Entrepreneurship and Small Business Managements : Assignment

Entrepreneurship and small business
management

Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Describe the different types of entrepreneurial venture and explain that how they relate to
the topology of entrepreneurship.................................................................................................3
P2 Discuss about the Similarities and differences between the entrepreneurial ventures...........5
M1 Diverse range of entrepreneur ventures in both public and private sector............................6
P3 Interpret and access the relevant data or statistics to illustrate how micro and small business
impact on the economy................................................................................................................8
P4 Describe the importance of small business and enterprise start-ups to the growth of social
economy.......................................................................................................................................9
TASK 2..........................................................................................................................................11
P5 Characteristics, skills, and traits of successful entrepreneur................................................11
P 6 Entrepreneurial personality reflect entrepreneurial motivation and mindset......................12
P 7 Background and experience that can hinder and foster entrepreneurship with examples...13
M4 Analyse the link between entrepreneur characteristics.......................................................13
M3 Examine different lines of argument relating to entrepreneurial characteristics................13
CONCLUSION................................................................................................................................1
REFERNECS...................................................................................................................................2

INTRODUCTION
Entrepreneurship and small business management is the conceptual framework that help to
perform different task to build the strong position in marketplace. The business management
process is designed to build the strong skill that help for managing and controlling in proper
manner. This report will discuss about the different type of entrepreneurial venture and also
explain that how they can relate to the topology of entrepreneurship. This documentation will
describe the similarities as well as differences between the entrepreneurial ventures.
Furthermore, it will describe access the relevant data of micro and small enterprise impact on the
economy. Moreover, it will describe the importance of small business and other start up to
increase the growth of social economy. It will determine the characteristic traits, skills of
successful entrepreneur that differentiate from the business manager. This report will assess that
how aspects of entrepreneurial personality reflect the motivational and mind-set. At last, it will
describe the background and experience can foster and hinder the entrepreneurship.
TASK 1
P1 Describe the different types of entrepreneurial venture and explain that how they relate to the
topology of entrepreneurship.
Entrepreneurial venture is an individual those who are started and running the business
with limited planning and resources. It is responsible for managing and controlling all the risk or
rewards of enterprise venture (Awotoye and Singh, 2018). The enterprise generally encompasses
the new product and service rather than the existing business model. There are different type of
entrepreneurial venture and also related to the topology.
Survival Firm
It is based on the independently owned business that operates for profit enterprise which
are not dominant in its field. The basic goal of survival ventures to grow the business for long
term benefits with possibility of eventual increase the sale. For Example- retail store, agriculture
and other restaurants etc. This type of entrepreneurial venture can generate the payroll taxes and
jobs but these are not large employers. It provides the better quality of product and services to
the consumer.

Life style Firm
This type of venture is based on the profit enterprises where they are combining with
motivator those who are having the strength, knowledge, skill and passion. The goal of life style
firm to increase the profit rate and also self-directed the business that engage with the expertise.
Aggressive growth Firm
It is based on the large business and there are more than 500 employee’s works. This type
of entrepreneurial venture is generating the substantial revenue and profit for the enterprises. The
large organizations are significantly employer in the community which tends to recognize brand
image and always maintain the reputations. For Example- AT&T is a telecommunication
company that has been increased their revenue in global marketplace. It is a leading organization
to maintain the growth and development.
Entrepreneurship Topologies
A topology is based on the technology that can analyse the previous occupational
background which despite to increase the evidence of topologies for research purpose.
Social topology- it applicable in the small business which required to improve the culture and
social environment. It is important part of topology to create non-profit goals for providing the
better product and services (Cheung and et.al.,2019). For Example- Social entrepreneurship
include the educational programs and providing the banking services in other areas. It always
putting some efforts to connect with the local communities for increasing the revenue. Social
topology is related to the lifestyle firm that could be helping the orphaned children by disease.
Scalable topology- this type of topology is the most important factor in terms of entrepreneur
that applicable in the survival firm that help to take current enterprise to next level. Scalable
topology generally the start-up of innovation cluster to make small percentage due to the risk of
capital, outsize returns etc. Scalable topology is related the Survival venture to grow the business
but does not effect on the

P2 Discuss about the Similarities and differences between the entrepreneurial ventures.
Differences:
Differences Survival Firm Life style Firm Aggressive Growth
Annual growth rate In survival firm, the
growth rate is
increasing day by
day (Kloepfer and
Castrogiovanni,
2018).
It has been increased
the annual growth
rate on the basis of
weekly and monthly
operations.
It has been increased
the annual growth in
2-5 year with approx.
20 percentages.
Management style Survival firm is
mainly used the
Reactive
management style.
It can be used the
tactics in their
business operations
and functions.
The aggressive
growth venture is
used the strategic and
proactive style.
Business structure The structure of
survival venture is
simple to understand
the operations and
functions.
Life style firm
mainly follow the
simple structure.
It is based on the
functional structure
and divides the work
of employees
according to
performance.

Similarities
Similarities Survival Firm Life style Firm Aggressive Growth
Firm
Creative idea It is the most
common idea about
the survival firm
that can implement
creative idea for
developing
business across the
world.
This type of venture is
also trying to invent
new idea that helps to
improve the business
operations and
functions.
It is based on the
large business which
already used the
creative idea but they
are trying to add
more features in
business activities.
Constant innovation It is prime concept
in the survival
venture but they are
actually better
suited to be more
innovative than
large organization.
Life style firm provide
the reasonable living
for the founder and
highly potential vision
towards the
innovation.
Aggressive growth
firms are already
used the innovative
concept in their
business. They are
planning the
international
expansion to improve
the quality of product
and services.
M1 Diverse range of entrepreneur ventures in both public and private sector
There are many ventures in both public and private sector that is as follows :-
Life style Firm- they usually operate in private sector and are focused on improving lifestyle of
people. The main focus is on earning profit by fulfilling needs of people.
Survival firm- They operate mainly in retail sector and are owned by public. There are large
numbers of employees working in it. The main goal is to earn huge profits.

P3 Interpret and access the relevant data or statistics to illustrate how micro and small business
impact on the economy.
Micro and small business plays important role in the global market that help to local
communities where they are selling and buying with neighbours etc. It is an essential small firm
in the rural areas and other cities in terms of economic advantages or benefits. Many cities, Small
business offers the more inventory product to specialise in giving the unique opportunities
(Afriyie, Du and Musah, 2019). It contributes to the economy through innovation for improving
the quality of services in marketplace. It provides the employment opportunities where people
those why may be employed through large organizations. There are common points consider by
small business to impact on the economy.
Employing local people
Micro and Small business always contributes the local economics by bringing the growth
and development through innovation in the communities. In this way, it helps to maintain the
economy growth and provide more opportunities for people. Many small businesses are
searching the talented and skilled candidates that can implement new solution from the existing
ideas.
Adapting to climate change
Small business is quickly respond towards the changing of economic climate. In fact, small
enterprises are often consumer oriented that understand the requirement of community. Many
potential consumer always remain loyal to their small business at the point of economic crisis. In
this way, it can determine that small business accumulate less revenue but they have faced less
economic crisis.
Contributing towards local government with taxes
When the client will patronize local enterprises, they are necessary to return money back
to their local community. Local firm will generate the high revenue so that enterprise will pay
high taxes such as taxes on local property. In this way, Small enterprise will improve the value of
property in global marketplace. The small business directly impacts on the local economy growth
which takes the form of sales tax collection.

Statistical Data of SME Impact of economy
Figure 1 SME contribution to economic growth
(Source: Impact of SME on the Economy. 2018)
As per diagram, it is representing the Small business of manufacturing sector that followed by
the products which are leading small enterprise to contribute towards employment. It also
describes the large number of SME in the sector which has a great demand to exhibit the labour.
The contribution of SME has increased from 5840 to 2000 and also representing to increase 18%
over the period. It is positively impact on the economy to increase the demand of employees in
local organization.
P4 Describe the importance of small business and enterprise start-ups to the growth of social
economy.
Small businesses and starts ups are booming in the recent times that have gained a
significant rise. It has been demonstrated that their presence has contributed in both ways,
namely the economic benefits and society based advantages (Hornsby and et.al., 2018).
Moreover, there is generation of employment opportunities that boosted the economy of the
country. For instance, Akoni is one of the flourishing start-ups that was established in 2015 and
support the SME’s without the treasury departments. Their focus is on helping them by using the
automated tools and data analytics. Such platforms help the entire community in improving their

standards of living and also give a security regarding the financial aspects as well. These are
assets in generating revenues that indirectly help the country to grow and support the livelihood
of many people to lead a comfortable life.
Furthermore, it has also shed light on the participation by the women who takes a career
gap and later given the jobs to prove their talents and help in growing the productivity and
profitability. This also establish relationships in between the employees, customers and suppliers
that lead to a more transparent and reliable channels of communication. This fosters the
innovation concept that comes in handy when any small business or start up is going to start. Its
success ratio is directly dependent on the new ideas and different concepts to gain a loyal
customer base. Here the sustainability factor has helped them to attract a widespread audience to
buy the products or services. For e.g. Bulb is one of the UK company which is the supplier for
renewable energy and has ranked first (Prosser, 2018). This company sold green gas and
renewable electricity on complete basis to around 300000 households and promoted their CSR
successfully.
M2 Difference between small, medium and large businesses
Small Medium Large
These business are relatively
small and provide services in
local areas.
They are bigger than small
and offer various services to
people.
These businesses are essential
for GDP and highly contribute
in it.
It account for 99.3% of private
sector business and contribute
for about 79% in UK
economic output.
There are 0.06% of medium
businesses in UK. The total
turnover is around 14%.
There are 0.01% of large
business in UK and turnover is
around 53%.

TASK 2
P5 Characteristics, skills, and traits of
successful entrepreneur.
Entrepreneurship is the process of
creative new ideas and starting new ventures
that designs and developing a new strategy to
establish the new business. Successful
innovations helps to enhance the standards of
living and creates jobs opportunities for the
public (Guzman and Kacperczyk,2019).
Therefore, entrepreneur is the person who take
risk to develop the new business in order to
expand the business.
Characteristics
Risk potential — This is one of the best
characteristic of entrepreneur. He has the ability
of taking the risk because they have potential to
take risk. Therefore, they establish an
innovative business which have high risk, but
they measure all risk to analyse the marketing
factors who affect the business internally and
externally (Woodward, Ellig and Burns, 2019).
Thus, they reduce the level of risk by
measuring them. Peter Jones is one of the best
entrepreneur who different from others that
they have ability of measuring the risk, by
analyse the performance and checking level of
risk.
Profit potential — Another characteristics is
profit potential this is also the best
characteristics of entrepreneur, they have good
mind which makes the innovative products at
generate high profits for the firm. Richard's
Branson have ability of enhance the profit, this
characteristic makes the different from other
because they make innovative product to meet
the requirements of customers and it generates
the probability of profits.
Skills
Money management skills — This skill is one
of the most important skill of entrepreneur.
They understand that how much money will
require to achieve the goal of business.
Therefore, in other side, normally organization
require the manager who manages the budget
and capital of the business. Thus, peter Jones
have ability of manage money and budgets in
the business to achieve the goal and objective
of the firm.
Time management skills — This skill is also
one of the best skills. Entrepreneur has the time
management skills because they have creative
mind, that how to mange all the activity of the
business in particular time frame. Thus,
Richard Branson have best time management
skills that they manage all the business activity.
Traits
Self motivation — Self motivation is most
important traits of entrepreneur. Thus, high self
motivation is enhanced the ability of taking
challenges. Therefore, through high motivation
entrepreneur and other organization manager

enhance their performance but the confident of
taking challenges is only in entrepreneur. So,
Peter Jones has high self motivation they take
challenges and grow their business with their
hard work.
P 6 Entrepreneurial personality reflect
entrepreneurial motivation and mindset.
Entrepreneur motivation and mindsets
helps to business for achieving the goal of the
firm because good mindset and high confident
is enhanced the growth of the business.
Therefore, to identify the motivation among the
entrepreneur using the ocean model.
Openness — This trait is described that, high
openness mean entrepreneur have ability to
grab new things they are highly motivated
towards the work. On other side, low openness
is indicates that entrepreneur are nor highly
motivated. They usually afraid their innovation
that they feel that this innovation will make
profit or not (Lundmark, Krzeminska and
Shepherd, 2019). Therefore, perter Jones highly
motivated towards their work, and they
achieved the goal of the firm.
Conscientiousness — This trait is described
that, high Conscientiousness indicates the self-
discipline, and organized behaviour of the
entrepreneur. On other side, low
Conscientiousness is shows that entrepreneur is
not responsible towards their work, and they
are not managed their work. Therefore, Richard
Branson were highly managed their work
according to the specified time period.
Extroversion — This trait is described that,
high Extroversion indicates that a person are
extrovert in nature that means they have ability
to communicate every person with active and
outgoing behaviour (Woodward, Ellig and
Burns, 2019). On other side, low Extroversion
shows that a person are introvert in nature that
means they are shy in nature. Therefore, perter
Jones had a good ability to build the good
relationship with their stakeholders such as
customers, employees shareholders etc. that
will helps for their future growth.
Agreeableness — The another trait is
described that, high Agreeableness shows the
good personality of entrepreneur that means
they are good in nature. On other side, low
Agreeableness is indicates that the personality
of entrepreneur is not good they are not caring
and friendly in nature. Thus, Richard Branson
friendly in nature this trait helps to build and
maintain the good relationship with
stakeholders.
Neuroticism — This is also another traits of
entrepreneur that means high Neuroticism is
indicates the responsible and optimistic nature
of entrepreneur. On other side, low Neuroticism
is described that entrepreneur is highly
demotivate and frustrate towards the work.
Thus, peter Jones have the best trait that are

highly responsible towards the work.
P 7 Background and experience that can hinder
and foster entrepreneurship with
examples
The background of Entrepreneur hinder
and foster the growth of the business at the high
level. Therefore, Peter jones is a British
entreprenuer and bussinessman and they are
faced many chaleenges during their
enterprenures journey.Peter Jones also face the
difficulties in their journey of successful
business man. Peter faced the Challenges such
as in starting career they face the financial
difficulties related to failure the differer
ventures (Sutter, Bruton and Chen, 2019).
They got bankrupts, and they have no choice
that they close the business they face huge
losses as they are not pay liabilities timely.
Therefore, increased the liabilities of loan it has
reduced the morale of the perter Jones. Thus,
another business is cocktail bar this business
also failed due to lack of money and strategies.
Further, in twenties. Then they open the new
venture of wireless and mobile phone solution.
So this venture is generated the high success
and increase the profitability of the company.
Therefore, the succession of business it
enhanced the motivation among the peter, and
they open more branches and expand their
business in worldwide. Due to his creative
skills and passion to do something leads to
became an enreprenuer.
On the other hand, The life of Richard
Bronson also difficult as an entrepreneur
because they not have huge money for
education also they face diseases in teenage that
is also obstacle for their journey because due to
diseases they are not educated. For established
the new business of airline they also faced
problem because the plain engines were
damaged and the maintenance of plain is
enhanced the expenses as engine require repair
lot of cost. Further Richard Brason has found a
virgin group which makes the high profitability
for their business. Therefore, by the continuous
work and high self-motivation it leads success
in the business as inventor of the new business.
M4 Analyse the link between entrepreneur
characteristics
Richard and peter Jones they both are
highly confident and motivated with their
innovative ideas so these characteristics helps
them for making high income and profiatblity
in their business.
M3 Examine different lines of argument
relating to entrepreneurial characteristics.
Richard Branson and peter Jones they
both are successful entrepreneur, and there are
different characteristics which helps them to

expand their future growth. Therefore, these
characteristics helps to both for their new
business they use their skills in the business to
make success the business, they both have
ability to take risk and generate high profits.
Further, this ability helps them to attract the
customer towards the new ideas and product.

CONCLUSION
As per discussion, it concluded that Entrepreneurship and small business management are
process that can design to build the strong skill that help for managing and controlling in proper
manner. It summarised that the different type of entrepreneurial venture and also explain that
how they can relate to the topology of entrepreneurship and also describe similarities as well as
differences between the entrepreneurial ventures. Furthermore, it concluded to identify the
relevant data of micro and small enterprise impact on the economy. Moreover, the importance of
small business and other start up to increase the growth of social economy. It is determined the
characteristic traits, skills of successful entrepreneur that differentiate from the business
manager.
1

REFERNECS
Book and Journals
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an emerging economy: the moderating effect of transformational leadership. Journal of
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Allen, J.P., 2019. Digital Entrepreneurship. Routledge.
Awotoye, Y.F. and Singh, R.P., 2018. Immigrant entrepreneurs in the USA: A conceptual
discussion of the demands of immigration and entrepreneurial intentions. New England
Journal of Entrepreneurship. 21(2). pp.123-139.
Cheung, C.W. and et.al., 2019. The co-creation of social ventures through bricolage, for the
displaced, by the displaced. International Journal of Entrepreneurial Behavior &
Research.
Guzman, J. and Kacperczyk, A.O., 2019. Gender gap in entrepreneurship. Research Policy.
48(7). pp.1666-1680.
Hornsby, J.S. and et.al., 2018. Entrepreneurship everywhere: across campus, across
communities, and across borders. Journal of Small Business Management. 56(1). pp.4-10.
Kloepfer, K. and Castrogiovanni, G.J., 2018. Entrepreneurship: venture creation subprocesses,
subdomains, and interfaces. International Entrepreneurship and Management
Journal. 14(3). pp.681-696.
Lundmark, E., Krzeminska, A. and Shepherd, D.A. 2019. Images of entrepreneurship: exploring
root metaphors and expanding upon them. Entrepreneurship Theory and Practice,43(1),
pp.138-170.
Sutter, C., Bruton, G.D. and Chen, J.,. 2019. Entrepreneurship as a solution to extreme poverty:
A review and future research directions. Journal of Business Venturing. 34(1). pp.197-214.
Woodward, A.E., Ellig, J. and Burns, T.R. 2019. Municipal entrepreneurship and energy policy:
A five nation study of politics, innovation and social change. Routledge.
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