Entrepreneurship and Small Business Management

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION ..........................................................................................................................3
LO 1.................................................................................................................................................3
This part is covered in PPT.........................................................................................................3
LO 2.................................................................................................................................................3
P3. Interpretation as well as assessment of relevant statistical data for illustrating how small
business along with micro businesses impact economy.............................................................3
P4. Explanation of importance of business start-ups addition to small businesses for social
economic growth.........................................................................................................................6
LO 3.................................................................................................................................................7
P5) Characteristics, traits and skills of successful entrepreneurs ...............................................7
P6) Entrepreneurial motivation and mindset ............................................................................10
LO 4 .............................................................................................................................................12
P7) Impact of background and experience on entrepreneurship...............................................12
CONCLUSION .............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneurship is basically a process that defines the various actions of an entrepreneur
who is an individual who always remain in search of new ideas and having the capability to grab
and exploit such ideas and covert them into profitable opportunities through accepting risk and
uncertainty associated with a business enterprise. This assignment is basically based on the
entrepreneurship and small business management that are plying a crucial role in growth and
success of an economy (Wu, Chen and Pan, 2019). This assignment includes an assessment and
analysis of impact lead by small business on the economy. Further, determination of
characteristics, traits and skills that makes an entrepreneur successful and different from mangers
are also included in this report. Beside this, an evaluation of entrepreneurial personality and its
reflection on their mindset and motivation together with impact of background and experience of
entrepreneurship is also form a part of this report.
LO 1
This part is covered in PPT.
LO 2
P3. Interpretation as well as assessment of relevant statistical data for illustrating how small
business along with micro businesses impact economy
Small businesses are those owned corporations which have fewer manpower along with
less annual revenue. In other terms, small businesses operates with limited employee size
addition to revenues that depends on pertaining industry in which they work (Renton and
Richard, 2019). Similarly, micro business are defined to as the one that operates at very small
size and scale. SMEs have significant role for developing economic position of a particular
nation.
The data and its interpretation related to SMEs are as follows:

Illustration 1: Data for SMEs. 2019
(Source: Data for SMEs. 2019)
According to above data, it can be interpreted that in the beginning of 2019, it is analysed
that there were around 5.82 million small businesses covering total business population of
approximate 99.3%. Moreover, 1.4 million small companies are there who are part of employing
bu2,168,005sinesses that provides huge employment to local and other residents of the nation. It
is also analysed identified that in UK, there are 5860085 businesses that are considered as SMEs
and around 1.6 million employments are provided by them. Annual turnover of SMEs are around
£ 2,168,005 millions In UK. These businesses share around 60% of total employment in 2019
that resulted in improvement of proportion from 16.3 million to 16.6 million of employment.
Furthermore, registered business for VAT and PAYE are around 2.3 million, that is 45% of
approximation of entire population.