Entrepreneurship and Small Business Management

This document discusses the different types of entrepreneurial ventures, the impact of micro and small businesses on the economy, and the characteristic traits and skills of entrepreneurs. It also explores the importance of business and start-ups in the growth of the economy. Find study material and solved assignments on entrepreneurship and small business management at Desklib.

Entrepreneurship and
Small Business
Management

TABLE OF CONTENT
INTRODUCTION.................................................................................................................................3
LO1.......................................................................................................................................................4
P1 Different types of entrepreneurial ventures..................................................................................4
P2 Similarities and differences between various venture...................................................................5
LO2.......................................................................................................................................................6
P3 Data and statistics of micro and small business impact to economy............................................6
P4 Importance of business and start-ups to growth of economy........................................................7
LO3........................................................................................................................................................8
P5 Characteristic traits and skills of entrepreneurs different from business managers.......................8
P6 Aspects of entrepreneurial personality reflecting their motivation and mindset...........................9
LO4......................................................................................................................................................10
P7 Background and experience can hinder or foster entrepreneurship.............................................10
CONCLUSION...................................................................................................................................11
REFRENCES......................................................................................................................................12

INTRODUCTION
Entrepreneurship and small business management can be understood as one of the
most emerging business segment and functional paradigm for bringing forward advance
standards of business framework for bringing forward new ethical advancement with new
innovation and strong diverse determinants. Report explains various types of entrepreneurial
ventures with vivid factors of similarities and differences along with data of how various
factors within economy are impacted by micro and small business ventures coming along
within business development. Report also further shows analyses importance of business and
start-ups in growth of economy for bringing forward best synergy of innovation, and how
personality factors aspects impact work ethics along with their various skills which build
diverse working fundamentals. Report also analyses background, experience which can
hinder or foster entrepreneurship for bringing in diverse parameters and strength within their
work scenarios for long term development and functional efficiency onto various aspects.
Small business management is an amalgamation of various business ethics , new reflective
talent enrichment which builds on wider technical reach and long term focus onto how
consumer market share goodwill shall be pertained by business mangers (Browder, Aldrich
and Bradley, 2019).
LO1
P1 Different types of entrepreneurial ventures
Entrepreneurship ventures are organisations which focuses to provide various new
productive services, higher reflective synergy of new innovation business factors and
determinants where various functional standards are focused for bringing on various work
initiatives and goals formulated as per vision. There are various entrepreneurial ventures
coming up within global business hemisphere where there are not only new reflective
synergy of continuous innovation based on various paradigms of how new determinants of

stronger functional strength as per the various investment fundamentals are developed. The
various new entrepreneurial ventures are as follows :
 Public companies are organisations where large share are available for public to invest
in open trade in open market share for larger customers to invest in them and builds
on goodwill from various parameters which enables to bring on various metrics of
profitability. Public companies do not provide the public to take any part in the
decision making procedure where it can be analyzed that various metrics are focused
to bring on best yield synergy of innovation as wide capital investment opportunities
are there within various new sectors (Champenois, Lefebvre and Ronteau, 2020).
 The private companies on other hand have shareholders within various paradigms
who take active decision in contributing within decision making procedures, and are
also widely important for bringing on wide profitability, goodwill paradigms within
all levels of functional ethics. The private company shares are limited to only certain
percentage share of people and are not open for trading within consumers in general
market which limits its working parameters. Private companies highly focus to give
high importance to various sections of people by developing new innovation within
various grounds and it can also be analyzed that there are wider paradigms open for
private companies to diverge their functional standards of services.
 The voluntary companies on other hand are not big in size and investment parameters
and are generally limited in their direction and work ethics where main goal is to
contribute change within society with actions. The voluntary companies have limited
profitability goals and less capital investment working opportunities which can also
be seen from the fact that there are high focus parameters of how new focus and
synergy of innovation can be brought in for bringing change within society for
various group of people.
Typology related to different entrepreneurial ventures:
 High growth firms: The high growth firms are an important segment within typology
in various ventures available within business world scenario where high growth
factor is widely focused on various levels. Companies focus and used various levels
of ne functional innovation paradigms to grow among new parameters of synergy,
technical advancement paradigms and determinants where the external forces are
competitively faced on by high growth firms.

 Survival firms: The various survival firms can be understood from the fact that
survival factors are focused within them for bringing on various services and products
which are widely based on how much time they can stay in competitive industry.
Survival firms work on various operations with limited and less financial firm
investment funds where dynamic growth factors of operations are widely missing
(Olanrewaju,, Hossain and Mercieca, 2020).
P2 Similarities and differences between various venture
Similarities:
 The vivid factors of similarities within public and private companies are that both
have wide factors of investment available for bringing on new investment
opportunities for developing wider competitive levels of strengths coming within
various paradigms. Public and private companies both focus for bringing on
competitive consumer preference services where the goodwill shall be further
enriched with high keen factors of yield through which innovation can be
programmed onto new levels.
Differences:
 Public and private companies difference from each other within the fundamental
aspect of shares building capacities are widely different where it can be analyzed that
shares are openly traded within public companies openly into large section of people
where wide options are available before them and also various goodwill enrichment
options are there. Whereas the private companies share are not traded within open
market and the shareholders can only purchase and invest in shares, which also
enjoys various rights to participate in active decision making powers (Rippa. and
Secundo 2019).
 The voluntary companies on other hand are widely different from public or private
ventures where they enjoy high factors of goodwill based on business ethics ,
consumers services and strong fundamental expression where they provide high end
facilities to improve living condition and metrics of social business avenues. The
voluntary companies are also rather limited for capital investments factors as
compared to private and public companies widely which also gives limited work
scope to them.

LO2
P3 Data and statistics of micro and small business impact to economy
The micro and small business companies have wide impact on economy levels where
there are various paradigms to analyze various progressive functional ethics, wider working
opportunities for people and also there is developed working hemisphere for various people
onto wider level. Impact of economy can be further assessed by the fact that there has been
wide shift recognised in business avenues and development within various hemispheres
where high continuous innovation has also been continuously increasing among global
paradigms.
 Increased GDP: The micro and small business companies has recently highly
contributed to increased GDP levels within various levels and paradigms of economy
with continuous efficiency, high level of innovation and advancement coming on
through which it can be understood that GDP rise is wide important factor. GDP
factor is foremost factor where functional efficiency is rapidly developing within
various metrics where wider employment level opportunities are also present. UK
economy is contributed by wide rise coming from new start-ups, small ventures and
various functional levels through which it can be understood that higher synergy and
keen development within employment levels are highly increasing. The rapid increase
coming within GPD has widely given rise to new relative advancement and functional
strengths within various yielding synergy factors where there are various margins of
profits enrichment available for bringing on new relative advancement and stringent
continuous innovation which focuses to bring on quest of new creativity metrics.
 Higher employment rates: The establishment of various new companies and various
start-ups within economy has given wide rise to new employment rates among people
where it can be understood that various standards of living within economy has been
continuously increasing rapidly (Saebi, Foss and Linder, 2019). There are various
determinants where it can be understood that wider reflective working opportunities
has been strongly gaining new technical advancement among people living standards
rapidly. The new start-ups growth within economy has not only developed leveraging
strength within working scenarios rapidly, but it can also be analyzed that various
working skill, talent has also been increasing continuously within various arenas. UK
economy has been widely growing with new fundamental innovation, diverse

creativity from various corners of living arena where new explorative opportunities
are widely available for people.
P4 Importance of business and start-ups to growth of economy
The importance of business and start-ups in the growth factor of economy can be
analyzed with the fact that there are new thousands of business coming up in form of new
businesses, small scale ventures and management companies with limited financial
investment where it can be analyzed that high rise has been seen coming every yea. The UK
Economy and global economy has been seeing an uprise growth coming on various
paradigms for bringing on enhanced relative development among various cultural factors.
 Employment to local people: The start-ups within economy has been giving high
number of increase among employment levels globally and within UK economy
where it can be understood that various local people employment levels have been
continuously increasing. The employment level increase within local economy has
determined wide functional opportunities of various working functional growth
synergy and to bring on high innovation among various paradigms. The local
economy has been highly increasing onto various levels where employment levels has
also productively gaining wide scope among business avenues within various
paradigms where it can also be sourced that employment levels has been widely
increasing (Sutter, Bruton and Chen, 2019). Employment levels is one of the most
important paradigm where high rise can be seen within all corners of life where it
can be seen that many people are lately getting various working opportunities for
gaining developed functional ethics
It can be also analyzed that the small companies not only increase various
employment levels for people but also there is high increase coming on within various
parameters as it can be understood that wider technology framework has been
repetitively growing. The local economy rises continuously with wide force of
innovation and advancement.
 Increased competition: The start-ups within economy has not only fuelled growth
factor and stronger functional investment coming own by various talented and skilled
entrepreneurs, which has also enhanced competitive growth factors and business
avenues with wider technical advancement factors coming on. Increased competition
has leveraged higher factors of innovation , higher employment levels and brighter
functional ethics through which it can be analyzed that start-ups and regional new

companies which have been opened up within UK and globally has been highly
bringing on various metrics of competitive business revenue. Many new ideas and
talents have been gaining wider context of competitive functional space for
developing new businesses and start-ups where it can also be analyzed that major
factors of global recognition has been coming up for start-ups.
LO3
P5 Characteristic traits and skills of entrepreneurs different from business managers
There are various characteristic traits and skills which profoundly impact business
managers within their reflective working parameters for bringing forward new determinants
for high skill activities and stronger synergy of innovation within their functional paradigms.
Some of the most important skills within entrepreneurs are as follows (Barbosa, Castañeda-
Ayarza, and Ferreira,2020).
 Passion and dedication: The passion and dedication with which new business is established
among company management levels determines wide potential strength of strong
determinants through which business is moved ahead and technical advancement which
further progresses new innovation. It is highly important for gaining innovative passion
and continuous dedication for developing new ethical advancement and for restoring
new reflective synergy of innovation and further also motivating employees to bring on
new functional efficiency as per the set targets.
 Constant innovative vision: The constant vision and new directive functionality is highly
important for bringing forward higher use and cost effective technical advancement
where all employees are abel to bring on new quality standards within their outputrs and
also function with keen synergy of innovation. The small business management within
competitive business world is highly effective to bring forward new goals of vision,
potentially bringing forward best metrics of innovation and working efficiency for high
end production targets (Mallett and Wapshott, 2020).
 Charismatic leadership: The charismatic leadership is also one of the most major paradigm
where leaders focuses to develop inspiration and motivation among subordinates which
focuses to bring on diverse talent exploration, keen development onto new parameters. It
also focuses to build commitment and strength among employees skills for relatively

making high effective teams who are passionate, restorative and wider technical
efficiency.
Difference between them and business managers within small business management
can be understood form the fact that successful entrepreneurs are highly professional and
strongly focused to bring new horizons under work within company business framework as
compared to manager whose role is to only supervise various instructions systematically for
developing new strengths. The manger has role to keep regulatory functions in check within
company business functions whereas entrepreneur is widely effective to yield onto new
parameters of work ethics (Mazzarol and Reboud, 2020).
P6 Aspects of entrepreneurial personality reflecting their motivation and mindset
There are various aspects of entrprenuiual personality reflecting motivation and
mindset among employees for working with various paradigms where functional efficiency is
focused, through which higher yield is developed further for gaining on new parameters of
vision and technical advancement, which are further discussed as follows:
 Intelligence and focused vision: The entrepreneur intelligence, focused vision s
highly important and also one of the most important aspect of personality which
brings on diverse levels of creativity, new rational working strength and wider
functional ethics which motivates employees. The aspect and enthusiasm which
entrepreneur puts in within company employees has profound impact on mindset
factors and focused synergy of working ethics through which company is able to gain
new results within company set targets.
 Clear intent and strong time management: The entrprenuiual vision for using clear
content and strong time management skills within functional role has wide profound
impact and also within long term goodwill framework for gaining on efficiency
among operations. Small business management is highly purposively focused to bring
on clear intent, directive strength and important time management skills which
further develop new yield and keen synergy of motivation within employees
(Boudreaux, 2020).
 Building on innovation for training management within company: The
entrepreneurial personality reflects on various parameters for bringing on innovation,
creative enhancement of various productive services and time management for
developing long term profits within business arena. There is wide focus onto how

small business management business leaders are given training to their employees and
personality is also profoundly impacted when all motivation is focused correctly for
bringing on diverse goals formulated for technical advancement within various
aspects. This can be further analyze from the fact that innovation investment
parameters are under the decision of hands among business owner which efficiently
analyzes various paradigms to bring on correct functional ethics, train employees for
various targets and also restore new determinants for gaining wider efficiency as per
their set targets for vision.
LO4
P7 Background and experience can hinder or foster entrepreneurship
The background and functional experience can have wide impact on hinder and foster
factors for working efficiency among employees within business management where it can be
understood that various experiences have diverse impact onto functional levels which further
impacts variably onto wider extents. The world has witnessed various examples of how
success or failure can impact on leaders management style where further functional levels
can be enhanced with continuous vision and explorative working strength (Lefebvre., 2020).
 Mark Zukerberg is one of the most popular and best motivational entrepreneur whose
vision, innovative mindset enables and brings continuous innovation among various
paradigms within employees functional levels. Facebook, one of the biggest social
networking platform was started by him where it can be understood that there are
various factors and goals established by innovative learning vision, high passion to
create something new has been resulted into inspiring growth and building of long
term development. He was college drop-out and faced various issues within initial
period of funding and to attain strong stability within formal period of business where
it can be analyzed how background and experience hinders growth and struggle
development.
 Jack MA the founder and leader of Alibaba one of the biggest ecommerce company
whose vision and functional abilities, keen synergy of strong motivational leadership
has inspired millions of people worldwide. The leader is also widely known for his
charismatic personality, high restorative talents and wider business synergy where he
in his initial periods of struggle faced various issue and failures for gaining

efficiency within business. It can also be analysed from the fact that entrepreneur
historical working experience and ethics to explore into various new techniques have
wide impact onto how they can build foster growth into business arena
(Panagiotakopoulos,2020).
 The world’s richest biggest entrepreneur and writer J. K. Rowling is widely known
for wide strong goodwill and established business which she has built on with her
writing skills and wonderment explorative vision underlying strong success and high
ethical business values which has made her philanthropist also. Her story enables us
to analyze how previous factors of living influence within culture and various
metrics of determinants where persons abilities are focused for hindering or fostering
growth among various avenues. The writer had tough childhood and adulthood period
where she faced various challenges for establishing various success within her
functional ethics and strong focus to start her career where she also faced various
challenges within initial periods (McCloud, 2020).
CONCLUSION
The report can be concluded with explanation with the fact that entrepreneurship and
small business management is widely gaining strong services and factors of continuous
innovation and functionally enhanced services. Report also concludes that private, public and
voluntary companies are widely different from each other based on capital factors of
investments levels, goodwill development and how to functionally work onto various
parameters. Report concludes how best parameters of economy has been rising with
continuous functional innovation and higher employment levels with vast percentage
development coming up has brought on high rise with new start-ups coming on .Report
concludes passion, dedication , continuous innovation within entrepreneurial vision are the
prominent vision and development coming on among various functional levels which
further keeps on building developed functional ethics and synergy of technical advancement.

REFRENCES
Books and journals
Barbosa, M., Castañeda-Ayarza, J.A. and Ferreira, D.H.L., 2020. Sustainable strategic
management (GES): Sustainability in small business. Journal of Cleaner
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Boudreaux, C.J., 2020. Ethnic diversity and small business venturing. Small Business
Economics, 54(1), pp.25-41.
Browder, R.E., Aldrich, H.E. and Bradley, S.W., 2019. The emergence of the maker
movement: Implications for entrepreneurship research. Journal of Business
Venturing, 34(3), pp.459-476.
Champenois, C., Lefebvre, V. and Ronteau, S., 2020. Entrepreneurship as practice:
systematic literature review of a nascent field. Entrepreneurship & Regional
Development, 32(3-4), pp.281-312.
Lefebvre, V., 2020. Performance, working capital management, and the liability of smallness:
A question of opportunity costs?. Journal of Small Business Management,
pp.1-30.
Mallett, O. and Wapshott, R., 2020. A History of Enterprise Policy: Government, Small
Business and Entrepreneurship. Routledge.
Mazzarol, T. and Reboud, S., 2020. Work Book: Small Firms and Human Resources.
In Workbook for Small Business Management (pp. 67-73). Springer,
Singapore.

McCloud, C.A., 2020. Achieving Profitability in Global Small Business Supply Chain
Management.
Olanrewaju, A.S.T., Hossain, M.A., and Mercieca, P., 2020. Social media and
entrepreneurship research: A literature review. International Journal of
Information Management, 50, pp.90-110.
Panagiotakopoulos, A., 2020. Exploring the link between management training and
organizational performance in the small business context. Journal of
Workplace Learning.
Rippa, P. and Secundo, G., 2019. Digital academic entrepreneurship: The potential of digital
technologies on academic entrepreneurship. Technological Forecasting and
Social Change. 146. pp.900-911.
Saebi, T., Foss, N.J. and Linder, S., 2019. Social entrepreneurship research: Past
achievements and future promises. Journal of Management, 45(1), pp.70-95.
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.