ratten., 2019. Management control systems in family businesses: do
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Simba and Ojong., 2017. Engaged scholarship: Encouraging interactionism in entrepreneurship
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Lechat and Torrès., 2017. Stressors and satisfactors in entrepreneurial activity: an event-based,
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