Entrepreneurship and Small Business Management

This document provides an introduction to entrepreneurship and small business management. It covers various types of entrepreneurial ventures, their relationships with typologies, and the contribution of SMEs to the economy. It also discusses the importance of innovation in business.

Entrepreneurship
and Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1............................................................................................................................................1
P2............................................................................................................................................3
M1:.........................................................................................................................................4
D1: .........................................................................................................................................5
TASK 2............................................................................................................................................5
P3............................................................................................................................................5
P4 ...........................................................................................................................................7
M2:.........................................................................................................................................8
D2:..........................................................................................................................................9
TASK 3............................................................................................................................................9
P5 ...........................................................................................................................................9
P6..........................................................................................................................................11
M3.........................................................................................................................................12
D3:........................................................................................................................................12
TASK 4..........................................................................................................................................13
P7..........................................................................................................................................13
M4: ......................................................................................................................................14
D4:........................................................................................................................................14
CONCLUSION .............................................................................................................................14
REFERENCES..............................................................................................................................16

INTRODUCTION
Entrepreneurship is refers as the process of introducing, creating as well as operating new
ventures. It is the ability as well as willingness for organising, managing, developing enterprises
through taking risk for making profitability. The individuals who develop as well as operate
enterprises are considered as entrepreneurs. Moreover, this is very essential for have competent
and skilful entrepreneur in order to run business in successful manner. Likewise small business
management are accountable to manage several operations as well as various activities of firm.
They are responsible to utilise its skills as well as knowledge for attainment of objectives
efficaciously (Eniola and Entebang, 2015). As per the scenario the chosen company is Mars &
Co. which is a international consulting firm. Its headquarters is in Paris, France and having 7
office in all over the world. This report covers the various entrepreneurial ventures types as well
as its relations along with the classification of entrepreneurship. Distinguish as well as
sameness among ventures of businessperson, applicable statistics as well as information in order
to illustrate small as well as micro enterprise effects upon economic system, small enterprise
significance as well as start- ups towards development of societal economic system, successful
business men traits, characteristics as well as competencies. Moreover, the businessperson
prospects which reflects businessperson mindset as well as motivation are mentioned. Apart
form this, enterpriser background as well as experiences which may obstruct and foster
entrepreneurship are also mentioned in this particular assignment.
TASK 1
P1
Entrepreneurship is considered as the process for developing new business as well as
taking risk for gaining profitability. It is also known as an act of production and investment
opportunity, creating as well as handling ventures in order to undertake the functions of
production, organising inputs like labour, capital, launching of new techniques, material and
others (Berisha and Pula, 2015).
Entrepreneurial venture:
This is considered as the firm that concentrate upon performing innovation as well as
self-seeking for producing economical as well as societal value. It basically concentrate on
rendering services of consultancy for both firm middle as well as early. The entrepreneurial
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venture role is distinguish from each others that depends upon the process of company. So, the
firm have to concentrate upon entrepreneurial venture in order to develop new opportunities for
individuals.
Various entrepreneurial venture types:
There are many forms of businessperson venture that are discussed below: Large enterprising venture: This is considered as the venture that is large in size as well
as acquire more market share. These are the firms that develop by providing new
products, sustaining technologies, innovation and many others (Krajňáková, Navikaitė,
and Navickas, 2015). In this, products are produced according to the requirements of
customers demands and requirements. Such as Microsoft, Google and others. Small enterprising venture: This is considered as the venture that is generally small in
size which have less number of employees and few capital. In order to operate such
business, they recruit competent local person of country for performing the work. It
involves carpenter, electricians and many others. In respect of U.K., currently there are
5.82 million small business that have approx 0 to 49 staff. Social enterprising ventures: This is considered as that entrepreneurship that basically
concentrate upon facilitating or developing new goods or services in order to resolve
society requirements and issues. It can be profitable, non profitable or both. This develop
world better than gaining profitability for sustaining into society. For example: NHS,
Oxfam and many others.
 Scalable enterprising venture: The entrepreneurs concentrates upon initiating firm with
an aim which can modify the world (Sondari, 2014). They grab the attention of investor
of investment. For performing the activities as well as operation of the business, they
recruit effective as well as competent staff for working performance. Such as Instagram,
Facebook any many others (What Is Entrepreneurship? – Types & Importance, 2019).
Kinds of Typology:
There are basically three kinds of typology that are discussed below: Survival ventures: This is considered as those ventures that basically concentrate upon
the intent of gaining livelihood for living of family as well as do not explore operations of
the enterprise at larger level. This involves grocery store, hair dressers and many others.
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 Managed growth business: This is considered as the business that are performed by
experts who are competent in gaining profit through making money. It is the venture that
are run with intent of obtaining more returns.
 Growth ventures: This is the business which is developed for gaining profitability or
revenue by utilising creative ideas for the attainment of competitive advantages.
Relationship of entrepreneurship typology with entrepreneurial venture
Entrepreneurial Venture Relation To Typology of Entrepreneurship
Large business This entrepreneurial venture is related with managed
growth typology for changing world through performing
innovation.
Small business This entrepreneurial venture is related with survival
typology as they are concentrated upon surviving into
market area.
Social business This is entrepreneurial venture is related with lifestyle
typology for enhancing market share through
accomplishing the needs of society.
Scalable business This entrepreneurial venture is related with growth
typology in order to gain profitability by new ideas as well
as innovations.
P2
The differences as well as similarities among entrepreneurial business are discussed
below:
Basis Small
entrepreneurial
venture
Large
entrepreneurial
venture
Scalable
entrepreneurial
venture
Social
entrepreneurial
venture
Definition This is considered as
business that
basically set up to
This is considered
as business that
concentrate upon
This is considered
as business where
entrepreneurs
This is
considered as
business that
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operate its
operations, activities
at smaller level.
operating its
ventures at larger
scale and also
concentrate on
performing
innovation for
producing new
goods or services.
invest its capital for
starts-ups that is
scalable in nature.
perform their
activities at larger
level with the
intent to facilitate
quality products
to clients
efficaciously.
Aim The aim of this is to
sustain at market
area through
accomplishing basic
requirements of
customers
efficaciously.
Its aim is to
become more
competitive at
market area
through producing
creative goods or
services.
The aim of this is
to reach at huge
number of
customers through
performing
analysis as well as
understanding its
requirements and
demands
efficaciously.
Its aim is to
perform for
facilitating social
welfare to
customers for
gaining profit
ratio.
Examples Hair dresser,
carpenters and many
others
Microsoft, Google
and so on.
Facebook,
Instagram etc.
NHS, Oxfam and
many others.
Similarities:
 The main objective of whole business is to gain profitability as well as survive at market
area through accomplishing requirements and demands of societal individuals.
 Whole ventures drive towards producing as well as creating products and services with
utilisation of innovative, creative and new thoughts.
 All the business have to take capital from several investors as well as capitalist for
expanding its enterprises at marketplace.
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M1:
Public entrepreneurship
This is considered as that enterprises that are totally or partially owned as well as
controlled through state or public authority. The government possess whole rights upon
facilitating guidance to business for developing efficacious decisions. There are some enterprises
that are included into public ownership for societal advantages. Such as national audit
commission, telecommunication and so on.
Corporate entrepreneurship
This is considered as the evolution of new opportunities as well as ideas into established
or huge business that can directly drives towards enhancement of business profitability as well as
maximising competitive position of existent businesses (Chowdhury, Alam and Arif, 2013). It is
for larger firm that can bear huge risk for innovation, guiding their groups as well as leaders for
enhancing corporate level business. Few examples of corporate sector are Facebook, IBM and
many others.
D1:
The entrepreneurial ventures are crucial as another kinds of enterprises. The development
as well as scope of respective sector is enhancing due to low investment into enterprises as well
as various youth concentrate upon operating its own company instead of performing job of 8
hours that 9 to 5. There is development of entrepreneurial venture due to new innovation and
thoughts possessed through persons. As per the national statistics report, the entrepreneurial
venture are very much essential for each level of firm. The development as well as scope is
enhancing as the recession is reducing continuously within UK. Individuals are currently
investing into new entities apart from its own as well as younger generation are very much
concentrated to perform their own ventures rather than doing jobs. So, entrepreneurial venture
scope are maximising. On the another side, no firm will be smoothly performed without
appropriate formate of entrepreneurial ventures. Currently, individuals are so much innovative as
well try to engaged into many ventures. The statistics clearly states that development and scope
of different ventures that are wholly open for SME's as about 99.03%of overall entities are
performed through SME'S Business. Therefore, it is higher profitability (BUSINESS
POPULATION ESTIMATES FOR THE UK AND REGIONS 2016. 2019.).
5

TASK 2
P3
Micro business is considered as an organization whose sales as well as assets is less then
$ 250000 per year. It is considered as the sub characteristics of small business as well as
developing various kinds of industries. This is the form of owned company as well as partnership
which includes huge number of staff in comparison to micro and another (Chowdhury, Alam,
and Arif, 2013).
Contribution of SME's on economy
The contribution of small and medium enterprises on economy at several level are
discussed below: Local level: The SME's effects local economy as well as its activities as well as
operations. This facilitates contribution in respect of facilitating job opportunities to local
individuals so that it can live a happy life. Regional level: The local economy assists in providing job opportunities for obviating
unemployment from regional level. The competent as well as capable employees
contributes more into organisational growth and development for attainment of
objectives.
 National level: The small and medium enterprises is effected at national economy as this
have large presence into UK in which 15 million person are employed from such firm.
This is very essential for firm for brining innovation as well as innovative ideas for
development at market area.
6Illustration 1: Impact of SMEs on economy.
(Source: Brexit’s impact on small businesses: the experts may be spot on after all, 2019)

From the above data, this have been concluded that small and medium enterprises plays
an essential role into UK economy. The information presents that there are about 5.7 million
small and medium enterprises into UK marketplace which involves private jobs 60%. It aids into
business growth and development efficaciously. There is growth into SME that have facilitated 2
million job from year 2010 as well as render 73% private jobs to person. Few of the
development are discussed below:
 There are around 5 million small and medium enterprise into UK which provides 60% of
private jobs.
 Small and medium enterprise are responsible for the growth rate of economy by creating
2 million jobs to country.
According to the facilitated data, this have been summarised that SME aids into country's
contribution in respect of job opportunity as well ass development of economy. With such
business, country may simply grow as well as develop into competitive marketplace.
7
Illustration 2: The Role of Start-ups and Small Businesses in Today’s Economy
(Source: The Role of Start-ups and Small Businesses in Today’s Economy.
2019)

From the above bar chart, it sis analysed that, small business facilitates 99.3% of private
business at at beginning of 2016which leads towards 33% turnover as well as 48% employment
to person. Moreover, the job facilitated through small and medium enterprises was 15.7 million
that is 60% of overall private jobs. Also, the whole turnover was £1.8 trillion out of which 47 %
are private sectors turnover in UK.
P4
For developing as well as sustaining into competitive marketplace, this is crucial for
enterprise to do innovation into products and services. Social economy is developed by rich
diversity of several firms as well as business such as social , foundations, associations and many
others who share common features as well as value such as person is primacy and many more
(Collins and et. al., 2017). This is basically created for facilitating advantages to individuals of
society effectually and efficaciously. The small business and start-ups aids into growth of
country's social economy which formed several opportunity into market area. The significance of
small as well as start up business for social economy growth are discussed below:
Significance of small business to social economy growth
Small business facilitates several opportunities for the development of social economy
that are as follows: Local hiring: Small business run its ventures at local market which hire local person that
developed job opportunities for them. It leads towards social economy development or
growth.
 Competition: The local individuals have low demand in comparison to others which
facilitates opportunity in order to render products or services as per its needs for beating
competition (Why Are Small Businesses So Important for the Economy, 2019).
Significance of start up to social economy growth
The some significance of starts-ups for the social economy development are: Bringing values of proactivity within society: The start up business change the societal
value as well as concentrate upon bringing new mind set which depends upon scoiety
knowledge and innovation (Kautonen, van Gelderen and Fink, 2015). An individuals of
society have realised that it possess accountability for performing towards growth of
career.
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 Employment opportunities: Start- up assists in developing huge opportunities of job that
aids into country's economic growth. In this, it presents healthy core of economy
effectually and efficaciously. In case new venture wants to sustain for longer duration
then they has to render job to person (THE IMPORTANCE OF STARTUP COMPANIES
FOR ECONOMIC DEVELOPMENT, 2019).
M2:
Small and medium enterprises are considered as the focal point in facilitating shape to
European Union which leads towards development of job opportunities, innovation, economic
growth and so on (Schaper and et. al., 2014). The small, medium as well as large enterprise
facilitates its contribution into national economy. From the above data, small enterprises have
employed about 69.7% of private employee, medium size have contributed 17.8% of
employment development as well as large venture create 14.7% contribution into country's
economy.
D2:
As per the article of The conversation, Small business have assists into country's growth
effectually and efficaciously. They has contributed into growth at whole three level of economy
like national, regional as well as local for profitable results. Small enterprise contribute at local
economy in respect of creativity as well as development with facilitating job opportunities to
individuals. In context of regional economy, small ventures may develop job opportunities as
well as developing living standards of person in order to obtain satisfied life. Likewise, small
enterprise effect economy at national level in respect of developing strong relation among
partners, enhance profitability as well as market share efficaciously. In addition to this, The
small business and start-ups aids into growth of country's social economy which formed several
opportunity into market area.
TASK 3
P5
All entrepreneurs posses specific number of traits & skills which helps them in
conducting of operations and functions in a more proper manner. Behind every successful
entrepreneur there is lot of hard work involved which helps them in getting a present position.
There are some specific traits & skills which makes a person different and those skills are
9

responsible for a common person turning into a successful entrepreneur (Wheelen and Hunger,
2013). Individual also modifies their existing skills according to the needs and prevailing trends
of market which will helps them in building up of their entrepreneurial venture. Below discussed
are some specific traits and skills related to successful entrepreneur:
Entrepreneur Characteristic Traits Skills
Mark Zuckerberg Assertiveness: for
every entrepreneur it
becomes very
important that they are
not following people
or anybody else, but
they are trying to do
something new and
different which can
change the entire
industry(Geisinger,
2016). This attitude of
assertiveness is very
important in bringing
innovation in
Companies. He
strongly has a belief
that success cannot be
achieved for anything
that a person is
innovation as an
entrepreneur, but it is
the quality of offering
and proving something
different to the people
in the idea which will
Risk taker: This is a
very important trait of
a entrepreneur which
Will help in
implementation of nay
New idea which
comes in the mind of
entrepreneur. The risk
taking ability is very
helpful for the
entrepreneurs in
effectively running of
their ventures(Thom,
2016). This trait has
helped Mark
Zuckerberg in turning
every innovative idea
into business.
Decision making:
This is a skill which
has to be present in
every entrepreneur
which will help him in
making timely and
effective decisions.
There are many
opportunities which
come up and those
have to be very fast
implemented so that
there is no loss of any
entrepreneur in terms
of loosing of the
opportunity. This is a
that skills which will
help Mark Zuckerberg
in making quick and
correct decisions in the
course of business
transactions. This skill
is different from those
possessed by the
business managers as
business mangers have
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help in bringing
something completely
different(García
Peñalvo, 2015).
the pressure of their
superiors they have toe
always make fats
decisions in mostly all
situations of business
on where as in case of
entrepreneur there is
never a pressure they
have to make all the
decisions on their
own(Berger and Frey,
2015).
Peter Jones Passionate: This is a
major characteristic
which will help
individual in turning
into a successful
entrepreneur. This is a
characteristic
possessed by Peter
Jones which will help
in experiencing
newness in their
entrepreneurial
venture.
Dynamic personality:
This is also a trait
which is possessed by
peter Jones which will
help them in dealing
with various changing
situations in the
business. They are
dealing with changing
situations which is
affecting their venture
both in a positive and
negative manner.
Creative thinking:
For every entrepreneur
it is very important
that they must think
creatively so that there
is continuous
innovation taking
place in the business.
Peter Jones is also an
entrepreneur who is
willing to do
something different
creative in the regular
business functions)
(Agbonlahor, 2016).
11

P6
Entrepreneur should always posses required traits, skills & characteristics so that they are
bale to distinguish themselves from managers of their company. Such aspects are very important
in getting information which is related to entrepreneurial motivation & overall mindset (Mijid,
2014). It is essential that for every entrepreneur is having some innovative thoughts and ideas
which is very useful in running business more efficiently & in an effective way. Such aspects are
discussed with the usage of OCEAN model, which has been explained below:
OCEAN Model
It is also refereed as five factor model(FFM) as this is dealing with five basic traits. They
have a strong assistance in understanding characteristic being possessed by a individual which is
used for running of various business functions. This model is discussed below”:
Openness to Experience- This can be defined as the depth and complexity related to the
mental health and individual experience. This is also connected with intellect and imagination.
Such characteristics are very helpful for people in increasing their motivation level for trying
some new things and thinking something very different as compared to regular way(Din, Anuar
and Usman, 2016). People who are possessing more openness will be willing to enjoy, meet new
people, interacting with them and those with less openness will be preferring the same daily
work.
Conscientiousness- This is referred to as the tendency for establishing control on such
acts which is related to achievement of goals. Delaying in terms of organisation, gratification
organising and many other aspects. This includes consistency, control, hard work, planning etc.
high conscientiousness leads to success and helps in growing and low conscientiousness will
lead to impulsive nature or having fights with others.
Extroversion- This is related to two parts individual can be introversion and
extroversion. Extroverts are those who are willing to interact with new people and they posses
characteristics such as talkativeness, confidence. Etc. introverts are not willing to interact with
other much by taking initiatives. High extroversion helps in grabbing up of useful opportunities
and implementing them in whatever work they are doing(Bird, 2019).
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Agreeableness- This is related to how individuals are interacting with others. Traits such
as patience, kindness, politeness, trust, loyalty, consideration and others. High agreeableness
leads to earning of high respect and people with low traits are not likely to be trusted by others.
Neuroticism- This is related to comfortable and confidence level a person has. This is
related to stability and general temper which is related to various traits such as awkwardness,
instability and many others. Individual with high neuroticism are having low esteem, are not
willing to try innovative or new things and are always nervous in whatever they are
doing( Ibrahim and Mas’ud, 2016). On the other way, individuals with low neuroticism are tend
to be more confident, adventurous, willing to try new things and are always very energetic.
M3
There are several entrepreneur characteristics for operating its enterprises in efficacious
way. According to the (Guo,2016), risk taking as well as flexibility are essential entrepreneurial
characteristics that aids into business development. While another has argues that characteristics
involves networking, risk taking and so on. All have its own opinion as well as views for
operating business in effectual and efficacious manner.
D3:
For becoming the successful entrepreneurs, this is crucial for them to possess traits, skills
and characteristics. The two successful entrepreneur have been considered like Mark Zuckerberg
as well as Peter Jones who have the competent and skills of successfulness. In this, Peter Jones
has passionate, innovative thinking, risk taker characteristics, traits and skills in order to operate
its enterprises successfully. Likewise, Mark Zuckerberg possess innovative, decision making
etc. characteristics, skills. Whole these entrepreneurs perform with the aim of accomplishing
customers requirements as well as demands efficaciously and effectually. Also, It is essential
that for every entrepreneur is having some innovative thoughts and ideas which is very useful in
running business more efficiently & in an effective way. So, all entrepreneur have various skills
and knowledge that help them to attain its objectives effectively.
TASK 4
P7
The experience as well as background of person has effects upon its life in form of foster
and hinder. There are few situation where family background and experience of individuals
13

which aids them into growth and success of its personal and professional life where as there are
few circumstances that hinder its development for attainment of efficacious outcomes. Few
examples are discussed below:
Mark Zuckerberg
He is known as the American technological business man and is born in 14 may, 1984.
He studied from Harvard University as well as usually called the Facebook co-founder. He
belongs from a very good family which aids him to make brighter future. Moreover, his
backgrounds, culture, experiences, nationality foster him to improve its career efficaciously. He
is an introvert individuals because of which he did not has so many friends and also spends more
time with his family members. Marks Zuckerberg was also so much interested into technology
as well as software so his family knows regarding this effectively and also support him in
efficacious way. Also, his father is a dentist and always used to support their child. It shows
presents that family background as well as life experiences of him assists him to develop sound
career as well as become successful business man.
Peter Jones
Peter Jones is the British entrepreneur and was born in 18th march, 1966 at Berkshire. He
is also known as the American investor as he dome investment in BBC television like American
and Dragon Den. His family financial condition was not so much good as he have faith upon it
self for becoming millionaire. He initiated his business journey through establishing his own
tennis coaching school. Moreover, at 20 Peter Jones initiated the computer enterprise which
leads him towards purchasing house, BMW and others (Artinge and Powell, 2016). Due to his
mistakes, he loosed its enterprises as well as faced the difficult situation. In addition to this, in
year 1998 he developed his own phone global group within its guidance. Presently, he employed
over 1000 individuals who produce about 250 million pounds. He have efficacious thinking
skills for working performance.
Alan sugar
He is one of the well known British entrepreneur within world as well as also the founder
of an electronic firm Amstrad. Moreover, he is a business tycoon, politician, political advisor and
media personality. His father is a tailor as well as family was poor. The Alan sugar have
business skills are manifest from younger age and he left their school at an age of 16 as well as
initiated a small enterprises that deals in selling electronics and cars. Also, his electronic firms
14

Amstrad went public on London Stock Exchange in year 1980. he have appeared within BBC
reality show which is named as ' The Apprentice”. In addition to this, he also holds 2 honorary
Doctorate of science which was knighted in 2000 new year honours for services to Electronic
industry.
Richard Branson
He is a leading British entrepreneur who founded the Virgin group in year 1970s. Also,
he initiated their own magazines at age 16 and also in his teenager age he dropped out his school
for promoting their magazines. Moreover, in year 1696 he initiated mail order record business
which utilised the office magzine as a operating base.
M4:
The successful business men who is chosen for this report is Marks Zuckerberg and Peter
Jones. In this, Marks Zuckerberg have creative characteristics as well as it belongs from well off
family background who supported him a lot. The background of the family aids him to develop
personal as well as career development for becoming entrepreneur. Likewise, Perter Jones are
having characteristics such as passionate and his family background is not financially good so he
did not get any kind of opportunity for studying into well known school. As he have aim to
initiate own ventures so he initiated the journey of its business at the age of 20 as well as failed
various times which influence him to become successful. In such a manner, characteristics,
experiences and family background influences them for becoming successful.
D4:
The experiences as well as family background influences entrepreneurs for becoming
successful in both the way positively and negatively. Such as Marks Zuckerberg was influences
from his family background for becoming successful entrepreneur. He is from well educated
family that support him a lot as well as possess creativity skills for performing something new at
market area that leads him towards becoming successful (Barringer, 2015). The pessimistic
aspects in him is he is introvert because of which he did not able to communicate with others
easily. In case of Peter Jones, he is from the poor family which influences him for becoming a
successful entrepreneur and also his family do not able to support him financially it is a negative
aspects for him.
15

CONCLUSION
As per the above report, it have been concluded that entrepreneurship plays efficacious
role in developing ventures efficiently and efficiently. An individuals who are operating the
entrepreneurship is known as entrepreneurs that possess creative ideas and competencies for
initiating enterprises. There are several kinds of entrepreneurial ventures that are associated with
typology of survival and business growth. With the enhancement into SME, so there will be
growth of country by facilitating employment opportunities, creativity into goods or services.
Moreover, business and start-up assists in developing people's living standards, development of
country' economy and many others. For operating the business in successful manner, there are
few characteristics, traits as well as skills which possessed through the effective entrepreneurs.
The entrepreneurial mind set as well as motivation is discussed with the assistances of big five
trait personality model for getting knowledge regarding person. Also, the foster or hinder aids
individuals for becoming the successful entrepreneur.
16

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