Entrepreneurship and Small Business Management

This presentation explores the various types of entrepreneurial ventures, their relationship with entrepreneurship typology, the impact of micro and small businesses on the economy, the importance of small business and startups to the social economy, and the characteristics and skills of successful entrepreneurs. It also discusses the mindset and motivation of entrepreneurs. Find study material and solved assignments on entrepreneurship and small business management at Desklib.

Entrepreneurship and
small business
management

Table of Contents
• INTRODUCTION
• MAIN BODY
• P1 Different types of entrepreneurial ventures and explanation about the ways
those relate to the typology of entrepreneurship
• P2 Difference and similarities between entrepreneurial ventures
• P3 Interpretation and assessment of relevant data and statistics to illustrate the
ways micro and small business impacts on the economy
• P4 The importance of small business and business start-ups to the growth of the
social economy
• P5 Determination of the characteristics traits and skills of successful
entrepreneurs that differentiates from other business managers
• P6 The personality of entrepreneurial that reflects with the mindset and
motivation
• P7 The background and experience can hinder or forces entrepreneurship
• CONCLUSION
• REFERENCES

INTRODUCTION
Entrepreneurship and small business management develops the knowledge
and skills to create new ideas to start your new and own successful
business. It is a way to establish a new business by identifying various
risks and challenges related to managerial, financial etc. The
entrepreneurial ventures have many ownership structures and also the
entrepreneurs require having certain characteristic and skills to
management and development of a business. The entrepreneur’s personal
background and experience can have various impacts on the
entrepreneurship that can hinder and foster their business. This report will
include the examination of various types of entrepreneurial ventures and
their relationship with the typology of entrepreneurship. This report will
also state about the differences and similarities between entrepreneurial
ventures. This report will also highlight the relevant statistics and data on
how small and macro businesses affect on the economy. This report will
also include the importance of small businesses in the growth of social
economy and the skills and traits of successful entrepreneur.

• MAIN BODY
• P1 Different types of entrepreneurial ventures and explanation about the ways those
relate to the typology of entrepreneurship
• Entrepreneurship is the best way to set up a company by considering many risk
related to it such as managerial and financial. The entrepreneurial ventures have
different ownership structures and development of an organization.
• The entrepreneurial ventures are many different types as follows:
• Scalable startup entrepreneurship
• This are main types of entrepreneurial ventures and this types of organization start
business with new innovative focus and idea on providing innovative services and
products for the starting of business (Burns., 2016). The company looks for the
brightest mind for the all business and they set up a scalable business model of
organization. These types of entrepreneurs provide new idea can change the whole
world so this is important type of entrepreneurial ventures.
• Social entrepreneurship
• Social entrepreneurship is related to the focus on solving many social problems by
delivering their services or product. This company focuses on creating an improved
world for the people and can be non-profit, hybrid and profit so this is main
entrepreneurial ventures of organization.

• Serial entrepreneurs
• A serial entrepreneur is related to the start and leads one business after another at the Sam
time. Entrepreneurs who starts a single business and day to day runes operations of
organization until retirement (Gibson., 2017). These entrepreneurial ventures are essential for
organization.
• Small business entrepreneurship
• Small business entrepreneurship is related to the startup business can only be run by the
number of employees and owners are very low. This type of organization can run with the
family members and friends as partner. Along with the revenue generation are not much and
these company can focusing on getting development of its services or products and more
clients. Many several small organization are there that provided grow exponentially and
innovative services or products so this are main types of entrepreneurial ventures of
organization.
• Entrepreneurs
• Entrepreneurs are a person who operate and undertake a new enterprise or venture. This is
main types of entrepreneurial ventures of company. The tem entrepreneur was applied to
company initially to designates a dealer who purchases a production from the combining them
into a marketable products.
• Large company entrepreneurship
• The large company has focus on providing new services or products to the all customers from
sustainability and finite life cycle of organization. The demand of the customers I organization
are changing along with the legislation and competition. The large size of the business makes
the disruptive innovative difficult in organization.

• P2 Difference and similarities between entrepreneurial ventures
• Small business entrepreneurship
– Employees are not more than fifty.
– This company might not have structured objects and goals and work on achieving lesser
growth and profitability of business.
– No proper organizational structures in organization and runs with the sole proprietorship
in are in partnership.
– The risk is lower but competition is very high with same sized of business.
• Scalable startup entrepreneurship
– Employees numbers are depends on size and structure.
– These organization aims to provide new innovative products and achieve high profitability
for all investors in organization (Dana., 2018).
– The risk are high due to high amount of investment and pressure to return high amount to
the all investors by achieving high turnover volume of organization.
• Large company entrepreneurship
– Employees can be more than one thousand.
– Theses business aim to sustain in the all market by developing new services or products
and new marketing strategies of company.
– The company structures are complex and can be private limited company or public limits
company.
– Risk is medium because large organizations are mange to turnover is high volume due to
their brand value of products.\

• Social entrepreneurship
– Employees are depends on the size of the organization.
– Theses organization aims to provide better quality of all services or products to
make the world a better place and it is essential for all organization.
– Mainly trustee based organizations of these types of entrepreneurial ventures.
– Risk is not high because it’s get support from public and government due to
their vision.
Range of entrepreneurial ventures to demonstrate an understanding of
entrepreneurship in both public and corporate sector- Corporate sector types of
company run privately and can be owned by public or individuals. Many large
organizations are associated with the corporate sector and that focus on sustainable
development by focusing on developing strategies to gain advantage and focus on
competitors. The public sector organization is controlled by government indirectly
or directly (Ratten., 2016). This type of company have establishment in many
sector and aims to provide better services poor products to the all customers. The
government invests a higher amount on business and many private organizations
provide strategies help fro organization.

P3 Interpretation and assessment of relevant data and statistics to illustrate the ways
micro and small business impacts on the economy
In every organization, the macro and small business is a higher part and
its contributor highly in the whole economy of a country. The number of small
business in macro is increasing over the time and that generate high revenue by
providing main services and products to the all customers. The small and micro
organizations can be many categorized as exporter, non-exporter innovators and
non-innovators. Those organizations generate revenue the or without innovation
and get foreign currencies and contribute to the economy of the UK.

In the UK, the number of small business are very high in different organization and
there are more than 4.8 million small and medium enterprises through the United Kingdom,
which is almost 98 percent of all the business in the country. The revenue generated by that
organization has high contribution to the GDP of the UK (Ratten, Dana and Ramadani., 2017).
All the organization, 95 percent are considered as micro business that employs only 0-8
people. Those organizations provide 32 percent of employment and 25 percent of total sales in
organization. There is hug important to carry out the micro and small business for the
development of economy in U.K. the small and micro business provides the backbone for
[providing the development of U.K. economy. They provide huge opportunity in areas of
market by opening of the marketing field for the new start up business. Micro and small
business provides much opportunity in creating opportunities for employment among the
people in U.K. the growth of small and micro business decrees the rate of unemployment
among the people in U.K.
In order to expand the growth of micro and small business, the management has to keep on
certain factors are as follows –
The small business organization needs to keep the existing customers as well as
new customers while performing organization. The micro and small business needs to improve
the quality of services and products (Ghaedi and Madhoushi., 2018). The small organization
needs to sharpen the technique and process of organization.

P4 The importance of small business and business start-ups to the growth of the social
economy
The growth of social economy ids important part for organization and it’s
to maintain in the economy. The startup business comes with the new innovative
ideas do services and products that can meet many requirements the people
comparatively other businesses. In sometimes startup business can capture the all
market very fast and managed to generate high revenue in very less time period.
This process, organization needs to provide high amount of business tax and that
can helpful of the growth of an all country. Many startup of business are associated
with the different types of corporate social responsibility activates and that
reelected to social, economic and environmental problems to increase the brand
value. These procedures, that organization provide better education to the people in
rural areas or people with the poor financial condition (Al-shami and et.al., 2019).
Those people affect this situation and it can use that education in future to get work
so it is also helpful in economic growth. In order to run a business, startup hires
many people which can decrease unemployment in a country. There are many
startups that cannot provide high salaries to the all employees due to the lack of
capital in organization and those hire some lesser skilled employees with the lower
salaries so it is also helpful in reducing unemployment problem. Many important
for small business and startup to term growth of social economy.

The small and medium enterprise provides an important resources and help to carry
out the process of the business to function among large industry. The new startup
business would develop the economy of the country of U.K. the new starting of
organization would expand the profit at the time of exporting of many products in
many countries and higher growth of economy in various levels (McKeown.,
2017). There is necessity to develop a new startup business for increasing the
economy in United Kingdom.
There are high number of startup business are establishes in many
countries in the UK and which have high contribution in the GDP of a country. The
small business is impact on various areas of the economy that includes in rational,
national by contributing the better service of all products in the country.

P5 Determination of the characteristics traits and skills of successful entrepreneurs that
differentiates from other business managers
Different characteristics traits and skills are important for the
entrepreneurs to set up a successful business and improve the growth of business.
To set up an organization, different procedures need to be considered by
entrepreneurs. There are many features of the successful entrepreneurs at the time
for performing business as compared with the managers of the organization
(Basco., 2019). This characteristic is providing the main traits, skills and
motivation and they drive to entrepreneur become more successful for the future
aspects.
Theses re as follows:
Managing to capital
This is essential point of successful entrepreneurs in organization. This
requires managing the all profit at the time of increasing of entrepreneurial
ventures. The successful entrepreneurs tries to manage the money and makes
proper planning to utilize fro present and futures usage. There is high necessity to
manage all capital of organization and this is a limited resource and needs to be
spent wisely by the entrepreneurs.

• Ability to take risk
Entrepreneurs need a high ability to tackle all situation of risk that arises from the performing of
organization. In order to decrees the risk, entrepreneurs needs to make proper planning and
execute all ideas to tackle the all situation of risk that arise the performing business
(Mamabolo, Kerrin and Kele, T., 2017). The entrepreneurs need to evaluate the risk for the
long term running of organization in the future and present aspect of organization.
• Proper planning
It is essential point for entrepreneurs and the proper planning is needs to be focused by the
entrepreneurs of the well performing business in organization. The proper planning is helps to
tackle all difficult situations that arise from the performing business. The planning includes
the capital, time etc. and its help in managing the organizations properly.
• Hard working
This is important point for successful entrepreneurs in business. The hard working, its help the
entrepreneurs to become more successful at the time of performing of organization. The
entrepreneurs focus on the working and needs to provide high dedication to become more
successful in organization.
• Motivation and passion
This is essential points for successful entrepreneurs in organization. To become more successful of
entrepreneur, that high necessity to follow the passion and needs to provide netter motivation
among the all employees for the performing business (Ferreira, Fernandes and Ratten, V.,
2017). The proper set motivational and passion its helps to become more successful among
the business entrepreneurs. The passion and motivation would help I determent the all success
in entrepreneurial ventures.

P6 The personality of entrepreneurial that reflects with the mindset and motivation
• The entrepreneurial personality is highly reflects the entrepreneurial motivation and mindset
for the performing of business. The entrepreneurial personality of individual is important set
up an organization and to be motivated to deal with many problems and risk. The
entrepreneurial personality is involve many features generate a new ideas and implement it
together high revenue of business. There are high requirements to reflect the entrepreneurial
mindset and motivation. The entrepreneurs need to reflect the mindset and positive motivation
is [performing business organization (Ramadani and et.al., 2018).
• The positive mindset made by the entrepreneurs is helps to complete the organization properly
and its help to achieve the success of performing in business. The entrepreneurial personality
of entrepreneurs plays an important role to clear a better mindset among the all employees to
achieve better performance in business. The better working of entrepreneurs reflects on the
positive working of all employees in organization. There is high necessity to maintain the
good behavior of the entrepreneurs of the working in organization. An entrepreneur needs to
have ability to take all risk and used the efficiency resources carefully fro the organizations.

The entrepreneurial personality needs to focus on creating a high motivation among
the all employees at the time of working for the staff members belongs the main pillar
for a high production of business in organization. The entrepreneur identify the
opportunities to makes generate revenue and sales in business. They needs to beer
self-motivated to run the organization by managing the all risk related to the business
and the mindset to achieve the all goals continuously (Ndoro, Louw and Kanyangale.,
2019).
The entrepreneurs also need to have better management skills to manage the
organization and deal with any conflicts in organization is effectively managed.
Planning mange and effectively the business by dealing with many problems to grow
the organization so this are essential point of entrepreneurial personality. The positive
behavior of entrepreneurs is help to make a good mindset of all employees from the
good performing in business so the entrepreneurial personality is highly reflect the
entrepreneurial motivation and mindset at the time of performing business.

P7 The background and experience can hinder or forces entrepreneurship
The personal background and experience is highly effect on organization and it can
hinder or foster the business the entrepreneurship. The background consists of support
from the family and friends, financial background and motivation etc. they can help
the motivated to set up a business. This procedure under entrepreneurs its get correct
support for the family and friends. The financial background cans also the influence
of the risk taking ability of startup business and individual (Truant, Broccardo and
Ratten., 2019). This support can increase the motivation and risk tracking ability and
that can foster the entrepreneurship of organization. The pe5rsonal background and
experience is allowing the individual to set up a successful business.
The personal experience is also the good influence in entrepreneurship and if the
experience is good quality that one can continue with business for large time and
become motivated to set up a business. Is the experience is not go than it is afraid to
set up business. The personal experience and background is affecting the setup of
business.

For example, Zac Williams is the owner of Grand Touch and that provides consultancy
services to the organizations and provides support the all students to get a job (Simba and
Ojong., 2017). He is set up a business and self-motivated while failed to fund the jib in
Accenture. It is built up a better experience for the students and many clients through which
he become motivated to run the organizations activities. He can take plan the business risk
with clients, so this is important part of the organization to grow. Ms Rana Harvey is a chemist
who set up an organization named Monster Group. This procedure, she plans the business,
make strategies and recruit employees fro marketing and dealing with many risk. She is self-
motivated and participated in organizations programs to gain experience by associating with
many other busies and it is use it for own business process. It is also conduct future planning
and focuses on financial management.
The background and experience of an individual is affecting the entrepreneurship in both
positive and negative ways. Zac Williams and Ms Rana Harvey have motivation to set up a
business and deal with many problems to grow of business. It’s get efficient support from a
team member to be motivated and good run the organization. That is much business that
cannot survive for longer time due to lack of motivation and inefficient team members to keep
the growth (Lechat and Torrès., 2017). In the entrepreneurship the past experience of failure is
negative effect in organization. It has strong financial background and support, they take risk
to set up an effectively business and it is important for organization under entrepreneurship.

CONCLUSION
From the above report, it is concluded that the different entrepreneurship and start up
business has different role according to their nature. Start business includes such types of
business such as small business, micro business, medium business and large business.
Small businesses in the industry provide their large contribution in the country’s economy.
It is very essential to carry out small business because it assists in enhancing the business
working and also helps in development and growth of economy. It is also summarized that
in the present situation is a high needs to manage the entrepreneurship and small business
management. The proper behavior of entrepreneur generate a positive impacts on the
workplace and also motivate the employees.
It is also necessary to hinder the large impacts of entrepreneurship that will create diverse
effects on environment.

REFERENCES
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