The Impact of Mind-Set on Entrepreneurship

This solved assignment examines the crucial role mindset plays in entrepreneurship. It delves into how an entrepreneur's perspective and motivations directly impact business growth. The report highlights the significance of considering an individual's background and experiences as contributing factors to either fostering or hindering business expansion.

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
TASK 1 ...........................................................................................................................................3
P.1 Different type of entrepreneurial venture and their relation with the typology ..............3
P.2 Similarities and differences between the ventures...........................................................4
TASK 2 ...........................................................................................................................................5
P.3 Impact of micro and small business on the economy.......................................................5
P.4 Importance of small business...........................................................................................6
TASK 3 ...........................................................................................................................................7
P.,5 Characteristics, Traits and skills of the entrepreneurs.....................................................7
P.6 Entrepreneurial motivation and mind set........................................................................9
TASK 4 ........................................................................................................................................10
P.7 Importance of background and experience....................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship and small business management are not differed from each other
as they relate to each other in all the way possible. Entrepreneurship is the heart of every
business as it provides the way for its growth and expansion. Every big entrepreneur start up with
the small business. Small business management provides the base of the establishment in the
market so that the company can retain in the market for longer period and will be able to achieve
the organisational goals on time. This report contains the entrepreneurial venture and their
contribution towards the social economy. Entrepreneurs satisfy the customers by their efficient
work so that they can make the way for the growth in the economy. Entrepreneurship and small
business management are the sequence that is designed to build skills that are required by the
business to get successful in the market by earning more profit.
TASK 1
P.1 Different type of entrepreneurial venture and their relation with the typology
Entrepreneurial ventures are the business venture that is start and run with the specific
resources and planning by taking all kind of the risk to improve the economy. These venture start
up with the different ideas that contains innovation, product and services. The concept od
entrepreneurship provides an understanding that is must for the business success as the person is
ready to bear all kind of risk for the growth and expansion of the company. Entrepreneur is the
person who undertake all the risk just to get the recognition and success in the market.
Entrepreneur promotes the business in all the way possible as he wants the best for his business.
Serial entrepreneurs are those entrepreneurs who pay full attention as according to them this is
the only thing that affect the business growth in the market as nowadays customers only want
innovative products (Dennis., 2011) . They follow the typology in order to promote an
innovation in the market. Social entrepreneurs are those who works for the welfare of the society
and solve the economic problem by helping the needy one. They follow the typology of society
welfare and with this they solve the economic problem. Female entrepreneurs are those who also
work as a professional in order to achieve the success and growth for her business. This type of
entrepreneurs follow the typology of professionalism as they work with the full honesty and
concentration. Some are as follows :

Small business enterprise : This kind of the venture is refers to the small business as every
business stars up with the small scale with the limited resources. This venture is start up by an
individual with limited scope in the market as this is the reason they hire the local people and
provide the customers the best of them in every way possible so that they can establish their
business in the market and will be able to earn more profit (Longenecker., 2013) . They relate to
the entrepreneurial typology as they are also ready to take al kind of risk for their business. This
method will help them to get the recognition in the market.
Scaleable start up entrepreneurship : This type of venture is start up with the mission to attract
more of the investor in the market as their business would not be able to run in the market
without them. These type of entrepreneur needs funding for execution of their idea. They know
from the day one that they cannot establish in the market without the investor. They relate to the
typology as they follow the prefect procedure of collaboration for recognition in the market.
They present their idea before the investor so that they can invest in their business.
Large company's entrepreneurship : In this type of venture entrepreneur follow the perfect life
cycle to carry forward the business as the small business provide them the base with the specific
information about the whole market. They have very high level and the plans and the procedure
are strictly followed by them. Customers choices and preferences are very important for them as
they made the company position in the market by purchasing their products and services. Theyu
relate to the entrepreneurial typology as for them customer satisfaction is very important for them
if they want to survive in the market and earn more profit.
Social entrepreneurship : This kind of ventures refers to the entrepreneur who focus on the
society welfare in all the way possible. They are the innovators as they produce the goods and
services to help the needy people of the society (Dennis., 2011). Their main aim is solved the
economic proble through society welfare. They relate to the entrepreneurial typology as they
work for the society and try at their level best to solve their problem.
P.2 Similarities and differences between the ventures
Lifestyle venture businesses
Similarities
Serial entrepreneurs
Similarities
These business ventures are start up by an
individual with the new idea and concept.
These are also established by an individual
who continuously take the challenges for the

generation of the new prospects of business.
Differences Differences
The activities that are operated remains in the
hand of an individual who has started the
venture.
Serial entrepreneurs usually delegates the
responsibility after an establishment of the
business venture.
Female entrepreneur businesses
Similarities
Male Entrepreneur business
Similarities
Main objective behind an establishment is gain
the profitability and recognition from the
customers in the market.
They also follow the same objective of profit
earning and gaining recognition from the
people in the market by introducing the new
and old innovative prospects of business
(Longenecker., 2013) .
Differences Differences
Female entrepreneurs counterparts tends to be
always old. For example : Marsha Stewart,
who was the model, stock broker and caterer
before she has started the product empire.
Male entrepreneurs are always tends to be
young. For example : Mark Zuckerberg was a
college drop out student when he started the
Facebook in Harvard dorm room.
TASK 2
P.3 Impact of micro and small business on the economy
Micro and small business are those which are carried by an individual as this person work
with the own idea and resources in the market. Through this they enter the market and exlore
their idea to expand the resources and get the recognition by the customer on their innovative
idea. These innovative idea will help them to get he rewards of their investment and the
desirable position in the market (Dennis., 2011) . There is a very deep impact of them on the
economy as the whole world have so many small entrepreneur and if we collect their disposable
income than it is more than the large companies. They act as a mediator for the company as they
provide the company's product to the customers by communicating with them. This impact of

them shows the statics and data as this divides the small enterprise into two types depends on the
nature and data will also be given accordingly.
Dependent enterprise are more important than the independent enterprise as they provide
the employment opportunities to those people who may not be employable by the large
cooperation as they do not have any professional sills in them and specialisation in any field of
the business. However, they are also significant with the account of the 43% of Gross Value
Added that is created by the small enterprises. The employ 34%of the total population of the UK
to improve the economic condition of the country. Independent are often part of the group as
they are mostly engaged in the manufacturing process and also has the lesser degree of
knowledge about te market.
Impact of small business on UK economy : In 2016, there were 5.5 million people who were
unemployed in UK but after the establishment of the small business the market is up by 97,00 or
2% since 2015. The number of small business enterprise is increased by the 3% every year on
average (Longenecker., 2013) . In 2017, there were more than 2.0 million mare small business
than in 2000, as increase by 59%of the whole period. The number of small businesses has grown
more than the number of all businesses 77% compared to 59%.
Usually the small business contains less than 250 employees in it as there were 5.4
million businesses in 2017 in UK, which was 99%of the small business. Micro business has 0.9%
of the employees in the total population of the economy. In 2017, the small business provides
overall 40% of employment opportunities to the public of UK. The total turnover is 33% and
the total percentage of the business 99.3%.
So, by considering the above it is very clear that the micro and small business have very
deep impact on the economy of UK as it affects the gross domestic product and generates more
employment opportunities for the public who may be not employable by the large corporations.
Their turnover affects economy as if it gets calculated than it is more than the turnover of the
large companies.
P.4 Importance of small business
Small business contributes the most towards the economy as it helps the large
cooperation in communicating with the public in order to sell their products and services. They
also generate the employment opportunities for the public (Dennis., 2011) . Some importance of
the small businesses are as follows :

Contribution : Small business can be clearly defined business have the limited liability in the
market with maximum 500 employees. According to UK, small business administration
represent 99.7% of all the employer firm. Since 1995, 64% of the new employment opportunities
and pay 44% of the turnover. After the Brexit they provide the most employment opportunities
and pay the turnover growth and upliftment of the economy. This contribution ensures them
ensures the growth of the social economy.
Economic growth : Small business contributes to the economy as it brings the growth and
innovation for the community. Small business helps in expanding the economy as it faster the
economic growth by providing the employment opportunities to the people who may not be
employable by the large cooperation (Dennis., 2011). They attract new talented people towards
them so that through them they can get the recognition in the market. Large companies also get
the benefit from the small business as they provide the ready made base to them to run the
business with efficiency.
Adaptability of changing climate : Small business also has the ability to adopt all the changes
that may occur in the economy as the market is totally customer oriented. Local customers
sometimes remains loyal with the business as they support their favourites. Small business
generate less revenue than the large cooperation and less to lose than others. They work
according to the choices and the preference of the customers to get the definite position in the
market. Through this they contribute more towards the growth the social economy.
School and local government offices : Small business targets the local customers as they know
that they can only survive in the market with the support of their customers. Small business
generally generates the high level of revenue which means they pay very high level of tax to the
government. Economy will earn more through these taxes as this will contribute in the growth of
the social economy.
Future growth : Small business do not always small as they will grow in the market with the
passage of time. Their efficient work will provide them an opportunity for growth and expansion
in the market (Burns., 2010). Many small business will grow and contribute more towards the
economy as they will not remain small and give the tough competition to the large cooperation.
This ensures that they are contributing in the growth of social economy.
So, by considering all the above points it is clear that the small business contributes
towards the growth of the social economy.

TASK 3
P.,5 Characteristics, Traits and skills of the entrepreneurs
Characteristics
Self confidence : Self confidence is the most important characteristics that is carried by
entrepreneurs as they are one who take the business forward. This shows that they are ready to do
attempt all the new thing without hesitation. Bill gates is entrepreneur who carries a great attitude
towards all the things as he never hesitates in trying something new to achieve the success for the
business (Hatten., 2015) . Steve jobs was the person who carried the great confidence towards all
the things that needs to be preformed by every entrepreneurs to achieve the success for the
business. This above describe that they are different from manager.
Motivation : Motivation will determine the success of the entrepreneur in the venture. Motivation
refers to the dedication and the focus that is paid by the entrepreneur to their work so that they
can retain in the market by achieving the success in all the way possible. Bill gates is a highly
motivated towards his work as he wants to be on top after defeating all his competitions in the
market. His focus on the work determines his degree of the motivation his carries. Steve jobs is a
high;y motivated towards his work. This motivation makes them different from the manager.
Traits
Passionate : Passion refers to the ambition that is carried by the entrepreneur to achieve the
success for the business so that they can satisfy their high level needs in terms of every thing.
Bill gate is passionate entrepreneur as he can do activities that leads his business to the path of
success without getting bored. Steve jobs was very passionate as he was ready to built and try it
on continue basis without any problem for improve in the efficiency . This passion of trying new
things again and again for the improvement make them different from the managers.
Risk taking : Entrepreneurs are the risk takers who are ready to do anything for the successful
business. They are taking risk as they are trying so many new things for the success and the
growth of the business. Bill gates is the entrepreneur who takes al kind of risk as he never stops
in trying new things that nay turn beneficial for business (Stokes, Wilson and Wilson., 2010) .
Steve jobs was the entrepreneur who knew that without taking they would not be able to get the
desired position in the market. This risk taking behaviour make the entrepreneur different from
the manager.
Skills

Innovative : Innovation is the specialised skill that is carried by the entrepreneur as they know
how to use the business factors and apply the ideas in the situation. Bill gates is very innovative
as he applies his knowledge according to the needs of the situation as this is the thing that is
mostly used in the business to achieve the success. Steve jobs was very innovative as he worked
with the changes they turned very beneficial for his business. Innovation is not used by the
managers as they work on the guidelines that is provided by the management to them and this
makes manager different from entrepreneurs.
Leadership : Leadership is a quality that helps in achieving the goals and objectives on time. Bill
gates is a great leader as he leads his team by mentioning all the activities that is important for
the accomplishment of organisational goals. Steve jobs was a leader as he knew what things are
required and when to make the business more successful (Storey and Greene., 2010) . Managers
are not leaders as they only supervise all not delegates the responsibility and that make them
different from the entrepreneur.
P.6 Entrepreneurial motivation and mind set
Entrepreneurial personality refers to the trait that is carried by them as they includes the
behavioural processes of individual. This is the ability of the entrepreneur to perform the task in
all the way possible. This personality traits reflects the motivation and the mind set as they are
ready to anything and bears all kind of risk just to ensure that hey will ache the success and their
desired goals so that they can retain in the market for longer period and will be able to earn more
profit for their business. Some personalities are as follows :
Creativity : Entrepreneurs never think in the same way as they change the dimensions of the
situation to analyse all the factors that may affect their business in all the way possible. Bill gates
is an entrepreneur who always think out of the box as he believes to achieve big the person need
to think big. This clearly reflects the motivation and the mind set of the entrepreneurs.
Optimism : Entrepreneurs are always optimistic about the future as they always look ahead. Bill
gates is the entrepreneur that always carries the optimistic attitude as this gives him the power to
think about the situation so if there is any problem the he can find the solution of it. Optimistic
behaviour reflects that how much the entrepreneur is motivated and set his mind towards work.
Risk takers : Risk taking is the primary factors when the entrepreneurs start their business as they
want to achieve big in less time (Schaper., 2014) . This is very necessary for the accomplishment
of the goals so that they can make their business more successful than others. Bill gates is ready

to take all kind of risk as he wants the success for his business in all the way possible.
Entrepreneurs take the risk as they never fears of something even if that effect their business.
Risk takers are the personality that clearly reflects the degree of motivation that he carries while
doing the business and how they set their min in the critical situation.
Motivation : Entrepreneurs are dedicated toward their work as they perform each and every
activity with full concentration so that they can ensure success for their business and growth and
expansion in the market. Bill gates is a highly motivated person as he never shifts the focus from
its work. Motivation reflects the mid set as their goals are specified and drive towards the path
of success.
The above considered points of personality traits clearly reflects the motivation and the
mindset of the entrepreneurs.
TASK 4
P.7 Importance of background and experience
Background and experience are as important as the other factors matters in the business.
Background and experience can hinder and can promote entrepreneurship (Lee-Ross and
Lashley., 2010) . This is because in case an individual family background is related to business it
can do business in easy and effective manner. In other words, it can be said that many people
born in family that is operating business. Children from initial stage see business and
automatically entrepreneurial skills developed in them. On this basis it can be said that
entrepreneurship can be promoted by family background. Experience is another thing that can
promote or hinder entrepreneurship. It can be observed that individual that have experience in the
business become successful entrepreneur then those who does not have any sort of experience in
the business. Not only this, job can also be taken as factor that play an important role in
promoting and hindering entrepreneurship. Means that those individuals that have good
experience in the business can become successful entrepreneur. This is because on job one learn
lots of things and view complexity of business. Hence, on this basis it can be said that job is
another factor that promote entrepreneurship. Interesting fact is that in case one does not have
sufficient job experience and background in business then it became difficult or almost
impossible task for it to open and operate business successfully ( Mariotti and Glackin., 2014) .
Thus, it can be said that background in business and sort of job experience are two factors that
promote or hinder entrepreneurship.

Business needs the expertise of the entrepreneur as this decides the degree of efficiency
that is usually necessary for the success so that they can ensure growth and expansion in the
market. Having a background in the business will helps the entrepreneur as he will not face much
problem because of that and if they do not have the background in the business then they have to
face many problems according to the situation. Experience will also act as the same as if the
entrepreneur has the experience then he can solve major problem in the couple of minutes and if
they do not have the experience then they will take may time for the single problem.
CONCLUSION
Entrepreneurship and small business management is all about that every entrepreneur
start the business at a very small level as in starting they have very limited resources and no
public support. This report is about the venture and the similarities and dissimilarities between
them. The next in this report is the impact on the social economy and the difference between
managers and an entrepreneur by considering many factors that are important to carry out
business successfully. The personality of an entrepreneur reflects its mind-set and its motivation
as all are interlinked and cannot get separated. The last part of the report says that the back
ground and experience helps the business to grow or this things limits the growth and expansion
of the business.

REFERENCES
Books and journals
Mariotti, S. and Glackin, C., 2014. Entrepreneurship and small business management. Pearson
Higher Ed.
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: entrepreneurship and small
business. Palgrave Macmillan.
Burns, P., 2010. Entrepreneurship and Small Business: Start-up. Growth and Maturity. Palgrave
Macmillan.
Dennis Jr, W.J., 2011. Entrepreneurship, small business and public policy levers. Journal of
Small Business Management, 49(1) pp.92-106.
Fassin, Y. Et all., 2011. Small-business owner-managers’ perceptions of business ethics and
CSR-related concepts. Journal of Business ethics, 98(3) pp.425-453.
Gorgievski, M.J., Ascalon, M.E. and Stephan, U., 2011. Small business owners' success criteria,
a values approach to personal differences. Journal of Small Business Management, 49(2)
pp.207-232.
Hatten, T.S., 2012 Small business management: Entrepreneurship and beyond. Cengage
Learning.
Hatten, T.S., 2015. Small business management: Entrepreneurship and beyond. Nelson
Education.
Lee-Ross, D. and Lashley, C., 2010. Entrepreneurship and small business management in the
hospitality industry. Routledge.
Ligthelm, A.A., 2010. Entrepreneurship and small business sustainability. Southern African
Business Review, 14(3).
Longenecker, J., Et all 2013. Small business management. Nelson Education.
Neck, H.M. and Greene, P.G., 2011. Entrepreneurship education: known worlds and new
frontiers. Journal of Small Business Management, 49(1) pp.55-70.
Preuss, L., 2011. On the contribution of public procurement to entrepreneurship and small
business policy. Entrepreneurship & Regional Development, 23(9-10) pp.787-814.
Schaper, M.T. Et all., 2014. Entrepreneurship and small business.
Stokes, D., Wilson, N. and Wilson, N., 2010. Small business management and entrepreneurship.
Cengage Learning EMEA.

Storey, D.J. and Greene, F.J., 2010. Small business and entrepreneurship. Financial
Times/Prentice Hall.
Online
Entrepreneurship ans Small business management., 2017 [online] available through
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