Entrepreneurship and Small Business Management

Entrepreneurship &
Small Business
Management

Table of Contents
INTRODUCTION......................................................................................................................3
MAIN BODY.............................................................................................................................3
TASK1.......................................................................................................................................3
P1: Inspect dissimilar types of business undertakings and explain how they relate to the
typology of entrepreneurship.................................................................................................3
P2: Explore the similarities and differences between entrepreneurial ventures....................5
TASK2.......................................................................................................................................7
P3: Interpret and assess relevant data and statistics to illustrate how micro and small
businesses impact on the economy........................................................................................7
P4: Explain the importance of small businesses and business start-ups to the growth of the
social economy.......................................................................................................................9
TASK3.....................................................................................................................................10
P5: Determine the characteristic traits and skills of successful entrepreneurs that
differentiate them from other business managers................................................................10
P6: Assess how aspects of the entrepreneurial personality reflect entrepreneurial
motivation and mind-set.......................................................................................................12
TASK4.....................................................................................................................................13
P7: Examine, using relevant examples, how background and experience can hinder or
foster entrepreneurship.........................................................................................................13
CONCLUSION........................................................................................................................14
REFERENCES.........................................................................................................................14
Books and journals...............................................................................................................14

INTRODUCTION
Entrepreneurship can be defined as an ability of an individual to govern and regulate
specific business named as a start-up within new idea and innovation techniques bike
continuously minimising the risk and increasing the profit. The people who operate this type
of businesses are called entrepreneurs. Today environment is continuously changing and
there is a need of innovation and technology within the business enterprises to increase the
benefits as well as attract number of customer. These improvements within the products and
increment in innovation bring the concept of small scale businesses that operated generally
low level of capital but high rate of profit (Cole, 2018). In this report there will be discussion
on entrepreneurship and small business management which is become important part of UK
economy. This report is divided in several tasks which start from identifying the
entrepreneurship ventures and their relationship to different type ology of entrepreneurship
there is also identification of similarities and difference between different type of
entrepreneurship ventures for identifying their quality and competitiveness within the market.
it is also consists of interpretation in assessing the relevant data States which are directly
related to micro and small scale business with in the economy of UK. In the middle of the
report there will be the discussion on importance of small scale businesses and new start-ups
in the growth of social economy within the UK. It also includes determination of the
characteristics and skills which are required for successful in developing entrepreneurship
venture. Indian of the report there will be identification that what are the aspects of
entrepreneurship personality which provide the motivation and proper entrepreneurship mind
set. It is also identification of experience which can foster the entrepreneurship opportunities
within the market (Radović-Marković and Tomaš, 2019).
MAIN BODY
TASK1
P1: Inspect dissimilar types of business undertakings and explain how they relate to the
typology of entrepreneurship
Entrepreneurship and divide concept and getting popularity in recent days because of
high rate of profit with the innovative products. There are number of persons who are
becoming the entrepreneurs in today's market this is because of some famous entrepreneurs
and their motivational speeches. Some of the famous entrepreneurs like Mark Zuckerberg,
Bill gates and Steve Jobs. All these are big entrepreneurs of their time as well as current time.

There are number of entrepreneurship ventures opportunity within current market where all
type of entrepreneurship typologies has a perfect relationship between them. Help an
individual to get and grab these opportunities but taking some risk and a huge amount of
profit. Some of these opportunities are mentioned which help the entrepreneur to get a firm
according to their choice where they can gain maximum profit and achieve their objectives
(Fayolle, 2018).
Large Company Entrepreneurial Venture: these are those companies which use
improvement for new innovation within the existing product of the market. They brings some
specification or improvement in the products which are already trading within the market and
have an effective share. These are those which are launched in order to fulfil the needs of the
customers and improvement within the product for attracting more customers toward the
product and retaining the existing one. It is generally seen in the car industry wear company
use some specific modification within the existing models of the car and launch them with
new name. The main purpose of this type of business and entrepreneurship ventures is to
increase and expand the business of the organisation where company can use the strategy of
acquiring and partnering with some innovative firms. The major examples of this type of
ventures are Tata motors, Ferrari, Google, YouTube and Microsoft (zuer, Altuntas and
Semercioz , 2017).
Scalable Entrepreneurial Venture: scalable entrepreneurship ventures are those
which are directly related to production of new idea for bringing the change within the whole
market. This type of ventures plays more focus on increasing the market share as well as
guiding the market with innovative product. They brings the idea for changing the world
where the main reason of the organisation is to require the effective human resources within
the organisation (He and Qian, 2019). This type of entrepreneurship branches find dose of
opportunity where company can use a scalable opportunity at increase the cost by bringing
Innovation and technology. The major example of this type of ventures are Facebook,
Instagram and online shopping applications like Amazon and Myntra who are mainly focus
on scaling the market according to cause as well as increase their market share with specific
target market.
Small business Entrepreneurial Venture: Small business entrepreneurship venture
are the important part of every economy in today's environment. There are more than 90% of
the total branches are small scale size within the economy of UK. These are those who bring

new product in market small level. They have number of products which are directly related
to Innovation and improvement within the technology of economy. They operate at small
level where they have staff of not more than 50 people. They get fund from their family or
other small commercial banks in the form of loans where they can improve their business
condition as well as increased share market share (Storey, 2016).
Social Entrepreneurial Venture: Social entrepreneurship ventures can be classified
as ventures that are generally form for solving a particular issue within the society. Non-
profit organisations where they deal in providing products and services for solving the issues
will in the market. This type of ventures is meant for making the place better to live. These
are generally non-profit organisation but they can also be some profit organisation or hybrid
organisations according to the situation within the market and point of for example there are
number of trust named as safe. Trust which focusing on launching the sirens which are for
example there are number of trust named as safe. Trust which focusing on launching the
spellings which are recyclable. They have tie up with number of hospitals and clinics within
the country where they provide free patient treatment for some chronic diseases as well as
help patient in meeting expensive treatment of some particular diseases like cancer and
tumour (Anderson and Gaddefors, 2016).
Various typologies of entrepreneur’s ventures-
Typology can be defined as a function where different things are divided according to
their types.in the case of entrepreneurship ventures these are differentiated according to their
plants from structures and style which is classified and mentioned below:
Aggressive growth Ventures: Aggressive growth can be define as those
entrepreneurship which have their main focus on advancement of technology and bringing
the more innovation within the environment. The main aim of the type of ventures is to stay
in the market for a longer period by maximizing the growth of company. They always focus
on increasing the market share by adopting aggressive marketing strategies and increasing the
size of the business as a large scale.
Lifestyle Ventures: Lifestyle branches are those which have the main aim of
expanding in growth in the business but satisfying the customers need according to the
behaviour of customer. This type of ventures use small amount of human resources within the
organisation and run their business at a single place (Mazonde and Carmichael, 2016).

Managed growth Ventures: these are the organisation which also focuses on
expanding their business operation and spreading awareness about their work to the whole
world. The of the strategies which are liberated to making the joint ventures and using import
export policy for increasing the profit as well as size of the company and making global
existence of firm. This company have good structure as well as use the skilled worker for
providing good quality products where they can increase their market to global level and
bring sustainability within organisations performance (Saleem, 2017)
Survival Ventures: Survivor ventures are those book focuses on increasing the
awareness about the needy people in the society. Only focus on the needs of the society
where it initiates the business in order to increase the standard of living of those people who
are living in the society where the business is operating. Please type of ventures has their
main focus on increasing the social status of people as well as providing different opportunity
to them (Linton and Solomon, 2017).
P2: Explore the similarities and differences between entrepreneurial ventures
Similarities Social enterprise Scalable
entrepreneurial
ventures
Large company
entrepreneurial
ventures
1 These are those who
focus and fulfilling
needs of the people for
surviving within the
society.
They clearly identify
the requirements and
needs of the people
and bring innovation
in the products where
they can fulfil these
requirements.
They are also working
for fulfilling the need
for requirement of the
customer but at a large
level.
2 The main purpose of
this type of enterprises
to increase the
standard of living of
every people who are
situated in the society
where organisation is
working.
Increasing the profit
of the organisation is
the main focus of this
type of organisation
where the use
different type of
research and
technology for
The main aim of this
type of organisation is
to earn profit but at a
large scale where
company improve the
condition of the
society as well as
working within the

improving the profit
by enabling
Innovation and
introducing new
products and services.
organisation.by which
it can take the
opportunity of and
responsibility of
increasing the social
culture and promoting
the product of society
where it can made
contribution towards
the society (Gielnik,
Zacher and Schmitt,
2017).
Differences Social enterprise Scalable
entrepreneurial
ventures
Large company
entrepreneurial
ventures
1 They have the key
focus on increasing the
welfare within the
society and
contributing towards
the society where we
can make it proper
place for living.
There is the main
focus to bring
innovation within the
society and market
where company can
increase its profit by
motivating and
increasing the
awareness about
innovation in their
product. Also increase
the interest of the
people within their
product for
These are those type of
organisation to bring
changes within the
whole industry for a
long period of time
they increase their
reach and bring high
class product to the
society where society
can satisfy their need
as well as company
can increase its
profitability (Botha

maximizing the sales. and Bignotti, 2016).
2 this type of ventures
are made for
increasing the social
welfare so they have
no focus on hiring
process as they use to
people who are
working with their
willingness without
intention of monetary
benefits.
These are those
entrepreneurship
ventures to have their
milk recruiting the
highly skilled
employee within the
organisation where
they can contribute
towards the success of
organisation
(Millsteed, Redmond
and Walker, 2016).
These type of
organisation higher the
employees in the large
quantity where they
also focus on their
skills and ability to
perform different jobs
within the organisation
in increase the chances
of profitability within
the firm.
3 Instances of such
initiatives are Hill holt
Wood, Café Direct etc.
Samples of these free
enterprise ventures are
Facebook, Instagram,
YouTube etc.
Cases of these
undertakings can be
Microsoft, Apple,
Yahoo, and Samsung
and so on.
TASK2
P3: Interpret and assess relevant data and statistics to illustrate how micro and small
businesses impact on the economy
Small scale business is an important part of UK economy as it contributes more than
70% within the whole business units of UK industry. According to the data provided by UK
government, Small scale industries provide 75% of employment to the whole UK. Huge
number which said that whole UK industry is dependent on the small scale businesses and
new ventures(Brustbauer, 2016). They also contribute to the GDP of the UK as the
contribution of small scale business is toward the GDP of UK is 35% which is more than
every sector of UK economy after tourism. This states that how the small scale business in
and micro industries are important for UK.

Small Business: Small scale business units are those which are independently owned
by the individuals and limited size which depends on the resources given by the society. For
example carpenter shop where there are five people can be set a small scale business.
The above-mentioned graph declared contribution of small scale industries in the economy of
UK. Some of the interpretations are mentioned below:
 According to the above mentioned graph 20% of UK economy is the part of small
scale industry contribution
 It also plays the positive impact on GDP of UK by contributing the maximum part.
 This also benefit to the government of UK as it can help the government in increasing
the public welfare expenditures.
 It also provides employment to 75% of the population within the whole UK which
ultimately decrease the unemployment ratio within the nation.
Micro Business: micro scale businesses are those who are operating in small scale where
they have less than 10 employees within their organisation and their balance sheet total will
not increase to 50000 dollars. These are those organisations which are using the home for
their business purpose as well as they have limited capital with limited support. These are
also important part of UK economy as the provide number of benefits to the country and

increase the employment opportunity as well as provide different economic benefits (Efi,
2016).
After identification of the above mentioned graph it can be analysed that 17% of UK
economy is dependent on micro and small scale businesses where they provide number of
products and services to their economic for their survival. It is also identified that micro
enterprises are also responsible for providing number of opportunities which will directly
impact on the unemployment ratio within the economy of UK (Loarne-Lemaire, Maalaoui
and Dana, 2017). This can also see that it also helped the government in attracting the foreign
investment and increasing the revenue of the government by the help of this type of
investment.it also provide number of innovative products and services to the economy for
increasing the skills and competition within the society.
P4: Explain the importance of small businesses and business start-ups to the growth of the
social economy
Small scale industries are important for the organisation as they provide the status at
improve the economic condition of the nations which will also help economy in managing its
resources and increasing the social welfare within the society. Some of these are mentioned
below:
Increase standard of living: The small scale industries directly contribute to the
increasing the standard of living within the society.it can be seen as a number of resources
which are presented with the society at are not used by the social factors. Social service
society as they are not using. Small scale businesses come across to use this opportunity

where they use these resources to generate the money which will directly increase the GDP of
the nation where we are working. Increase GDP in the power of an individual to purchase
different type of product and increase their standard of living by the consumption of this
product. Motivate the common people within the society to purchase more and more and
eliminate unpleasant economic conditions by building a strong social culture (Mamabolo,
Kerrin and Kele, 2017)
Generate employment opportunities: It is also identify that small scale businesses
and micro units also contribute to word the increase opportunities of employment within the
nation. This is because this type of organisation requires a huge amount of human resources
for their working in an dynamic environment. Unemployment is a common problem for every
nation where they every nation is surviving from this problem because of increase population
and decrease employment opportunities. Amazon solution to this type of problem is increase
number of small scales industries who employee huge amount of population within their
industry. According to the data provided by UK government, 20 lakh persons are employed
by small and micro enterprises in recent years.it is a huge amount of employment which also
fulfils the basic requirements of each individual who lives in the society (atten Dana).
Bring innovation: small scale industries are also known for their innovation as they
have the main motive to bring Innovation and new technology within the environment for
beating their competitive words as well as increase the profit by attracting large number of
customer. This is because innovation is a key of success for every organisation which lead the
organisation in profitability. The main motive behind the innovation brought by small scale
industry is that they want to survive within the dynamic environment where the innovation is
only thing which can help organisation in attracting customers as well as decreasing the
wasteful human efforts by the use of new technology and effective science (Mahadea and
Kaseeram, 2018).
Support large scale industry: They also contribute as a base point for large scale
industry as there are number of small scale industries support large scale industry by
providing raw materials and process formed of goods which and large scale company for
manufacturing their product and increasing their market share by contributing towards the
economy and society. This type of small scale industry also help in supporting the large scale
industry by providing resources and increasing the profitability and productivity of the
organisation by better coordination (Ramadani, 2017).

TASK3
P5: Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers
Abilities skills and qualities are those free tools of an entrepreneur which makes them
a good leader as well as effective manager within the marketplace. Quality of the
businessman which help them in leading the organisation in an effective manner as well as
bringing innovative idea towards market where we can easily achieve the goals and objective
of the firm (Dana, 2018).
Bill gates, he is a leading supergiant and a billionaire entrepreneur of the recent times.
Who is the owner of Microsoft corporation which is the largest profit earning company of
current times and from last 10 years he is the top billionaire of the world.Bill gates started his
career as an computer engineer where he want to develop a computer in a smart form. He is
not the inventor of the computer but he is one of them who modified the computer for the
local use. His Only dream to increase the compatibility of the computer by providing the
software solutions and programming functions within for improving the performance of PC.
He is known as a best entrepreneur of his time as well as current time because of his skills
qualities and experience (Demirel, Rentocchini and Tamvada , 2019).
Steve Jobs, he was also great entrepreneur and co-founder of Apple INC. he started
his career building software solution for PCs but after the failure of his program he started
working on making a comfortable and a small mobile phone which have the power of PC.
Which can perform as a computer, he implemented all his skills and abilities and form
iPhone. This is the latest and fastest growing company in recent times if it is talk about
mobile phones or smartphones. Apple is the only company who is running on iOS based
system.
The key traits as well as skills observed within Bill gates and Steve Jobs are mention below:
Bill gates Steve Jobs
Traits
 Novelty: He has the innovative
mind where he always wants to
change the world with its
inventions.
 Response Approach: Bill gates
 Modernization: Steve Jobs is also
innovative person. You always
want to introduce a mobile phone
which has the quality of a

always believe in the feedback
as for this we always measure
is performance and check that
what the loose point within the
performance is (Rao, 2016)
.
computer.
 Experimentalist: Steve Jobs is also
known for his experiments as he
regularly experiment even after the
failures of different experiment,
Skills
 Instigator: Bill gates have
skills of incentive where she
inspire worker of firm to
attainment of goals.
 Statement: Bill gates is also a
good communicator where he
and short defective flow of
information within all
departments of organisation.
 Intensive: Steve Jobs focus on
their work where used to meditate
for bringing effectiveness within
the focus.
 Mindfulness: he always being
optimistic and adopt the positive
concept for solving different type
of problems.
Characteris
tics
 Team-Player: Bill gates always
think that team work is the key
of success for the organisation
so he used to work within the
team by effective leadership of
all team.
 Madcap: Steve Jobs always
believe on taking the rest as he
thinks that respond the higher
profit.
P6: Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mind-set
The five character and five factor models are known as OCEAN Model. This model is
essentially for taxonomy for character traits. This model consists of five diverse types of

personalities which are defined below-
Openness: It can be defined as that quality of a leader in and firm which help them in writing
and managing the world and seeing it in an open mind approach. Always help in meeting the
positivity and flexibility within the policies of organisation (Ratten, 2016) .
 Conscientiousness: Consciousness defines that leader which helps in managing the
enterprises in a positive manner where we can identify all the factors which are going
within the business and work according to the situation. Managing the resources of
organisation.
Extraversion: it is that energy of a business person which helps them in linking with the
others within the organisation and maintaining at proper lifecycle where both introvert and
extrovert nature can be useful adjust (Burns and Dewhurst, 2016).
 Agreeableness: It can be defined as that ability which include the trust level of address
on some specific person within the organisation where the can believe blindly and locate
them the work according to their ability.by the work allotment will also passes of
summer curative for making the decision within the organisation.
 Neuroticism: is that feature of an individual which show their characteristics and include
the sensitivity of stability within the person where they can easily handle the complex
situation without getting depressed or anxiety. Both of the above mentioned leaders are
self-motivated and they have no fear.
Openness
Conscientiousness
ExtraversionAgreeableness
Neuroticism

TASK4
P7: Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship
 Level of Education: Level of education is an important factor and characteristics for
the organisation development as well as development of individual leadership and
management qualities. Both Bill gates and Steve Jobs are highly qualified in educated
persons who are working as a leading joint within their organisation. They also
provide guidance to number of new entrepreneurs and individuals who want to start
their business and build a career in entrepreneurship (Burns, 2016).
 Nationality: Nationality is also important part of functioning and characteristics of
entrepreneur where it helps them in increasing the entrepreneurship opportunities and
grabbing them while working within the nation. Both stage of send Bill gates are
American nation nationalist where the both are graduated and learn the qualities of
leadership as well as innovation technologies that help them in building great
enterprises and changing the world according to their needs.
So it can be seen that firm have to use number of functioning which can help leaders and
business man in getting what have to be done and what can it do for facilitating changes and
get motivation for working.
CONCLUSION
It can be identified from the above mentioned report that there are number of business
enterprises in social enterprises which have effective leadership and management within the
market. Entrepreneurship is that part of market which cannot be separated from it because it
includes the efforts and skills of entrepreneurs who run different type of ventures within the
market.it is also I realise that there are a number of opportunities in front of investors to
invest in this type of organisation as they are growing in number and contributing a major
part in different economy.it is also identify that entrepreneurs are build up with the skill traits
and characteristics which are not easy for every individual to grab them they also follow the
difficult process is and learn from every mistake which make them unique and suitable for
best entrepreneur.

REFERENCES
Books and journals
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan
International Higher Education.
Ratten, V., 2016. Female entrepreneurship and the role of customer knowledge development,
innovation outcome expectations and culture on intentions to start informal business
ventures. International Journal of Entrepreneurship and Small Business, 27(2-3),
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Dana, L.P., 2018. ENTREPRENEURSHIP & SMALL BUSINESS.
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groups in transition economies. International Journal of Entrepreneurship and Small
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Mamabolo, M.A., Kerrin, M. and Kele, T., 2017. Entrepreneurship management skills
requirements in an emerging economy: A South African outlook. The Southern
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Loarne-Lemaire, S.L., Maalaoui, A. and Dana, L.P., 2017. Social entrepreneurship, age and
gender: toward a model of social involvement in entrepreneurship. International
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firms and their export market performance. European Journal of International
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He, C., Lu, J. and Qian, H., 2019. Entrepreneurship in China. Small Business
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Brustbauer, J., 2016. Enterprise risk management in SMEs: Towards a structural
model. International Small Business Journal, 34(1), pp.70-85.
Mahadea, D. and Kaseeram, I., 2018. Impact of unemployment and income on
entrepreneurship in post-apartheid South Africa: 1994–2015. The Southern African
Journal of Entrepreneurship and Small Business Management, 10(1), pp.1-9.
Demirel, P., Li, Q.C., Rentocchini, F. and Tamvada, J.P., 2019. Born to be green: new
insights into the economics and management of green entrepreneurship. Small
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Rao, P.M., 2016. What do we know about entrepreneurship as an intangible
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