Entrepreneurship and Small Business Management

This document explores the concepts of entrepreneurship and small business management. It discusses different types of entrepreneurial ventures, their similarities and differences, and the impact of micro and small businesses on the economy. It also highlights the importance of start-ups and small companies for the development of the social economy.

Entrepreneurship and
small business
management

Table of Contents
INTRODUCTION...........................................................................................................................2
TASK 1............................................................................................................................................2
P1.Distinct business projects in contrast to typology of entrepreneurship..................................2
P2. Similarities and differences between entrepreneurial ventures.............................................4
TASK 2............................................................................................................................................6
P3. Interpretation of data for illustrating ways in which micro and small businesses impacts on
economy.......................................................................................................................................6
P4. Prominence of start-ups and small companies for the development of the social economy. 9
TASK 3............................................................................................................................................9
P5. Characteristic traits along with skills of successful entrepreneurs that distinguish them
from others...................................................................................................................................9
P6. Assessing how entrepreneurial personality aspects reflects motivation as well as mindset
of entrepreneurial.......................................................................................................................11
TASK 4..........................................................................................................................................12
P7. Background and experiences hinders or fosters entrepreneurship......................................12
CONCLUSION..............................................................................................................................13
REFERENCES................................................................................................................................1

INTRODUCTION
The corporations that operate primarily to place creativity at their heart for the purpose of
generating values are classified as business projects. Entrepreneurialism is concerned with
developing, forming, operating, controlling and administrating a new business through the
organization of equity and other commodities that translates creativity into sustainable
innovation (Adusei, 2016). To understand about this Morrison has been taken that is supermarket
in London, providing variety of products and services to customers. A venture capitalist is a
person who has the capacity to see a forethought opportunity and to assemble all the capital
needed to take benefit of that opportunity, carrying the risk of failure and wishing for a
recompense for success in the form of increased profits. This study is based on entrepreneurial
spirit and small business management, including various kinds of entrepreneurship and typology
of entrepreneurialism. A portion of this assignment is also the impact of small company on the
economy. In addition, this study also includes the characteristics, attributes and skills of
successful businessmen. At last, the impact of the background and the entrepreneurial
experience.
TASK 1
P1.Distinct business projects in contrast to typology of entrepreneurship.
Buusiness owners are those individuals who take initiatives to start new company and
properly manage it in the competitive environment. Entrepreneurship ventures are characterized
as those undertakings that supply risk capital and influence all activities to be successful.
Morrison is considered as one example of entrepreneurship which had started from small level
and running it continuously. Description of different types of entrepreneurship firm with
typology is as defined:
Social entrepreneurship venture: Companies working to solve the problems and
challenges in the actual world are known as social entrepreneurship. Such projects use business
approaches and strategies in a creative way to tackle the social hurdles. In addition to this, these
organizations also seek to provide jobs and collect funds for economic growth (Adusei, 2016).
Be Caring Ltd is another example of a social entrepreneurship initiative which makes immense
efforts to enhance the well-being of the society's person.

Scalable entrepreneurship venture: Company start-ups that are proceeding with an
ingenious idea to examine business model that helps people with it to make growth. It is
accomplished by entering in addition broad market to take holdings from incumbents as well as
building new economy for rapid growth. This company has a dream from the first day of concept
to turn current environment into better locations (Bradley and Klein, 2016). An example of a
scalable startup company is Deliveroo, which provides affordable restaurant meals at the public's
doorstep and also transforms favourite restaurants into takeaways.
Large company venture: Organizations that have solid lifespan stages are described as
large enterprise projects. Sustainable innovation is primarily involved in providing new product
styles, customizing tastes and coping with competitors (Down, 2010). Production in these
companies is done on a massive scale, and rapid-level where revenues are generated. Such
ventures ' entrepreneurs pursue convoluted organizational framework and hire huge people to
carry out operational endeavours (Burchardt and et.al., 2016). Morrison is considered as an
example of big business entrepreneurship that is providing variety of products and services at
retail prices to customers. This is providing 110,000 employees who are working effectively in
organisation and increasing productivity.
Small business venture: For small business projects, business issues that are developed
to meet local residents ' needs and have less resources are identified. These are private companies
that have restricted access to infrastructure, capital and other features. hey scarcely make and
income, and work solely to support communities and make living. Marshfield Bakery is an
example of a small business entity which is a family owned company selling handmade clothing
products in the Tolldown barn area of the UK.
Entrepreneurship typologies:
Foregoing are some of the entrepreneurship typologies which are linked to new ventures:
Male entrepreneurship
Male entrepreneurship are those which are handled and managed by male entrepreneurs. The
main characteristics of male entrepreneur is that they are mainly high risk taker and makes big
decisions more easily for better expansion and growth of organisations. Male typology is the
form of typology in which the management and command of business is within male
entrepreneurs. There main focus is on maintaining economies of cost for maximisation of profit.

Male entrepreneurs mainly like to run a manufacturing, construction or IT businesses (Cabrera
and Mauricio, 2017).
Female entrepreneurship
This entrepreneurship venture are handled by woman entrepreneur who are mainly having
conservative nature thus, they like to avoid huge risk. The innovative venture associated with
such a typology is a social venture, as females have knowledge of situations and major issue-
solving capacities that help them to find an appropriate solution to external issues. There
business activities are more focused on making social contribution and better quality. Female
entrepreneur are good at maintaining healthy relationship with their collogues , employees and
other related stakeholders. Female entrepreneurship mainly include small retailers shops or other
service oriented businesses (Danakol and et.al., 2017).
Managed growth typology: A type of typology which is managed by communication
and convergence of the efforts of both female and male businesspeople is said to have managed
growth typology. Large organizational venture is linked to a managed growth typology wherein
the procedures and activities of the enterprise are tended with the consent of the two
entrepreneurs in order to make the enterprise a success (Davidsson, 2016).
P2. Similarities and differences between entrepreneurial ventures.
There may be different types of business ventures which are explained below:
Basis of
differences
Social enterprise Scalable
entrepreneurial venture
Large company
venture
Purpose Entrepreneurship works
to provide appropriate
solutions to the
problems of the
society. For illustration,
Be Caring Ltd works
with the aim of giving
opportunities which
can help to make
lasting disparities by
Scalable
entrepreneurialism works
with the aim of attracting
investors and changing
lives. For example, the
main purpose of
Deliveroo is to reshape
the perception of the
workforce about the
delivery of food via the
Large business ventures
coordinate activities
with the aim of
obtaining as much profit
as possible. For
example, Morrisons has
the aim of achieving
max market shares and
making profits.

changing the lives of
community members.
provision of accurate and
quick services.
Problems faced Business faced
enormous challenges
related to the impact of
austerity, the
management of
diversification and the
retention of social
objectives. For
illustration, the main
concerns faced by Be
Caring Ltd are the
promotion of
involvement and the
provision of
appropriate solutions to
community problems.
Scalable entrepreneurial
ventures face a variety of
challenges, including
finding suitable
investors, acquiring the
required resources, and
changing nations. For
example, Deliveroo faces
issues related to changing
perceptions of the
population and massive
complaints from diners.
Challenges faced by
large corporate ventures
include cash flow
administrators, talent
recruitment, and so on.
For illustration,
Morrisons Company is
having challenges such
as network monitoring,
aging population,
compliance and talent
retention.
Business
environment
The business climate of
social enterprise varies
depending on external
factors and on a
dynamic nature. For
example, the
environment of Be
Caring Ltd is adaptable
as it is changing
rapidly.
Business environment of
scalable venture is
generally competitive as
to make innovative ideas
that are different from
other scalable companies.
For example, business
environment of
Deliveroo is competitive
and influencing.
In a large enterprise
venture, the economic
environment is dynamic
and competitive, in
which different
functions stay
competitive with each
other. For example,
Morrison company
provides a favourable
environment for
employees who are

impacted to make new
inventions.
The similarities among different entrepreneurial ventures i.e. small, large, scalable and
social entrepreneurial ventures are:
 All theses entrepreneurial ventures makes efforts for timely achievement of their goals
and objective in a most effective and efficient way (Eesley, 2016).
 Proper coordination between efforts of employees and other activities are maintain by all
entrepreneurial organisations at their workplace to maintain a healthy workplace
environment.
 All these organisation aim at serving their customers and other stakeholders through
providing best services, product and experience.
TASK 2
P3. Interpretation of data for illustrating ways in which micro and small businesses impacts on
economy.
Micro Businesses - They are described as companies that employ about 10 people and
produce a turnover of about £ 50,000 and much more than £ 1 million. The sector engaged in
event planning and controlling is consider as microbusiness. For example, related to micro-
business, which produces an annual turnover of almost £ 2 million with 10 employees. The total
turnover of such companies is shown to be around £ 2868,879.
Small businesses: They are both privately owned and run as per the circumstances in the
sector. Companies that employ people from 10 to 50 numbers are known as small businesses.
The annual turnover of these firms is about £ 25 million. Organizations engaged in real estate
operations, e-commerce etc are examples of small businesses (Ferreira and et.al., 2016).
After Brexit the organization perform their business and it impacts on economy of UK,
such as when UK have planned to be separate from European union then it removed business
activities of whole nations. Such planning have impacts on economic growth of nation and profit
margin of such organization also reduced. In such situation, small and micro business helped
economy to provide opportunities to people and manage business activities effectively. As result,
it gained growth of business as well as economy of country (He, Lu and Qian, 2019). The

impacts of small and micro business are shown as:
On the basis of above statists it is assessed that all business like small, medium, micro,
social and large size contribute for economic development that impacts on economy. As
presented in graph, an enterprise that does not have any employees and owners running its
business by contributing 14.8% development in UK's economy. Micro businesses are
contributing 18.9% for the purpose of economic development of country in UK. A part form this,
small industry have approximately 10-49 employees who perform business activities at small
area and manage growth of business organization. In medium size organization have 50-249
employees who works together for the purpose of achieving common goals and objectives. It is
contributing 29.2% in UK's economic growth and development (Isdarmanto, 2016).
From the above statistics and data it can be interpret that medium enterprises has given
maximum contribution in UK's economy that helps to develop organization as well as country.
Employees in such industry understand their responsibility and perform business activities
effectively for the purpose of making profits. Economy of any nation based on small and micro
business that create employment opportunity for people and give them a better life.
Contributions made by micro business towards UK economy

As shown in the graphs and figures, it is considered that micro-business plays a key role
in the UK economy. From the graphic, it is analysed that in 2018, about 5.7 million small
businesses created 99 per cent of total income and made massive attempts to create innovation
that serves the needs of local communities, which had a positive effect on the growth and
prosperity of the UK as a whole. In the year 2019, 5.82 million small companies have made
contributions to the jobs of 99.3 per cent of the total populace, which is their main contribution
to the reduction of job problems. This is because these shapes local economies, build
employment and drive economic development in the country. Businesses gain small income but
contribute about 10% of revenues in the form of different taxes that help to construct
infrastructure or other services for the economy as a whole (Micro business, 2020).
P4. Prominence of start-ups and small companies for the development of the social economy
The social economy is described as a creation via a rich diversity of enterprises,
involving mutual, foundations and establishments which share similar characteristics.
Foundations, unions, mutual and charities are the core forces of the social economy.
Small businesses keep social economy strong: Small business are important as it helps
to keep social economy strong. For instance, entrepreneurs analysis the market and get what are

people's basic needs and how it can be fulfil. After analysing this, entrepreneurs start up and
establish small business by manufacturing such products and services which society wants. It
helps to provide satisfaction to people and make feel them happy that processed to strong social
economy (Johannisson, 2018).
It create employment opportunity: The main advantage of start ups and small business
organization is employment opportunity that is requirement of all person. If entrepreneurs are
planning to introduce from new business then it needs to recruit employees who helps to perform
business activities. As it impacts positively on social economy by giving employment to them. A
small organization give employment chances to people and maintain run business effectively.
Standard of living: This is another importance of small and start ups business as it helps
to increase living status of people. For instance, an entrepreneur is starting new business by
innovating new idea and hires candidates for running such business that remove unemployment
problems and improve living standard of people. As result it is also helpful social economy to
improve their living life after getting employment opportunities and provide satisfaction to
society (Karimi and Walter, 2016).
TASK 3
P5. Characteristic traits along with skills of successful entrepreneurs that distinguish them from
others.
Family background along with experiences plays effectual role in hindering as well as
fostering entrepreneurship. When family do not support the idea of entrepreneur then it hinders
entrepreneurship:
Muhammad Yunus
Characteristics:
Future oriented: This characteristics is important for running a business and think
innovatively that helps to attain the business goals which are decided. Such as Muhammad
Yunus was a future oriented person who thought about people decide to work for people that
make him different from others.
Money management and knowledgable – While starting and running a business there is
need to manage the funds and capital so it can be used in well manner. Muhammad Yunus

possess of this trait in which it used characteristics to manage the money by opening a Grameen
bank for the poor people welfare (Liang, Wang and Lazear, 2018).
Time management skill: This is an efficient skills as on the basis of time management
both the entrepreneur have effectively managed their priories by carrying out their task within
concerned duration. Application of such skill helps to flourish the business of entrepreneur as it
avoid the chances of procrastination. In terms of Muhammad Yunus entrepreneur significant list
down various activities and according deadline are set to carry out the innovative presentation of
idea successfully (McKenny and et.al., 2017).
Innovative thinking ability: This ability helps the entrepreneur to different them from
other business manager. As they thinking out of box to covert the problem into desirable solution
or effective tap the untapped opportunity. In relation to Muhammad Yunus entrepreneur has
build recognised position due to their creative mindset that has help in desirable conversion of
idea into concept.
Characteristics and skills of Karren Brady are as defined:
Leadership – Successful leadership means to understand what to do and how to getting
the things done from employees. Karren Brady is having this traits as it leads kids the ability to
have opinions, ambitions independence. This is important for people to have this attributes and
become a successful entrepreneurs (Miller, Steier and Le Breton–Miller, 2016).
Positivity – While working in any organisation positivity is the need in every activity that
helps to accept the challenges easily. Such as Karren Brady advices entrepreneurs to found
something that they love and something what are the good that helps to work accordingly. This
encourages people to work collectively and attain the business goals by maintaining positivity in
every task.
Skills of Karren Brady
Resilience – In this skills person needs to handle rejections, burnouts, slow progress and
stress that can help to go forward. While beginning or controlling business activities resilience
skills helps Karren Brady in which it handled all problems and stress smoothly that helped to
maintain the successful business.
Confidence skills – This is another skills which helps to encourage in working as they
are more confident for their activities. Karren Brady is successful woman who faces many
challenges and confident for their actions that helped to work effectively.

P6. Assessing how entrepreneurial personality aspects reflects motivation as well as mindset of
entrepreneurial.
Entrepreneurship is characterized as an attribute that includes human characteristics,
beliefs, potentials, attitudes, and motivations that form the behavior of a person. It can be seen
that these attributes represent the drive as well as the thought of the businessmen, according to
the characteristics decided along with the skills. In the regard, the ocean model is perceived to
determine the forms wherein the analytical and motivational dimensions of corporate personality
are expressed. The model has the relevant dimensions:
Openness: Entrepreneurs with a high degree of transparency strive to step out from the
box and concentrate on solving problems. Characteristics include confidence, versatility,
creativity and perspective. These are strong in transparency, which allow them to experience new
things that affect their encouragement, in additional to their thought, to attain the required state.
Conscientiousness: Standard qualities of the product include long run-oriented,
objective-oriented attitudes, high levels of graciousness and strong impulse control. In the case
of Karren Brady and Muhammad Yunus, have a high degree of conscientiousness that is
analyzed by spending time preparing things, appreciating set schedules, and immediately
completing important operations that drive their inspiration, along with their thinking, to
organize work quickly and achieve results.
Extraversion: It states about social ability, high emotional expressiveness, making
networks and excitability. High extraversion entrepreneurs likes to make networks, has wide
fried circle, enjoys attention and prefers to start conversations. It refers to social capability,
strong emotional fluidity, networking and alertness. High extroversion entrepreneurs like
networking, have a big fried circle, enjoy publicity and like to engage in conversation. Karren
Brady and Muhammad Yunus, both tend to work in a large network, feel refreshed at the
moment populated by people, enjoy meeting new people, and share speech that drives their
thought and inspiration to the next level.
Agreeableness: Personality dimensions, which describe qualities linked to nature,
confidence, pro-social behaviour, and so on, are part of kindness. Karren Brady and Muhammad
Yunus, strong in empathy, who support others in the business who need support, contribute to
making others happier and participate in others who improve their drive to work in a different
way.

Neuroticism: Personality traits contribute to emotional health and depression. In general,
Karren Brady and Muhammad Yunus have a lack of neuroticism that helps them to cope with
tension, calm emotions and less anxiety that strengthens their intuition to concentrate on
changing circumstances and handle their company effectively.
TASK 4
P7. Background and experiences hinders or fosters entrepreneurship.
Family background along with experiences plays effectual role in hindering as well as
fostering entrepreneurship. When family do not support the idea of entrepreneur then it hinders
entrepreneurship. Nevertheless, a good experience, together with a supportive family history,
promotes entrepreneurship. Examples of entrepreneurs whose family history, educational level
and experience have helped to achieve success or hindered success are as follows:
Muhammad Yunus:
Background: This person was taken a birth on 28 June, 1940, who is known as social
entrepreneur. He is the founder and M.D. Of Grameen Bank, that is pioneered micro credit. It is
considered as method of banking where small loans are provided to poor people, women without
collateral security. The main motive of them is to remove the poverty and increase living
standard of people. He was born in village of Bathua, Chittagong. His father was Haji
Muhammad Dula Mia Shawdagar, was jeweller and mother was home maker (Parrish and
Tilley, 2016).
Personal Experience: He joined the Bureau of Economic, Dhaka University and then
appointed as a lecturer in economics in Chittangong college in the year of 1961. He was brilliant
in studies so was offered a Fulbright scholarship to study in US. After this, it obtained PhD in
economics from Vanderbit university in 1969. After making so many efforts he succeeded in
securing a credit line from Janata bank. Then he started his business by opening a bank for the
people welfare and increasing living standard of people.
Karren Brady :
Personal background – This lady was born on April 1969, is a British sporting
executive, television personality, politician, newspaper columnist and novelist. Her career was
started as a trainee in the advertising company Saatchi & Saatchi having been rejected for a place
on journalism course at Harlow university (Ratten, 2016) .

Experience – This lady was the small business Ambassador to the UK government under
prime Minister David Cameron. Her appointment with Birmingham City started in March 1993
when she was 23 years old. In 2002, when the team was promoted, she became the first lady
person to hold such a place in the top flight of English football (Rawhouser, Cummings and
Newbert, 2019).
From the above details on entrepreneurship, it can be concluded that family history,
support, experience and education have a huge role to play in promoting or hindering
entrepreneurship.
CONCLUSION
From the report it can be concluded that entrepreneurship means to thing innovative and
bring something new in their business that can help to maintain the productivity. In business
environment types of companies involves small, scalable, medium, large and social that are
running by person by accepting challenges and changes. Different business concerns are having
different skills and traists which make different them from others and helps to become a kgood
business man. Personal background and experience of such person are affecting entrepreneurship
in the form hinder and foster.

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(Rawhouser, Cummings and Newbert, 2019)
(Roundy, 2017) (Servantie and et.al., 2016)
2