Entrepreneurship and Small Business Management

This document discusses the concept of entrepreneurship and small business management, including different types of entrepreneurial ventures and their relation to typology of entrepreneurship. It also analyzes the characteristics, qualities, and abilities of successful entrepreneurs, using examples of Martin Lewis and Brent Hoberman.

Entrepreneurship and Small
Business Management

INTRODUCTION
Entrepreneurship is an action of establishing a company or business and captivating on
monetary threats in expectation of profitability. It is an activity of generating pricking and
running a new corporation which is frequently at the start a small firm. The people who
incorporate these types of enterprise are acknowledged as businessperson or industrialists. They
are persons who commence the conniving, conducting and captivating threat or threats towards a
company and establish or run a small venture and presume all the threats and remunerations of
the enterprise. Entrepreneurship indicates and acknowledge as a process of incorporating a new
business by implementing new and innovative thoughts into an activity with clear objective of
gaining more profitability (Laudano, Marzi and Caputo, 2018). It states that the proprietor of the
business will concentrate on forming a marketplace for its commodities and facilities that are
supported to a business preparation. These kind of small firms assist in growth of the financial
system of nation. Several type of industrial entities create involvement in the development of the
country’s economic system by offering job opportunities to home individual and building tax
payments to the national authority which circuitously work for the benefit for humanity. This
written document will be conversed about the influence of small company on economic system.
Moreover, the main features of an industrial mind set and the diverse atmosphere that promote
and hamper entrepreneurship will explain.
PART 1
Different types of entrepreneurial ventures and how they relate to the typology of
entrepreneurship
Entrepreneur indicates to an individual who have ability and enthusiasm to improve,
conduct and administrate a business firm along with any of its threats in reference to earn
profitability. Businessperson refers to a person who performing task rather than a worker and
change their pioneering thoughts in the company with the motive of gaining profits. The major
object of the businessperson is to get more earnings so that they can deposit more effectiveness
in performing all business operation efficiently (Julien, 2018). Entrepreneurial venture indicates
to organisation that is differing in magnitude and capacity or worked and functions by an
individual for diverse motives. These types of small enterprise assist in the development of the
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country and financial system. There are different types of business firms and the description of
them as below:
Small business entrepreneurship- It indicates to those businesses that are diminutive in
size and run at undersized extent with the small asset. These ventures are begin and operate with
restricted assets and scheduling by a person. Small commerce being autonomously owned and
managed with small capitalisation which comes from less number of people and not capable to
directive high market share (Jones, and et. al., 2018). They enter in the marketplace with the
motive of earning living due to running short concentration. Grocery stores, tour operator,
electricians etc. are some example of small business.
Scalable start up entrepreneurship-It indicates to an organisation that is incorporated by
businessperson to find out a scalable company conception. In these types of venture, a person
would not transmit the commerce at large marketplace as there is no documentation of being
incorporated in the marketplace. These entities are recently materialized and the purpose of them
develops a possible business representation that assist in fulfilling the requirement of a market.
Large company entrepreneurship- It mentions to those company which operate at wide
level and assist the firm to produce and offer huge profitability. To incorporate, these types of
commerce, large numeral of assets and assets are needed. Large company is effective for the firm
as they assist in gaining profitability.
Social enterprise- These types of establishment indicate to that enterprise that runs their
business for the welfare of society such as employment and others. These enterprises are
incorporating the individual by exchanging their new and creative thoughts in the firm. The main
purpose of these kinds of organisation is to develop the living standards of individual by offering
them job options.
Typology of entrepreneurship: They are defined as below:
Male- These types of entrepreneurship particularly supported to male who are accountable
for operating of firm and female are contained to involve in the determination devising activity.
Female- In these type of companies, female are the proprietor of company and they make
determinations and enclose rules for development of organisation. The entire business is run by
them.
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Managed growth- It indicates to those businesses in which male and female both are
accountable for the effective operating of organization (Sebikari, 2019). They both can create
contribute in decision devising and improve plan of actions and policies.
Similarities and difference among entrepreneurial ventures
The difference among entrepreneurial ventures is as following:
Basis Small business
entrepreneurship
Scalable start up
entrepreneurship
Large company
entrepreneurship
Social
enterprise
Definition It indicates to a
small scale
company within
little capital is
needed to
establish these
types of business.
These venture run
their business at
low extent.
It is firm that
incorporate for a
particular goal
and aim and
accomplish them,
they also design
some plans and
strategies.
(Rezaei-
Moghaddam and
Izadi, 2019)
These business
enterprises run at
large level and
needed more
capital for
incorporation. It
assists in earning
more profits and
produce goods
and services to
provide
satisfaction to its
target audiences.
These shorts of
entities are
operated by
business
personality for
the welfare of
the community
in term of
offering
employment
opportunities
and many
more.
Roles To gain profit
margin by
utilising limited
assets and
resources.
They play an
effective role to
find out
repeatable and
scalable model.
The role of these
kinds of ventures
is to satisfy
necessities and
requirements of
consumers by
offering
commodities and
facilities
according to
They play an
effective role
to create
awareness
about healthy
and safe goods
and services
(Cole, 2018).
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them.
Characteristics This type of
business requires
limited assets as
they run at low
level and invest
less amount of
finance in the
business.
These businesses
try to make more
venture capital by
making expansion
in business at
large level within
less time duration.
It is a constant
activity that
makes
modifications as
per desires and
wants of
customers
(Donckels and
Miettinen, 2019).
With the
assistance and
support of
national
authority these
ventures get
assets to
operate
business.
Objectives The major motive
of them is to earn
livelihood.
To invite
capitalist so that
they can show
their interest to
make investment
for the growth of
inventive
thoughts.
The key objective
of large ventures
is to fulfil its
consumer’s needs
by offering
quality products
and earn
profitability.
The major aim
is to maximise
the interest of
community by
offering the
commodities
and facilities
for the welfare
o
Similarities between entrepreneurial ventures: The description of them as under:
 All the business firms have an ordinary aim or purpose to set up and incorporate a
flourishing production and generate revenue by improving it in less time duration.
 Each production is urbanized and incorporated by the new and pioneering thoughts of
businesspersons.
 The key motive of all these kinds of commerce to improve commodity and facilities as
per the target audiences and offer transfection to them (Radović-Marković and Tomaš,
2019).
 The motive of these businesses is to earn profit by manufacturing products and factilities.
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Different sort of commercial enterprises to display an understanding of entrepreneurship
Public division companies are embarrassed and managed through national authority
instantly and indirectly. The administration spends senior amount on those firms and differ
confidential companies offer tactical assist to those. This kind of ventures has incorporation in
diverse segments and goals to offer excellence facilities and commodities to people.
Corporate sector enterprises operate confidentially and can own by people or communal.
These ventures expand advertising plans to offer superiority commodities and facilities to
consumer to develop their profits and durability of establishments. Several great firms, scalable
entrepreneurship venture are connected with this sector and centre on sustainable growth of
companies.
Observe the scope, progress and development of entrepreneurial firms
The aims, goals and objectives of several firms are differing that influence the range of
those enterprises. If those firms can expand commodities that can assemble the command of
consumers, then they can maintain for long period by earning profits. The capitalist ventures
require concentrating on growth by realization savings and plan to improve the goods and
facilities as per current trends and necessities (Sebikari, 2019). The development of diverse firms
is based in the superiority of commodities that how much they are able to fulfil needs of
consumers, pricing and sustainable strategies.
Assess relevant data and statistics to illustrate how micro and small business impact on the
economy
Categorise organisation into Micro business as well as small business
Small and micro establishment inflicts instant influence on economic system at UK and also
they provide several benefits into economy. Small scale business venture concentrates on
involving their effectiveness regarding GDP and also provides job opportunities to people of
society at UK. There are diverse points that are going to be defined as under:
Employment according the graph it has been determined that there is diverse number of
individuals who are unemployed at UK. It is also been determined that there is a comparison
between large and medium scale business company and also the involvement offered in micro
and small establishment at UK is more than wide as well as medium firm. From the above
defined graph it has been determined that micro as well as small business company provide more
than 130000 job options to people in comparison of large establishment they offer 105000.
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Engagement regarding GDP it has been determined that micro and small firm offers their
effectiveness in context of it. This assists in boosting the efficiency in context of GDP of UK that
offer support to economic system.
The importance of small businesses and business start-ups to the growth of the social economy
Explain social economic is defined as an activity in which there is different enterprises like
corporate mutual Association and Foundation that is associated to the company that share the
common value like privacy of a person and special aims in context of membership etc. that is
related to the social enterprise.
Small business companies are vital for the development of the social economy
Creation of employment small as well as medium scale firm inflicts instant on social
economy that provide range of growth option in context of job in business firm as there is a
biggest involvement and boosting their small or medium enterprise are essential part of the
economy in UK and also provide option for people in context of employment and maximising
number of functions and actions.
Innovation is essential for small and micro scale company as it is required for firm to
provide creative commodities to its consumer at market and also concentrates on developing
target audiences base by offering new products to its customers. They also concentrate on
bringing creation in social economic system in which venture runs their business.
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Involve significant amount of individual considering from disadvantageous team, there is an
amount of benefit for small and micro scale company regarding social economic system where
they involve several number of people engaging the firm demerits of team that executing
different function or activity of enterprise by utilising effective use of assets and also the
concentration on running their business in creative form.
Leading the manner on diversity, these are that kind of firm which based on a small
action and function and also they have diverse subordinate who concentrates on executing
functions in good form. The firm concentrations on executing their business and also employ
different employees and administrator for boosting productivity extent.
Meeting social purpose small as well as medium scale or company also contributes their
efforts regarding society and they satisfy the social obligation by providing different assets to
them. The new start-ups provides different serviced to individuals in community for developing
benefits. This is beneficial for business firm as it helps in development of separate identity by
accepting social conception.
It has been determined that small and micro scale venture impresses instant influence on
Economy of UK it impresses instant influence on the GDP and employment of UK and also it
imposes lead impact in social economy and different component that is mentioned above.
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PART 2
Analyse the characteristic, qualities and abilities of successful entrepreneurs
Martin Lewis
Lewis is one of the British personal finance journalists since February 2003. This person
incorporate a website i.e. MoneySavingExpert.com where willing people offer data towards
saving finance in diverse forms of deals and journalistic articles.
Characteristics
Flexibility- In this criterion Martin Lewis, willing to accept modifications in activities
and providing according to the circumstance (Fayolle, 2018). They always think flexible to solve
problem that identify unique and creative resolutions.
Passion- It is the energy of successful businessperson. Lewis is passionate about to
become a investment journalist in UK for this an industrialist puts more effectiveness and be
confident what they do and how to do that assist to make growing and prosper.
Traits
Risk tolerance- If an entrepreneur want to develop their business than its take risk and
accepts modification. Lewis is not fearful to take threat in dealing with new consumers which
assist in development of an organisation.
Decisiveness- Martin Lewis find out priority task and as per to that determinations can be
taken, which assist in effective performing in the firm even in under anxiety.
Skills
Communication skill- Martin Lewis is a immense communicator in a manner that transmit
ideas in a very clear and concise form that should be easily acknowledged by consumers,
partners and peers as well clients.
Strategic thinking ability- Within it, Lewis identifies issues and discloses options for
development. Marin figure out creative resolutions and find out low execution fruits and all this
completed within time and in low budget.
Brent Hoberman
Brent Shawzin Hoberman is one of the best British businessperson who was the co-
founder of Founders Factory and initiators forum that motivates and support entrepreneurship in
UK through education and business (Marom and Lussier, 2018).
Characteristic
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Creativity- Brent is the incorporator of new opinions that help to be winning in the
commerce for this they think outside the box and look for the immense development
opportunities and come with inventive solutions to earn profitability and status in the
community.
Futuristic- Brent has aim oriented and identify what exactly they want and always do as
per the aim which aimed to attaining the task in future (Mahadea and Zogli, 2018). As a
businessperson always look forward or more forward for attaining the goal.
Traits
Persuasive- Brent has aim skill to induce or convince any person who accept a needed
manner of assessment to earn increase profitability margins.
Adventurous- Brent always interest to take risk to gain more profits and for long duration
survival and development.
Skills
Networking- Hoberman creates wide association by delivering feelings and data to
individuals and transmit correct information to precise person. There, administrators and
businessperson are different from each other, managers are also worker who works under the
possessor and they not take orders.
Finance- Brent has appointed finance administrator to hold assets and measuring
investments for earns a higher rate of returns that is the main requirement for businessperson.
Assess how aspect of the entrepreneurial personality
A personality section of an entrepreneurial personality reflects encouragements and
mindsets of a person. To sophisticates an individual personality enterpriser utilise ocean model
that is also acknowledged Big Five Personality Traits Model to easily understand individuals and
their behaviours. These five components of this model are openness, conscientiousness,
extraversion, agreeableness and neuroticism.
Openness- The individual of this trait, are the broad range of interest to obtain new things
and use new experiences. Multitude is high on this trait on this quality are more effective and
creative whereas individual who are low in this skill are often old thinker and dislike modify
(Mahadea and Kaseeram, 2018). They are inquisitive about to distinguish the globe and other
people’s behaviour and interests etc. Martin Lewis and Brent Hoberman are opening minded and
accept changes in easy manner which help to become the best businessperson in UK.
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Conscientiousness- Individual of this quality is self discipline and conducted. An
individual high on this trait pays full attention to detail, enjoys a set schedule, frame plan to
complete task timely. On the other hand, individual having low on this are messy, not like
effective planning and schedule, adjourns important tasks. Lewis & Hoberman have an immense
communication and networking ability that assist to easily convey their thoughts and improves a
best resolution for the issues and conducts accordingly.
Extraversion- Within it, a person is highly expressive and claim thoughts on others. The
individual high on this are very active, passionate and gain power on social circumstances while
low people prefers privacy and dislike being centre of desirability (Kuratko and Morris, 2018). In
context of Martin Lewis and Brent Hoberman, they both are very active and fanatic kind of
people so they emphasize their thoughts in easy manner on their workers so that they perform
meaningfully.
Agreeableness- This kind of individual enjoys involving to the happiness of other
individual and neglect unfavourable ideas & behaviours. In it, Lewis and Hoberman generate
motivational atmosphere to their workforce so that work vey passionately and helps others who
have requirement of help in the firm.
Neuroticism- It indicates to that individual whose quality and capability to stay stable and
balanced in each condition. Lewis and Hoberman ahs capability to determine any kind of
complexities and traits in a soft form which direct in to take any effective action and needed
developed satisfaction in an appropriate manner.
Examine diverse lines of argument relating to commercial characteristics
Each industrialist is that kind of multitude that is potential to outline formation in current
marketplace. Further, trait theory refers that people are born not completed as it shows each
individual obtain businessperson ability by birth that they just pertain in to their business
activities and operations. Every personality has its own capabilities that they can obtain form any
circumstances or inspection that assist them to execute their effective performance in an
adequate style.
Analyse characteristic, qualities, abilities and motivational drivers of flourishing entrepreneurs
In reference to earn growth and progress, entrepreneur learns or adopts different abilities and
traits which direct them to increase reasonable benefits in marketplace. For example, Brent
Hoberman has efficient communication and also has the capability of risk taking that directs him,
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to be CEO of Founder Factory (Demirel and et. al., 2019). While Martin Lewis has skills of
obsessive and supple this made him proprietor of MoneyExpertSaving.com.
PART 4
Examine, how background and experience can hinder or foster entrepreneurship
Both businesspersons suffer numerous complexities and problems in their life but due to
their abilities, qualities and characters, they were capable to become growing individual among
UK business sectors (Kurpayanidi, 2018). The background and experiences which they earn in
their life are described as under:
Brent Hobermanr
He was born on 25 November 1968 in British and finished his qualification from Oxford
University. His father and Grandfather was an entrepreneur who driven Hoberman to establish
his own administration. In his early age, the person suffers diverse complexities such as finance,
emotionally and physically but still faces them with their adaptive form. Due to this, it leads
Hoberman to accept efficient position in rivalry marketplace. At the time of his journey, the
person got several kinds of honours such as mydeco.com, co-founded of lastminute.com and
many more. He is an innovative and creative person and these traits lead Hoberman to become a
flourishing entrepreneur and CEO of Founder Factory.
Martin Lewis
Lewis was born on 9 May 1972 in Manchester, England. He finished his
qualification and foster teaching from London school of Economies, Cardiff University. His
father was a headmaster and he lost his mother in a car accident. Martin suffered different
problems in his childhood. Lewis has a dream to grow to be a journalist in purported television
channel so the individual finished his qualification and gained several abilities and skills. After
all suffering diverse kind of complexities in life, Martin converts his dream, in to reality and
become a Producer for BBC business unit of BBC Radio Five Live and Editor of BBC 4’s
Today. After this, he moved to Satellite Channel and Simply Money and for which he modifies
as Money SavingExpert. But this company related ideas offer defeat to him and 51 of its workers
lost their employment. Thus, existence a threat tolerance and obsessive qualities (Wynn and
Jones, 2019). Lewis was capable to accomplishment on this goal in a set time frame as become
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the beginner of MoneySavingExpert.com and also the monetary Journalist in BBC association in
an appropriate form.
Determine the connection among entrepreneurial qualities and the impact of personal
background and incident
Qualities and characteristics of people instantly connected with personal background of
them and enable in devising a incurable summarisation in excess of their profession. For
instance, Brent Hoberman and Martin Lewis suffered several kinds of issues and challenges still
they overcome each complexity in an effective mode (Laudano, Marzi and Caputo, 2018). Their
abilities and characteristics enabled them to get over their bad experiences of life that completed
to gain achievement and progress of their career in improved manner.
Critically assess how background and incident manipulate entrepreneurs, both optimistically and
unenthusiastically
Background and experiences of business person frame favourable and unfavourable
influence over the career. In positive form, it motivates them to get information and presume
diverse abilities and skills in reference to convert their dream in reality and acquire their
obsession (Julien, 2018). In unfavourable manner, if they do not utilise their effectiveness to get
over their issues then it direct to go in to profound tension and dejection.
CONCLUSION
This has been summarised from the exceeding mentioned information that entrepreneurship
is a procedure and quality of a person to develop, conduct, administrate, control and introduce a
new enterprise in the marketplace with the motive of earning profit and fulfilling consumers’
needs by offering commodities and services according to them. Along with this, there are several
types of business firms that are differ from each other on the basis of their size, responsibilities
and obligations. In addition to it, in existing competitive marketplace, small commerce assist in
building development in the economical growth of UK by offering a range of job opportunities
and developing productivity and profits of the firm in effective form. Apart from this, each
businessperson includes unique qualities, skills, traits etc, lead them to overcome their
complexities and help in accomplished set career goals.
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REFERENCES
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