Entrepreneurship and Small Business Management

This document explores the concepts of entrepreneurship and small business management, their impact on the economy, characteristics of successful entrepreneurs, and more. It provides an in-depth analysis of various types of entrepreneurial ventures, their scope, development, and growth. It also discusses the similarities and differences between entrepreneurial ventures in the public and corporate sectors. The document evaluates the impact of businesses on the national, international, and social economy, using relevant data and statistics for illustration. Additionally, it determines and analyzes the characteristics, traits, skills, and motivational drivers of successful entrepreneurs, supported by specific examples. The document also assesses how various characteristics of the entrepreneurial personality reflect entrepreneurial motivation and mindset. If you are studying entrepreneurship and small business management, this document will provide valuable insights and study material.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
PART A...........................................................................................................................................3
1) Various types of entrepreneurial ventures with their scope, development, growth and
relationship with typology of entrepreneurship and discuss similarities and differences
between entrepreneurial ventures and provide examples in both public and corporate sector3
2) Impact of businesses on national and international and social economy and evaluation of
impact that different types of businesses make to the economy and use relevant data and
statistics for illustration..........................................................................................................5
PART B............................................................................................................................................6
1) Determine and analyze characteristics traits, skills and motivational drivers of successful
entrepreneurs by exploring different lines of arguments and support them with specific
examples.................................................................................................................................6
2) An assessment of how various characteristics of the entrepreneurial personality reflect
entrepreneurial motivation and mindset.................................................................................8
3) Critically evaluate how a person’s background and experience can influence entrepreneurs,
both positively and negatively by comparing and contrasting examples...............................9
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneur is the concept which determine willingness and capacity for proper
development, organisation and management of enterprise for taking all types of risk so that
profits can be achieved or obtained in effectual manner (Britzelmaier, Häberle and Landwehr,
2015). Small business management is the way of managing tiny or little business in order to
make it large in effectual manner. The entrepreneurship and small business management are
related to each other as one develop firm and another manages it at competitive market. Being
the junior business executive of UK government department various task are assigned. This
report contain various types of entrepreneurial ventures and their impact on economy of country.
It has also highlight about characteristics, traits, skills and motivational drivers of successful
entrepreneur and their mindset and motivation for personality entrepreneurial. The background
and experience of businessperson are described here.
PART A
1) Various types of entrepreneurial ventures with their scope, development, growth and
relationship with typology of entrepreneurship and discuss similarities and differences
between entrepreneurial ventures and provide examples in both public and corporate sector
Entrepreneurial Venture
This is defined as concept where business has to do innovation and opportunism in order
to increase their economic and social value. The entrepreneurial venture includes following:
Small Entrepreneurial Venture- This is regarded as that business which possess less
requirement of capital and have less number and size of firm (Doern, 2016). In order to operate
such enterprise, they prefer to recruit local individual of society like travel agent, designer, hair
dresser, etc. This is connected with growth topology to survive at market. They focus on finding
new opportunities and development at marketplace and scope is to grow at marketplace.
Scalable Entrepreneurial Venture- It is referred as those business where entrepreneur
focus on changing world by attracting people to invest their money in business. In order to run
business activities and operations, they have to recruit best people to perform work. For instance,
Instagram, Facebook. It is related with growth topology which focus on making profits. They
focus on growing along with developing new ideas and innovation at marketplace. Scope is to
earn high profit margin in an appropriate manner.

Large Entrepreneurial Venture- It is that venture whose size is large and has huge
market share. This business focus on manufacturing innovating and unique products and services
in order to meet requirement of consumers. It is linked with lifestyle topology to increase market
share for fulfilment of need of society. This includes, Google, Microsoft and others. For lifestyle
topology, need and demand of consumers should be fulfilled along with growing and developing
at marketplace. Scope is to fulfils requirement of their users and updating themselves on regular
basis.
Social Entrepreneurial Venture- This is mainly formed for meeting and solving
requirements of society people by providing them products and services (Dunne and et. al.,
2016). It is the combination of non-profit and hybrid rather than making profits. For instance,
Oxfam, NHS and others. This is related with lifestyle topology to meet consumer need and
demand. In order to survive at market, it is very important to develop and grow along with
fulfilling society requirements.
Similarities Between Entrepreneurial Ventures
 All focus on developing innovative products with use of technology to meet requirement
of consumers.
 For business expansion, ventures has to borrow money from different investors.
Difference Between Entrepreneurial Ventures
Basis Small
entrepreneurial
venture
Large
entrepreneurial
venture
Scalable
entrepreneurial
venture
Social
entrepreneurial
venture
Meaning This operate and
run enterprise at
small level and
has small size and
less number of
staff.
This is operating
business at huge
or large level by
manufacturing
innovative
products.
It focus on
investing money
for start-ups at
scalable level.
It operate
business at large
level having aim
to provide welfare
to society.
Objectives Objective is
sustaining at
market place for
Objective is
competing with
other in order to
Objective is
reaching large
number of clients
Objective is
working for
welfare of society

longer time
period to achieve
essential
requirements.
produce unique
and innovative
products.
with analysis of
requirements.
in order to get
high profitability
ratio.
Organisation is divided into two sector such as public and corporate where example of
public are BBC, British Council, Department for Transport whereas example of corporate are
Leed, Virgin Group, New Look and others.
2) Impact of businesses on national and international and social economy and evaluation of
impact that different types of businesses make to the economy and use relevant data and
statistics for illustration
It is very important to analyse impact of business in order to achieve goal and objectives
in effective and efficient manner. The contribution of SME on economy are described are:
Local Level- It is impacted because of small and micro business activities and operations
(Gabadeen and Raimi, 2012). The local level is getting positive benefits in terms of creating job
opportunities for local living people in order to improve their living standard and make them to
live and prosperous life.
Regional Level- With the rise in business at regional level assist to improve both local as
well as regional economy.
National Level- There is highly presence of organisation at United Kingdom that focus
on providing employment to 15 million people. It is essential to come up with new and
innovative ideas to grow and attain success at marketplace.

Illustration 1: Impact of SMEs on economy.
Source: (Brexit’s impact on small businesses: the experts may be spot on after all, 2019)
The above statistics represent that SME helps in rising economy of United Kingdom.
There is 5.7 million SME that includes 99% of private enterprise and provide employment to
60% to private business (The Role of Start-ups and Small Businesses in Today’s Economy,
2018). This helps in growth and success of business which has provided 2 million employment
from 2010. The improvement are as follows:
 UK has 5 million SME that provide 60% of private employment.
 SME provide 2 million jobs to nations that assist in development of economy and its
growth rate.
Therefore, SME assist in creating employment opportunity and leads nations to grow and
develop in competitive marketplace.
Analysis of small, micro, medium and large businesses and their impact to national,
international and social economy is that they play significant role in economic development of
country. They assist in production, contribution to exports, employment generation and
facilitating equal distribution. SME focus on development of national, international and social
economy of country in effective manner.

PART B
1) Determine and analyze characteristics traits, skills and motivational drivers of successful
entrepreneurs by exploring different lines of arguments and support them with specific
examples
Entrepreneur consists of various characteristics, traits, skills and motivational drivers
which assist in performing work in impressive and attractive way (Galloway, Kapasi and Sang,
2015). The two success entrepreneur are described here:
Mark Zuckerberg
Characteristic (Innovative & Technical)- In order to be entrepreneur this
characteristics is important to launch innovative and attractive goods. Here, Mark Zuckerberg
focus on high innovation which helps him to come up with new, innovative and impressive idea
that leads him to make Facebook. This is used by each and every individual living in society to
connect themselves with other people of world. He has good technical characteristics so he
successfully developed Facebook.
Traits (Situation acceptance & Good Behaviour)- There are various situations which
arise in business so entrepreneur should be able to accept all situations (Kuckertz and Mandl,
2016). They have to deal with mistakes and failures. Marks Zuckerberg has faced various failure
but did not give up and never demotivated himself. He can easily acceptance situation that is
arise in business. He has good behavior so he easily connected with large number of people in an
effective and efficient manner.
Skills (Decision making & Leadership)- This is the important skills of entrepreneur
which helps them to follow their dream and achieve goal of life in effectual and efficient manner.
Here, Marks Zuckerberg possess out of box thinking skills and worked hard for achievement of
those objectives. He has leadership skill where he has played role of leader to run business in
proper way.
Motivational Driver (Money)- The motivational driver for Marks Zuckerberg is money
as he wants to become overnight billionaire so he became successful entrepreneur in order to
earn huge amount of money (The 5 Motivations That Drive People to Choose Entrepreneurship,
2019). It is not possible to become billionaire by doing jobs and dedicate and hard worker is
most required for successful. Therefore, money driver has helped him to become famous
globally.

Peter Jones
Characteristic (Passionate & Perseverance)- It is regarded as essential characteristics
that assist individual to become successful person. Peter Jones has passionate characteristics
which assist him in lying with his vision until he achieved it in proper manner. Peter Jones
possess perseverance characteristics which leads him to be preserved nature.
Traits (Risk taker & Timing)- In order to be entrepreneur, it is essential to possess such
traits within themselves. As it helps to run business and its activities and operations in effectual
manner by taking various risk in order to achieve maximum profits. Peter Jones is risk taker that
helped him to develop innovative business ideas. It also aid in running activities effectively and
efficiently. Peter Jones focus on performing each and every work on timely which assist him to
become more punctual and timer.
Skills (Creative Thinking & Communication)- For becoming entrepreneur, it is
important to have creative thinking so that new business concept can be developed effectively
and efficiently (Nieuwenhuizen, Rossouw and Badenhorst, 2012). Here, Peter Jones is regarded
as creative thinker entrepreneur due to which he has launched innovative and unique products for
users. Peter Jones has good communication skill where he has easily communicated with each
and every people.
Motivational Driver (Flexibility)- The motivational driver for Peter Jones is flexibility
as he want to work as per his own rules and regulation rather than working demand of traditional
work. In order to be your own boss frees him from restraints and problems. All the work and
performance are done as per own ways in effective and efficient manner.
2) An assessment of how various characteristics of the entrepreneurial personality reflect
entrepreneurial motivation and mindset
It is very important for entrepreneur to possess unique characteristics, traits and skills.
With such they can identify their strengths and weakness which is required in business. There are
various aspects which aid knowing motivation and mindset of entrepreneur. For becoming
successful businessperson, it is essential to have unique and innovative ideas to run business
appropriate manner. The characteristics of entrepreneurial personality reflect motivation and
mindset of entrepreneur with help of OCEAN model which is described below:
OCEAN Model

This is called five personality traits and five factor model (FFM) that aid for knowing
various characteristics of people to operate enterprise in appropriate manner for achievement of
goal and objectives (Schaper, 2016). There are five characteristics which are mentioned below:
Openness to Experience- This is defined as individual's complexity and depth of mental
life and experiences. It is also called imagination and intellect where people tries new things and
think out of box. It includes varied interests, preference for variety, curiosity, creativity,
perceptiveness and others. When this characteristics is high then people like to enjoy, focus on
creativity, meet new people whereas when openness to experience is low then they perform
routine work and prefer less entertainment and abstract arts.
Conscientiousness- It is defined as characteristics where there is tendency to control
impulse and act in societal way. Those people work with rules, plan, organize activities and
delay gratification. The factor of conscientiousness consists of ambition, consistency,
predictability, control, planning and others. Individual having high characteristics leads to be
successful for getting leadership positions. Similarly, people with low conscientiousness leads to
impetuous, fighty and impulsive.
Extroversion- There are two ends of spectrum such as introversion and extroversion (Big
Five personality test traits, 2019). Here, introvert does not interact with others whereas
extroverts get energy in order to interact with others. This includes sociableness, energy,
outgoing nature, talkativeness, friendliness, social confidence and others. In case of extroversion,
when it is high then there is more opportunities for social interaction and feel comfortable with
each others. Similarly, in case of low in extroversion, people prefer few words with other and are
quite and reserved nature.
Agreeableness- It is defined as characteristics where people get along with each others in
effective and efficient manner (Smith and Chimucheka, 2014). This is the orientation among
each other and way of interacting with others. The traits falling under agreeableness are trust,
patience, tact, loyalty, kindness, helpfulness, cheerfulness, consideration and others. Under this,
people with low agreeableness are respected and sensitive and possess no or few enemies.
Similarly, individual with low traits are less trusted and liked by others and so on.
Neuroticism- It is not the factor of incompetence or meanness but having confidence and
comfortable with one another. This goes through general temper and emotional stability. It
consists of following traits such as awkwardness, jealousy, fear, anxiety, nervousness, self-

criticism, insecurity, instability and others. Whenever there is high traits then to sadness, low self
esteem, anxiety, sadness. In this case, people possess high tempered and insecure of oneself.
Similarly, in case of low neuroticism, individual feel more adventurous and confident for work
performance.
3) Critically evaluate how a person’s background and experience can influence entrepreneurs,
both positively and negatively by comparing and contrasting examples
The individual is influenced by their family background and experience possessed by
them that leads them to attain growth and success in both professional as well as personal life
(Volery and et. al., 2013). Also there are many situations that hinder their success and growth to
achieve positive outcomes. The examples which identify person's background and experience to
become entrepreneur are:
Mark Zuckerberg
He was born on 14th May, 1984 at Dobbs Ferry, New York, United States. He is known
as American philanthropist and technology entrepreneur. Mark Zuckerberg is called as leader
and co-founder of Facebook. He has completed his education from Harvard University of
America and belongs to high and well off family which assist in development of his good and
bright future. With the family background, culture, experience, nationality and traits has helped
him to foster successful and bright career. He has possessed introvert characteristics due to
which he did not make friends and focused on spending more time with his parent and family
and indulged himself in various activities and operations. From the initial stage, he has interested
in invention of software and technology and supported by his family. Though his father was
dentist and always supported his child to achieve his dreams. Therefore, this reflect that Mark
Zuckerberg career was supported by his family and helped him to become successful
entrepreneur.
He has good family background and experience which lead him to success and grow at
marketplace in every stage of his life. This assist create confidence to him to achieve final goal
and objectives of life in an effective and efficient manner.
Peter Jones
He was born on 18th March, 1966 at Maidenhead,, Berkshire, England. He is known as
British entrepreneur, reality television and businessman having interest in television, leisure,
mobile phones, property. He was with his family and raise at Brekshire. He is known as

American Investor where he has made two investment at BBC television which includes
DragonDen and American. He belongs to poor family but his dream was to become multi-
millionaire. He set up coaching school for tennis and initiated business. Along with, at 20 age, he
started business of computer which made him to buy house, car and others. He has faced failure
and lost his business because of his own mistake and went through tough phase of life. In the
year 1198, he formed own phones company where employing 1000 employees who generate 250
million pounds. The family background and experience which he has faced due to poor condition
of family influence him to become successful entrepreneur. Though family supported him by
motivating him but not in terms of money. Therefore, in this way, he initiated journey and
became successful entrepreneur at market.
Peter Jones lack personal experience and funding due to which he failed many times. He
has faced issues in terms of working capital and resources. He need to perform right types of
research and development in order to collect data and information before initiating any business
at marketplace which leads them to achieve success and growth at marketplace.
Therefore, in this way, family background and experience assist people in both positive
as well negative way to become entrepreneur. If individual takes everything seriously and work
hard with dedication then they can easily achieve success and growth. These above are example
of successful entrepreneur who has gone through many ups and down and finally achieve their
life goal and objectives.
CONCLUSION
The presented assignment concluded that entrepreneurship helps business to attain goal
and objectives in effectual manner. The individual who develop and operate business and their
activities and operations is known as entrepreneur. Entrepreneurial venture includes small, large,
scalable and social having different aim and objectives and related with growth and lifestyle
topology. Increase in SME assist society and country to provide employment opportunity which
leads in improving living standard of people. In order to become successful entrepreneur, it is
essential to have some characteristics, traits and skills which assist them to bring innovative and
unique ideas and products to marketplace for users. For explanation of entrepreneurial
motivation and mindset, OCEAN model has discussed that identify personality of individual
required in business. Also there is influence of family background and experience that helps
individual to become successful entrepreneur at marketplace.

REFERENCES
Books and Journals
Britzelmaier, B., Häberle, M. and Landwehr, M., 2015. Risk management in German small and
medium–sized enterprises. International Journal of Entrepreneurship and Small
Business. 24(4). pp.548-571.
Doern, R., 2016. Entrepreneurship and crisis management: The experiences of small businesses
during the London 2011 riots. International Small Business Journal. 34(3). pp.276-302.
Dunne, T. C. and et. al., 2016. The impact of leadership on small business
innovativeness. Journal of Business Research. 69(11). pp.4876-4881.
Gabadeen, W. O. and Raimi, L., 2012. Management of entrepreneurship education in Nigerian
higher institutions: Issues, challenges and way forward. Abuja International Journal Of
Education And Management Sciences (ABIJEMS). 2. pp.1-26.
Galloway, L., Kapasi, I. and Sang, K., 2015. Entrepreneurship, leadership, and the value of
feminist approaches to understanding them. Journal of Small Business Management.
53(3). pp.683-692.
Kuckertz, A. and Mandl, C., 2016. Capturing the complexity and ambiguity of academic fields:
Determining consensual definitions for small business research, entrepreneurship and
their shared interface. In Complexity in Entrepreneurship, Innovation and Technology
Research (pp. 417-438). Springer, Cham.
Nieuwenhuizen, C., Rossouw, D. and Badenhorst, J. A. eds., 2012. Business management: A
contemporary approach. Claremont: Juta.
Schaper, M. ed., 2016. Making ecopreneurs: Developing sustainable entrepreneurship. CRC
Press.
Smith, W. and Chimucheka, T., 2014. Entrepreneurship, economic growth and entrepreneurship
theories. Mediterranean Journal of Social Sciences. 5(14). p.160.
Volery, T. and et. al., 2013. The impact of entrepreneurship education on human capital at upper‐
secondary level. Journal of Small Business Management. 51(3). pp.429-446.
Wach, K. and Wehrmann, C., 2014. Entrepreneurship in international business: International
entrepreneurship as the intersection of two fields. International Entrepreneurship and
Corporate Growth in Visegrad Countries, pp.9-22.
Wright, M. and Stigliani, I., 2013. Entrepreneurship and growth. International Small Business
Journal. 31(1). pp.3-22.
Online
The 5 Motivations That Drive People to Choose Entrepreneurship. 2019. [Online]. Available
through: <https://www.entrepreneur.com/article/249417>.
Big Five personality test traits. 2019. [Online]. Available
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The Role of Start-ups and Small Businesses in Today’s Economy. 2018. [Online]. Available
through:<https://www.market-inspector.co.uk/blog/2017/05/facts-about-small-medium-
businesses-in-the-uk>.