Entrepreneurship and Small Business Management

This document discusses different entrepreneurial ventures and their typologies, similarities and differences between different types of ventures, interpretation and assessment of data and statistics of micro and small businesses in the UK, and the importance of small and start-up businesses for the growth of the social economy. It also explores the characteristic traits and skills of successful entrepreneurs.

Entrepreneurship and Small Business
Management

Table of Contents
INTRDUCTION..............................................................................................................................3
P1 analyse different entrepreneurial ventures as well as their typologies..............................3
P2 Similarities and differences between different type of ventures......................................5
P3 interpretation and assessment of different data and statistics of micro and small businesses
in United Kingdom.................................................................................................................6
P4 Importance of small as well as start-up businesses for growth of social economy...........8
P5 Difference between various characteristic traits and skills of successful entrepreneurs...9
P6 Assessment of different aspects of entrepreneurial personality and entrepreneurial
motivation in mindset...........................................................................................................11
P7 Background and experience of entrepreneur were hindering and fostering entrepreneurship
..............................................................................................................................................12
Conclusion.....................................................................................................................................13
REERENCES.................................................................................................................................14

INTRDUCTION
Entrepreneur refers to a person who looks for a new innovative idea related to any process
of product in the business and that converts the idea into a business model. This is done by
entrepreneurs in order to earn profit via taking risk in the business. Entrepreneur are basically
refers to development of small-scale businesses in an economy in order to achieve a number of
different objectives and goals of the business (Brush and et. al., 2019). In the following report
there are a number of discussion about different small-scale organisations and the role of start up
in social economy. The discussions are made on different type of entrepreneurial ventures along
with the typologies. Various similarities and differences between these typologies are also
discussed. There are a number of impact on social and economic condition of a nation due to
micro and small businesses which is explained with the help of statistics. Along with that the
report contains discussions on different entrepreneurs and entrepreneurship skills, traits and
characteristics and how does their background and experiences hinder the entrepreneurship
opportunities in decision-making.
P1 analyse different entrepreneurial ventures as well as their typologies
Different type of entrepreneurial ventures are
Survival venture: survival ventures are those ventures which sustain in the market in order to
make sure that they are returning to the stakeholders what ever they have invested in terms of
profit. It is the only goal of the company to make sure that they are financially fulfilling all their
obligations through engaging the business into profits. There can be a number of such new
entrepreneurial ventures which are survival ventures such as MOMA food. This organisation
arrange finances for its operation through taking loans and it is necessary for them to make sure
that they are returning all these financial obligations timely. Survival ventures can be linked to
small business entrepreneurship. These are the businesses that thrive to stay in market and earn
profits in order to run their operating expenses on a day to day basis.
Lifestyle venture: Lifestyle ventures are the micro enterprises who make sure that they’re
bringing a different in the life of people by different type of cost which is involved in their
business. They have a number of different ideas which is based on some specific culture of
entrepreneurship through the help of which they develop lifestyle for the followers and the
customers. Such ventures usually come with continuous changes and innovations in their

processes and products. There are a number of such small entrepreneurs who start their
entrepreneurship business with Lifestyle ventures such as SGS product United Kingdom.
Lifestyle ventures can be related with scalable entrepreneurship style of business. These
businesses are bringing huge changes and coming up with new innovations. These innovationsa
remajorly changing lifestyle of people.
Growth venture: Growth ventures are those ventures who always aim at increasing their
operations and expanding their business beyond the international margins. These businesses
game at staying in the market for a longer period of time and due to which they need to bring
innovations in their already existing products and services so that they can gain customer
attention and succeed in their business (Morozova, Popkova and Litvinova, 2019). Their major
motive is to increase their market share. Apple can be one of the growth venture which
continuously focuses on bringing in new products and services in order to fulfil customer
requirement and expand their business. Growth ventures are majorly related to large
entrepreneurship businesses. These businesses are always looking for growth and development
therefore it can be related to large entrepreneurship business.
Entrepreneurial typologies are
Small business entrepreneurship: Small business entrepreneurship are those ventures which is
started by a single person with the help of their family and friends. The investment which is
required for such business is very low and also the take the help of family members as
employees in the organisation. There can be a number of examples of such entrepreneurs which
can be grocery stores, hairdresser, travel agents and so on.
Scalable start up entrepreneurship: Scalable all the winners are those companies which come
with a vision and mission in order to bring a change in the world. There are major criteria is to
involve customers in their working and attract them so that they can efficiently fulfil the
unidentified need of customer. There are major in this to make sure that they are running high
profits by increasing the convenience they are providing to the customer. A number of online
shopping stores and different social media platforms such as Facebook, Amazon are example of
scalable start up entrepreneurship.
Social entrepreneurship: Social on the prices are those on the prices which are working towards
different issues in the society. They can be governmental or non-governmental organisations.
They also have criteria of profitable or non-profitable or a hybrid organisation. They do not

require to invest in recruiting people as people voluntary come to work with such organisations
and also leave whenever required. They tackle with a different social issues. World health
organisation is one of the example of social entrepreneurship
Large company entrepreneurship: Last company entrepreneurship are those businesses which
launch new innovations in their already existing products. They look out for different
opportunities with the help of which they can effectively bring changes in their already existing
product in order to attract a number of customers towards them (Wennberg and Anderson, 2020).
The major reason in the organisation is to attract number of customers increase their customer
base and expand their business. These are the already existing players in the market who come
up with new ideas. Various examples can be P&G Microsoft and so on.
P2 Similarities and differences between different type of ventures
Similarities Small
entrepreneurship
business
Scalable
entrepreneurship
business
Social
entrepreneurship
Large company
entrepreneurship
Objectives of
business
The major
objective of
small businesses
is to survive in
the market and
make sure that
they are staying
in the market for
a longer period
of time.
The only aim
for scalable
entrepreneurship
are that they are
fulfilling the
needs and
requirements of
customer.
Also aim at
providing
different
services to the
customers with
the help of
social activities
they provide to
them.
The aim at
fulfilling
different needs
of customers
through bringing
in innovation
related to their
already existing
products and
services in the
market.
Differences
Investment Investment
required for
small businesses
is very low
which is usually
The investment
which is
required for
scalable on the
planner is very
The investment
required for
these businesses
is attained by a
number of
They require
high capital for
their business
which is taken
by the profits of

arranged by the
family and
friends.
high which is
usually acquired
by venture
capital list.
different trust
and people
voluntary invest
in these
businesses.
the company.
Human resource
requirement
The human
resource
requirement for
this company is
less than 50
The requirement
of human
resource for
these
organisation
usually depend
on the structure
of the
organisation.
The requirement
of human
resource for this
organisation is
not to be looked
upon much as
people joined
them
voluntarily.
The requirement
for human
resource in this
organisation is
very high. This
hire skilled as
well as non-
skilled
employees.
Risk attached Risk attached to
this business is
very low as the
amount of
capital invested
in this business
is low.
Risk attached to
this business is
very high as
there is huge
capital invested
by venture
capital list
Risk attached to
this business is
negative as it is
a voluntary
business and
people always
look towards
running such
business
(Meister and
Mauer, R.,
2019).
There is
medium risk
attached to these
businesses as
the company is
already a large
company and
have a number
of different
sources for
profits.
P3 interpretation and assessment of different data and statistics of micro and small businesses in
United Kingdom
Classification of businesses as small and micro business

It has been noticed that small and micro businesses are greatly impact in the economy of United
Kingdom. This is done by them as they provide a number of benefits to the society in and out
different ways. Small-scale businesses contributes to words economy through close to mystic
product and also provide employment in the country. Below mentioned are some of the benefits
provided by them:
Employment: With the help of the graph which is mentioned above it can be seen how small and
micro businesses are impacting the employment in the country. It can clearly be seen that the
impact of employment opportunities by small and micro organisation in the economy is more.
They contribute towards employment opportunities in the economy more than that of medium
and large businesses. It can be clearly mentioned that they provide 250000 employment
opportunities which is more than 240,000 employees of medium and large enterprises together.

Contribution towards GDP: The above mentioned graph clearly depicts the impact of different
types of businesses on the gross domestic product of United Kingdom. It can be seen that the
development of business is with low rate of shortfall. There is a continuous increase and
contribution towards GDP by small and micro businesses. They help in growth of economy and
also bring a number of income through exports they make
Turnover: It is also necessary to learn about the turnover these businesses are bringing to an
economy. The GDP graph clearly explains that these businesses generate huge turnover for
businesses. The small and micro businesses are effectively helping the economy to grow.
Innovation: Most of small and micro organisations come up with a new and innovative idea that
helps business to grow. They come up with innovations to provide convenience to customers and
meet their unrecognised needs. In this way small and micro businesses are also contributing
towards growth of an economy in technological and innovative sector.
P4 Importance of small as well as start-up businesses for growth of social economy
Social economy refers to the formation of different diversity of anthropological organisations in
different mutual associations. It is often seen that this may include social objectives, capital,
voluntary as well as open membership and a number of different roles of social economic
enterprises.
Various reasons due to which small and start a business has lead to growth of social economical
mentioned below:
Employment opportunities: Small and medium enterprises are directly affecting the growth of
employment opportunities in the economy. It is seen that they hire skilled, unskilled as well as

semiskilled workers providing them good up employment opportunities and paying them well in
order to lead a good standard of life.
Innovation: Small businesses and start-ups also come up with a number of new innovations
India products and services with the help of this they can effectively help the society to grow and
fulfil various needs and requirements of customers (Dou and et. al., 2019).
Engaging number of people from backward groups: small and start up onto prices start their
business in a number of different backward regions of the country. In this way they also help the
different groups who are socially neglected or not provided with good working opportunities.
This is a great benefit provided by start-ups and small enterprises to the social economy of a
country.
Leading to words diversity: another great advantage of these businesses to the social economy of
a country is that they are leading towards diversity. This means that they occupy the people from
a number of different cultural backgrounds and with the help of this they are making a diverse
workforce in different organisations.
Meeting all the social purposes: there are comfort of different social purposes which are to be
made by a number of organisations. Small and start-up organisations look after the environment
and the culture they are running the business into. In this way the affectively help play areas
regions to develop. The major idea behind setting up such businesses full feeling different needs
of customers through which they also meet various social purposes. They also invest in corporate
social responsibility in small amount helping the region of society in which they are running
their business.
From the above mentioned description it can be clearly evaluated how there are a number of
different benefits which are brought small and start a business is to the social economy. The
benefit social economy in a number of ways which are mentioned above. They also impact the
gross to mystic product of the country which is helpful for the growth of social economy as well.
In these were these businesses are important for an economy.
P5 Difference between various characteristic traits and skills of successful entrepreneurs
Characteristic traits: Characteristic traits refers to the value of different persons which can be
reflected with the help of their behaviour. It is often seen that the traits of a characteristics can be
good or bad or both (Hang, 2019). It is often seen that these organisations and entrepreneurs need
to be different with different traits such as patient, faithful, jealousy and so on.

Characteristics skills: Characters stick skills refers to soft skills as well as hard skills. It is a
combination of both the skills which will help in contributing towards an entrepreneur’s decision
in the business. It is often seen that entrepreneurs have a number of different social intelligence
as well as attributes which can include time management skills, overall management skills,
communication skills, human resource management skills and so on. It is necessary for an
entrepreneur to have all those skills so that they can effectively manage the business and also
influence the human resource of the organisation.
Difference between characteristic traits and skills:
Sir Philip Green Sir Richard Branson
Traits Sir Philip Green was an
innovator. He brought in a
number of different
groundbreaking innovation
through the help of his
leadership style and also the
food idea in his business.
This was an important trait
for the entrepreneur
(Vallaster, Kraus and
Baldwin, 2019). He was also
an experimental list. There
were a number of different
experiments done by him
while in business always
lead to his success in a
number of ways.
Sir Richard Branson was a
Great tycoon who came up
with a number of different
ideas for his company. He
developed different software
is for assisting his business
in times of miseries. He also
believed in taking feedback
from his client which was an
important trait of this
entrepreneur in this way he
effectively brought different
changes in the business as
required.
Skills Sir Philip Green was a
focused man and always
made sure that he worked on
the productivity on the work
provided. The services and
Sir Richard Branson was a
great motivator. He
motivated all the employees
working for him in a number
of different ways. He made

the product quality provided
by his company was of
utmost quality. He also had
good operational
management skills through
which he used a number of
different operational tools to
bring good quality products
for the customers.
sure that all the employs in
his organisation were always
motivated. Along with their
skills his communication
skills are very good with the
help of which he
communicated all the goals
and objectives of the
organisation to the employs
affectively.
Difference between the entrepreneur and the business manager:
Basis Entrepreneurs Business managers
Major focus Major focuses on the
entrepreneurship is to
innovate new products and
services with various ground
breaking ideas.
The major focus on business
managers is to make sure
that all the objectives which
are already set by the owner
of the business are fulfilled
by them (Hahn and et. al.,
2020).
Risk attached There is a lot of risk
attached to the function of
an entrepreneur because
they are starting the business
and it is their duty to take all
the risk of the business.
This note is attached to the
managers they only have to
work for the task they are
allotted by the owner of the
business.
Key motivators The main motive of an
entrepreneurs is to make
sure that they are effectively
expanding their business and
earning profits along the
The major motivator for the
managers are the salary,
wages and different
purposes and benefits they
are getting along with it.

way.
P6 Assessment of different aspects of entrepreneurial personality and entrepreneurial motivation
in mindset
Entrepreneurial motivation minds it can be defined as the way in which an individual think and
how do they approach to a number of different challenges while they’re running a business. It
can be inherited as well as learnt through the life.
Various importance two successful entrepreneurial ventures are that the entrepreneurs are
representing their vision and mission regarding the business on a daily basis. They also need to
make sure that they are changing the situations in the market and also handling all the resources
in this challenging situations (Lounsbury. and Glynn, 2019). They also required to make sure
that they are developing a number of different approaches in order to solve the problems which
are coming to the race.
Various motivational drivers are mentioned below:
Need for independence: Need for independence is the major criteria which leads a number of
entrepreneurs towards entrepreneurship business. They aim at making their own foundation and
due to which they go for entrepreneurship style of business.
Need for control and power: Is also often seen that a number of people cannot have patience.
They cannot work under someone else and they need full power and control of the task they are
doing. Due to this power and control is a great way to drive different entrepreneur towards
entrepreneurship businesses.
Need for achievement: Achievement is a major requirement for every entrepreneur.
Entrepreneurship businesses come with a number of promises of achievement in different fields
due to which there are a number of entrepreneurs who are looking for different opportunities in
entrepreneurship.
Need for wealth creation: There are a number of other benefits provided by entrepreneurship to
a person which include creation of wealth. With bringing new and innovative ideas in the market
on the plane was going effectively create wealth. In this way they can earn profit via taking some
risk in the business. They can also expand their business which is a great motivator for them.
From the above discussion it can be evaluated that it is necessary for an entrepreneur to have a
motivational mind-set through which they can effectively attract people towards their business. It

is necessary to have motivational drivers in order to make sure that the business is running
successfully with good human resources.

Richard Branson: He is considered as a well known entrepreneur as well as philanthropist. He
was considered as a founder of virgin group in the year of 1970. He handles above 410
organisations around the globe. Leadership is important process that helps in provide direction to
its subordinates for success of organisation. His quality helps in motivating individual person
that enhance productivity level of company (Dionisio, M., 2019). The quality which is
contributed for achieving success by Richard Branson. Therefore, there are different things that
is common for becoming entrepreneur:
 Passion was considered as a important factor that helps in influencing them to launch
entrepreneurial venture.
 Self-reliance was considered as another factor that helps in resolving various kinds of
issues and problems for performing work during the particular period of time.
 They also focuses on understanding what they want to achieve in order to become
successful entrepreneur at marketplace.
P7 Background and experience of entrepreneur were hindering and fostering entrepreneurship
Various characteristic of background and experience which may hinder or foster
entrepreneurship are mentioned below
Poverty: poverty is a major reason due to which a number of different people look for starting
their own business. There are a number of different examples such as Sundar Pichai, who is the
CEO of Google. He have had a poor background as his father was a farmer and his mother was a
housewife. This brought in him the requirement to attain good position in life.
Unemployment: unemployment is another major reason which leads a number of entrepreneurs
towards entrepreneurship. It is seen when the entrepreneurs have seen unemployment of their
parents or relatives they need to make sure that they have a livelihood when they grow up. This
helps them to bring in a number of different innovative ideas.
Culture: The culture in which an entrepreneur is brought up also have a number of different
effect on the skills of the entrepreneur. This helps them to develop a number of new
characteristics and traits and also bring in knowledge in them self. With the development of new
concept they can come up with new opportunities of entrepreneurship for their business. This

will help them in developing a culture and also making the positive environment in the
organisation.
Family reputation and wealth: affect of reputation of the family and the wealth of the family
can also hinder the background of an entrepreneur. It is often seen that when an entrepreneur
comes from a well reputed family they did not to worry about the investment in the business due
to which they can come up with a number of new innovative ideas and also bring in risk attached
to the business. On the other hand those entrepreneurs who do not have strong financial
background look for various different ways through which they can decrease the risk which is
the class to their business.
School dropouts: often seen that there are a number of entrepreneurs such as Bill Gates and
Mark Zuckerberg who have left their college. They were college brought dropouts who were
founder of good companies like Microsoft and Facebook. It is often seen that there are a number
of college dropouts who believe they cannot work for a 9 to 6 job. In this way they look for
different opportunities and develop entrepreneurial traits in themselves .
From the above discussion it can be clearly mention how there are a number of different factors
in the background and experience of an individual which are affecting the entrepreneurship in the
market. It is necessary to study all these in order to make sure the different decision making
styles and entrepreneurship business style which is managed by different entrepreneurs.
Richard Branson: He is considered as a successful entrepreneur and he has leadership
quality in order to perform their work in timely manner (Ramadani and et. al., 2019). He was
born in the year of 1950. He was determined as young while he want to start working. In the age
of 16 years, he started magazines named as Student. When he wants to run their organisation, his
family provide support in taking appropriate decision of leaving school. It is determined as a
complex decision in his young age. The understanding level of his family helps him in fulfil their
dreams in successful manner
Conclusion
From the above report it can be clearly concluded that there are a number of different
entrepreneurial ventures through which entrepreneurs can start their entrepreneurship business. It
is necessary to study the typologies of all these business in order to create a proper objective
name of the business. It is also concluded that the small businesses and start-ups are affecting the

economy of United Kingdom in a number of ways. Employment opportunities brought by these
organisations along with infrastructural development and growth in GDP is phenomenal. The
report also concludes how does different traits and skills are required in different on the plane
was and what are the different background and experiences which form the entrepreneurship
style of entrepreneurs.

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