Entrepreneurship and Small Business Management: A Comprehensive Analysis

This assignment delves into the multifaceted world of entrepreneurship and small business management, exploring various types of entrepreneurial ventures, their impact on the economy, and the characteristics of successful entrepreneurs. It examines the role of family background, experience, and cultural factors in fostering or hindering entrepreneurial success. Through a comprehensive analysis of relevant data and statistics, this assignment provides valuable insights into the dynamics of entrepreneurship and its significance in driving economic growth.

ENTREPRENEURSHIP AND SMALL
BUSINESS MANAGEMENT

Table of Contents
INTRODUCTION.......................................................................................................................................2
TASK 1..........................................................................................................................................................3
P1 EXAMINE VARIOUS TYPES OF ENTREPRENEURIAL VENTURES AND EXPLAIN HOW THEY RELATE TO
THE TYPOLOGY OF ENTREPRENEURSHIP (M1).........................................................................................3
P2 DISCOVERING THE SIMILARITIES AND DIFFERENCES BETWEEN DIFFERENT ENTREPRENEURIAL
VENTURES................................................................................................................................................5
TASK 2..........................................................................................................................................................7
P3 INTERPRET AND ASSESS THE RELEVANT DATA AND STATISTICS TO ILLUSTRATE HOW MICRO AND
SMALL BUSINESSES IMPACT ON THE ECONOMY.....................................................................................7
P4 EXPLAIN THE IMPORTANCE OF SMALL BUSINESSES AND START-UPS ON THE GROWTH OF SOCIAL
ECONOMY (M2).......................................................................................................................................9
TASK 3........................................................................................................................................................12
DETERMINE THE CHARACTERISTICS TRAITS AND SKILLS OF SUCCESSFUL ENTREPRENEUR THAT
DIFFERENTIATE THEM FROM OTHER BUSINESS MANAGERS (M3)........................................................12
P6 ASSESS HOW ASPECTS OF THE ENTREPRENEURIAL PERSONALITY REFLECT ENTREPRENEURIAL
MOTIVATION AND MINDSET.................................................................................................................14
TASK 4........................................................................................................................................................16
P7 EXAMINE, USING RELEVANT EXAMPLES, HOW BACKGROUND AND EXPERIENCE CAN HINDER OF
FOSTER ENTREPRENEURSHIP (M4)........................................................................................................16
CONCLUSION.........................................................................................................................................18
REFERENCES..........................................................................................................................................19
Appendix:..............................................................................................................................................21

INTRODUCTION
Now a Days business plays a crucial role in the growth of any economy and to running these
businesses, an individual person who runs the business is known as business owner or
entrepreneur. An entrepreneur manages the organization and develops the appropriate
measures for launching new products and services which is known as entrepreneurship. Small
business management consists of coordination and manages several activities in business for
achieving the goal of an organization. Entrepreneurship and small business management help in
developing managerial skills in a person for achieving the objective of an organization.
This assignment discussed types of entrepreneurial ventures in public and private sector and
assesses the impact on the economy by micro and small businesses. This assignment is to
recognize the importance of small business in the growth of an economy with difference among
small, large and medium businesses. It shows the traits of a successful entrepreneur with the
brief discussion about the relevance of backgrounds and factors that affect entrepreneurship.

TASK 1
P1 EXAMINE VARIOUS TYPES OF ENTREPRENEURIAL VENTURES AND
EXPLAIN HOW THEY RELATE TO THE TYPOLOGY OF
ENTREPRENEURSHIP (M1)
Entrepreneurship is the procedure of taking actions with the intention to become successful in
the business through facing all challenges and obstacles in the organization. It is the capability
to recognize the future possibility and develop the measures for it. Entrepreneurial activity is
identifying future opportunities through the development and creation of new products in the
business (Scarborough, 2016). An enterprise is a business where the company performs their
business activities. An entrepreneur is a person who are not depend on anyone for his business
operation he is the owner of his enterprise and taking risk by his own while an intrapreneur is
depended on entrepreneur and did not responsible for raising funds or risk of an enterprise and
owner-manager work in a corporate sector and responsible for only managerial work of an
organization. In both public and corporate sector there is three type of entrepreneur ventures
which are described as:
 Scalable startup entrepreneurship:
Scalable entrepreneurship is framed under the business model which expands the
businesses through developing appropriate measures. The entrepreneur of this venture
clearly analyzes their vision and mission and according to their business they create a
business model and measure or scale the capital of the business for expansion. They
develop the new market for their customers with the appointment of people who helps
them in achieving the goal of an organization (Schaper, et al. 2014).

 Small-scale business entrepreneurship:
Under this entrepreneurship, the entrepreneur invests the less amount of capital with
the objective of achieving a goal of the organization. The small business
entrepreneurship did not have an intention to earn huge amount of profit they do their
businesses with the intention of survival such as stores, agencies and consultants are
the small-scale businesses.
 Social entrepreneurship:
Social entrepreneurship develops their enterprise just to solve the issues and obstacles
of society. The entrepreneur of social entrepreneurship did not work with the intention
of making the huge profit but their motive is to serve the economy. They are connected
with the non-profit organization or non-government organization that increases the
fund through social activity. The entrepreneurs use feedbacks and innovative solutions
for a social problem in achieving the goal. Nowadays they also create their own website
which helps them in connecting with the large number of people who has the same goal
and can work collectively with the intention to serve the society (Parker, 2018). Their
objective is to serve the society of the country not to make the huge profit out of the
businesses.
 Large company Entrepreneurship:
The large company invests a large amount of capital as compared with small-scale
business and social entrepreneurship. Every individual large company follows their own
principles which grow their business through recognizing customer's preference,
technology. The organization is affected by the change in cultural factors and increasing
competition etc. thus the entrepreneur of large business needs to develop new
measures for performing differently from the existing industry and to survive in the
economy. Through innovation and creativity, the growth of the large organization is
possible.

P2 DISCOVERING THE SIMILARITIES AND DIFFERENCES BETWEEN
DIFFERENT ENTREPRENEURIAL VENTURES
There are various types of the venture in the economy which has its own benefits and losses
and these ventures have certain similarities and differences among them. Under this two tables
are mention where the one shows the similarity and difference between public, social and
private sector and the other table shows the similarities and differences among medium, small
and micro venture (Burns, 2016). The ventures which are discussed above have certain
similarities as well as differences in the objective, strategies, financial goal etc. Thus, the table
of a private, public and social venture is as follows:
Table1: difference and similarities among private, public and social enterprise
Private Venture Public Venture Social Venture
Admiration of corporate
venture
Admiration of community
venture
The approbation of Corporate
and social venture
The key point is to generate
profit in business
The key target is to pass on
organizations to the overall
public
The key point is to make
furthermore for the venture
and an incentive for more
noteworthy society
It is owned and control by
people individually
It is owned by the government
authority, monopolies, local
government agents etc.
It is a merging form of more
than one organization which
form a community
The important associates of
public associates are
customers, managerial persons,
proprietors, finance specialist,
creditors, directors, investors,
legal representative etc.
The important persons are
banks, government agencies
and partners, monopoly
agencies etc.
The significant person of social
enterprise is community
members, loan providers, social
worker, group of persons with
same goals etc.

All profit is distributed among
depositors and shareholders
The profit under public venture
is distributed among
shareholders and public
They distribute the profit to the
welfare of society or invested in
some social work
The private venture followed
the structure of sole
proprietorship or company with
limited liability
They form in a limited
association with unlimited
liability
They did not follow any
particular structure, they just
form a community with same
interest with the form of a non-
profit organization
(Source: Mazzucato, 2015)
Table2: Roles and responsibilities between micro, small and medium size organization
Micro Small Medium
There are no opportunities for
the growth of
microenterprise.
Small enterprise is restricted
with some particular
opportunities
There are strict opportunities
for the growth of medium
enterprise
Owner form a
microenterprise by himself
Owner and their close ones
form a small enterprise
Owner and some
professionals form a medium
enterprise
The investment in micro is
very low for an organization
The capital of small enterprise
is between micro and medium
enterprise
Medium enterprise invests
more than small and
microenterprise
No particular procedure is
being used in the
microenterprise
Casual strategies are being
used in case of small
enterprise
Some casual and specified
techniques are being used in
medium enterprise
Microenterprise provides
product and services to the
local areas
Small enterprise provides
services for regional level as
well
Medium enterprise grows
from steady small business to
big corporation
(Source: Bruhn, et al. 2018)

TASK 2
Executive Summary: This assignment shows the different type of entrepreneurship venture in
relation to public and private sector and importance of businesses for the growth of an
economy. It determines various entrepreneur traits which are essential for becoming a
successful entrepreneur.
INTRODUCTION:
This task discussed the importance of small businesses and its impact towards the economy. It
evaluates the different impact on micro, small and medium enterprise and the procedure of
starting an organization with the intention of earning a profit in the economy.
P3 INTERPRET AND ASSESS THE RELEVANT DATA AND STATISTICS TO
ILLUSTRATE HOW MICRO AND SMALL BUSINESSES IMPACT ON THE
ECONOMY
Creativity is the ability to think something new which can be helpful in the growth of the
enterprise and innovation is the procedure of becoming creative. Basically, innovation is the
modification of the existing product or services (Abrams, 2017). It also brings change or
alteration in the form of new ideas or methods. The business idea comes from various sources
where the innovation and creativity can help in the succession of the enterprise. The sources of
business or entrepreneurial ideas are the customers as with the change in demand and
preferences can give new ideas to entrepreneur. The existing company also help to evaluate
the performance of competitors which can create the new market in the economy. There are
distribution channels which can be helpful in finding out the requirements of the market and
can generate the business idea to the entrepreneurs. The government norms and information
could be helpful in creating new business ideas. The source of a new idea is also possible with
appropriate research for developing ideas for new products or services.
The small and medium-sized enterprise is obliged with 99% private businesses and the labor
productivity by per hour of UK is grown by 0.7%, the growth of productivity at labor increases in
both production and services industry which also enhance the micro and small businesses and

cause a growth in the economy as well as in the growth of GDP rate (Li and Rama, 2015). The
GDP grew by 1.7% in 2017 with the contribution of SMEs and it extended within the UK by
490,300 approximately in 2016. There is trade under SMEs with 7.3 million in the UK. In this
way, their contribution to the growth of the economy is increasing rapidly day by day. There is
emerging from between private sector and SMEs with 57% yield in businesses thus they need to
enhance to adornment.
SMEs also influence the performance of the economy with the intention of expansion and
advancement in the economy by 40% and also create employment opportunities for 34.4
million people with 50% with the extension of 78% in labour force. There is the tremendous
improvement in the business from 2013 to 2017 by around 59% and 7.9 million of private
sectors are started the business at the starting of 2017 which eventually increases by 25,000.
Therefore SMEs make alteration intently with the positive contribution to the growth of the
economy (Storey, 2016).

P4 EXPLAIN THE IMPORTANCE OF SMALL BUSINESSES AND START-UPS
ON THE GROWTH OF SOCIAL ECONOMY (M2)
Small business is owned by an individual with the intention of earning nominal profit which has
less number of employees as compared to other corporation and has less revenue than a
regularly sized corporation (Goss, 2015). The range of employees in the small business is from
15 to 500 and their gross revenue is depending on the number of employees and gross income.
The innovation in small businesses and the new startup is developing through the
implementation of new ideas, increase the creativity in their employees, adopting the new
opportunities in the economy for the growth of businesses. The sustainability in small
businesses is possible through a strategic procedure in the planning of business operations and
improving the quality of product and services in the economy. There is the different type of
small businesses which have its own importance and the different type of small businesses are
as follows:
 Sole Proprietorship:
Under this business is solely owned by an individual and all the responsibility and profit
is bear by a single person. It is easy to form and has less rate of taxes as compared to
other corporations. A small business is started by the individual with a new product or
idea and if it is successful, the business can grow and can contribute towards the growth
of an economy and also fulfilled the needs of local customers with offering the best
service (Brain and Nowak, 2016). The best example of the sole proprietorship is Silicon
Valley who started their business from one garage and now it serves as the global centre
for high technology for computer industries.
 Partnership:
A partnership is the combination of two or more person who contributes their skills,
capital, investment towards the goal of an organization and it is formed with the help of
partnership deed. The partners agree to gain a profit with their mutual interest. It
provides benefits to local people by giving them employment opportunity which helps in
contributing to economic growth and with the growth in their business they can become

a global firm increase the investment at the global level. Partnership business connects
with local people which increases the productivity of business and can easily contribute
towards the growth of the economy (Purnomo, 2018). The social chain is the best
example of partnership enterprise between Steve Barlett and Dom Mc Gregor who solve
student’s problem online and now it becomes UK’S largest marketing agency.
 Corporation:
This kind of small businesses or start-ups are considered as a separate legal entity which
is different from the people who owned it and it is of two type C Corporation and S
Corporation. The C Corporation has limited liability and it divides the profit between the
owner and corporation. The S Corporation is not liable for dividends and has no twice
tax liability. It provides investment at a global, regional and local level which increase
the economic growth and it offers employment opportunities and contributed to
national income as well which helps in contributing to economic growth. Twitter, Google
is the example of a successful corporation which contributes to the growth of the
economy.
 Limited Liability Partnership:
It is the combination of partnership and corporation which has benefits of both partners
as well as corporations. It has a huge turnover in business according to a size of an
organization and low formation cost (Jelsma and Nolkamper, 2017). It establishes the
relationship between clients and customers and fully utilizes the resources which help in
the economic growth of a country. The Burberry, Facebook, Quora are the examples of
Limited Liability Corporation.
The economy of UK is rising higher than 0.5% and the estimation towards the incorporation of
SMEs are 64% in Europe with an increase in the trade of goods and services by £3,495 million in
2017. The strongest growth happens in the UK with 0.5% while the growth saw in Canada, Italy,
and Germany was 0.3% and the GDP is also 10.4%.
Conclusion: This task discussed discussing the difference between micro, small and medium
enterprise with the help of statistics and relevant data and it also shows the types of small

business with its significance in the growth of social economy with the statistical data. Through
the statistical data, it shows the relevance of business start-ups which contributed towards the
growth of the economy. It also examines the impact of the different type of businesses in the
growth of the economy.

TASK 3
DETERMINE THE CHARACTERISTICS TRAITS AND SKILLS OF SUCCESSFUL
ENTREPRENEUR THAT DIFFERENTIATE THEM FROM OTHER BUSINESS
MANAGERS (M3)
The role of an entrepreneur is very essential
for the growth of their businesses they
need to have certain qualities which make
them unique from others and through
which they can earn the profit in the
business (Zainol, 2018). Thus, the
entrepreneur must have certain qualities
which have been discussed along with the
example of a successful entrepreneur, these
characteristics are as follows:
 Self- motivated:
This quality of being self-motivated
is very essential for the succession of
entrepreneurship. The successful
entrepreneur did not drop out his
business with failure he keeps
motivated himself and his team as
well for performing in a task in
business positively. The best
example of successful entrepreneur
with self- motivation quality is
Oprah Winfrey who always sees the
best in herself even though she
faced embarrassing experiences she
never stops being inspired for
performing in the best way.
 Persistence:
The successful entrepreneur learns
from his setbacks and innovates
things with the development of new
ideas through failures. He must have
the willingness to perform in a
better way than before. J W Rowling
is the English teacher who authored
Harry Potter novels never gave up
although she got rejected from
twelve publishers. Thus, as an
entrepreneur, this quality of
persistence can be learned from
failure and setbacks and stay
determined towards the goal of
business.
 Obsessive:
This quality emphasis on that an
individual need to be obsessive by
his work or performance (Zaridis and

mousiolis, 2014). His passion can
help in thinking in a creative and
innovative way which motivate
them to perform in a best possible
way. The example of this is Jeff
Bezos left a job in Wall Street
because he was passionate about
creating a store where it has
everything at one place and his
obsession helps in creating a best
online retail store as Amazon.
Likewise, passion or obsession can
really affect the growth of
entrepreneurship.
 Powerful communicator:
Every entrepreneur needs to have
communication skills to make
clients, increasing number of
customers, solving the queries of
employees etc. An
entrepreneurship can achieve
success only through adopting
effective communication style
(Manning and Amare, 2016). As the
owner of Facebook Mark
Zuckerberg talks to every employee
just to know them personally and
allow them to communicate freely
which helps in generating new ideas
through employees and establish a
trust among employees and owner.
 Creative thinker:
A successful entrepreneur must be
able to think creatively which
makes his product and services
different from others. He must be
able to look at the problems in a
positive way just to overcome
through it positively. An
entrepreneur must focus on
experimenting new things and task
with the continuation of learning
through the experience of business.
Andrew Carnegie is the best
example of creative thinking which
makes him well-known industrialist
of America.
 Problem Solver:
Every entrepreneur face lots of
obstacles in the way of a succession
of businesses. He must be aware of
every possible outcome for the
particular problem. The successful
entrepreneur Henry Ford has the
ability to solve the problems, he
never gets upset with the problems
and the reason for the succession of
his business are the abilities to

solve the problems related to
business, clients, customers and
employees.
 Visualization:
A successful entrepreneur must be
able to forecast the future
possibilities towards the
achievement of the organizational
goal (Carli and Nilsson, 2015). Walt
Disney also followed a visionary
approach which helps him to
become a successful entrepreneur.
These above are the traits of successful
entrepreneur which helps in the growth of
the business which shows that
entrepreneurs are not born they are self-
made. They don't need a special feature in
them for becoming an entrepreneur. There
are so many examples of the entrepreneur
as Oprah, Steve Jobs, and Jeff Bezos etc.
who were not from a business background
but still they excel in becoming an
entrepreneur. Thus, entrepreneurs are not
born but through the development of skills
an individual can become a successful
entrepreneur. The skills which could be
developed for becoming an entrepreneur
are learning capabilities, innovation,
creativity, knowledge, dedication,
techniques, and experience. These qualities
help in achieving the goal of an enterprise
and enhance the sustainability of business
in the market (Baum, et al. 2014).
P6 ASSESS HOW ASPECTS OF THE
ENTREPRENEURIAL
PERSONALITY REFLECT
ENTREPRENEURIAL
MOTIVATION AND MINDSET
An individual person has different
entrepreneur personality which affects and
influence the entrepreneur mindset. The
aspects of entrepreneurial personality are
as follows:
 Family upbringing: An individual
entrepreneur can get affected
through their family background as
the middle and lower class people
get motivated for an entrepreneur
because of creating wealth,
enhancing the creative business
idea, and establishing their own
organization (Fayolle and Gailly,
2015) and he can also get inspired
by watching fruitful business in his
own family (Viinikainen, et al.
2017). The personality of an
individual get influenced by the

family, it controls the appearances,
thoughts and ability to perform a
task in the field of
entrepreneurship.
 Lifestyle: This factor also reflects
the entrepreneurial motivation. The
atmosphere sometimes affects the
working environment and many
times people have the trend to
create an association to work from
anywhere (Kuratko, 2016). Some
people get affected by the working
environment, timings and with their
outfits which affect the
entrepreneurial personality.
 Cultural differences: The cultural
differences affect the motivation
towards the entrepreneurial activity
as people from social complexities
culture bring the best entrepreneur
traits as they go through with
several issues and have personal
experiences which help in creating
effective entrepreneur property
(Brenkert, 2017). An individual from
developing country did not get the
motivation for independence
because he has more organizational
traits.
 Personal Motivation:
The individual motivation or
passion are helpful in achieving a
goal along with increases in
efficiency. These quality helps an
individual to achieve their
organizational goals and decide
about the vision of organization for
future and the present time (Baron,
2015). The personal motivation
encourages an individual to follow
his vision of entrepreneurship and
which causes self-reliant and clearly
visualize the vision of an
organization.

TASK 4
P7 EXAMINE, USING RELEVANT EXAMPLES, HOW BACKGROUND AND
EXPERIENCE CAN HINDER OF FOSTER ENTREPRENEURSHIP (M4)
EMAIL
TO,
The CEO
Subject- Factors that influence the decision to start a business.
If an individual wants to become successful he must have certain qualities which help him
become a successful entrepreneur but there are certain factors which influence their
businesses. These factors include family background and education of entrepreneur that means
if there are members in a family who is self-employed it influences an individual in becoming an
entrepreneur and a person with the background of management can help to overcome from
problems of business as communication and managerial skills help him in running a successful
entrepreneurship. But a person with some professional background in math, science or
engineering could not help in the procedure of business start-ups because business
communication is needed which could not be developed through these courses.
The economic factors such as availability of capital also influence the entrepreneurship because
capital can increase the investment in businesses and Land, mechanisms, and equipment are
the part of the capital. Economic factor also includes labour force as flexibility in the labour
force can help in easy availability of labours for businesses and supply of raw material can also
make the operation of enterprise easy. There are some cultural nation which plays a great role
in the succession of entrepreneurship as when the economic culture is strong enough and if it is
financially in the favor then it foster entrepreneurship and it enhances the productivity and
social standing of an individual in the society but if the economy is not developed enough it can
hinder the concept of entrepreneurship as people of that country are now motivated for self-

employment, they admire stability and influence by corporate abilities not by starting their own
businesses. Therefore cultural nation can influence the concept of entrepreneurship in positive
as well as negative sense.
An entrepreneur needs to have some managerial skills for the succession in entrepreneurship
and this skills could develop only through experiences. The experience in the field of financial
management, production, research, enhancement, marketing, distribution channels, human
resource etc. are helpful for start-ups and there would be more chances of sustainability of
start-ups in the economy but a person with no experience could face more obstacles in the
businesses. Thus, entrepreneurship can also influence through the experience of an individual.
There are some factors known as character traits of an entrepreneur which also affect the
entrepreneurship. If an entrepreneur has an independent approach with a positive outlook of
his vision then it would be easy to solve the obstacles of businesses. He needs to have
confidence, innovative thinking, forecasting ability, and creativity in his work for the
development of successful entrepreneurship. An entrepreneur must ready to invest in the
future with the intention to bring innovation to the economy and determine the required
innovations. He must take the risk for the advantage of possibilities and innovative thinking
which helps in achieving the growth of an enterprise. He is solely responsible for the risk of
starting an enterprise and also responsible for the rewards which could be achieved for the
succession of businesses. Therefore factors as a cultural nation, economic, character traits,
background and education, risk and rewards are the examples of influencing the start-up
businesses.

CONCLUSION
It is concluded that entrepreneurship and small businesses play a crucial role in the growth of
every economy. This assignment shows the types of entrepreneurship with differences and
similarities among them. It assesses the impact of small businesses and start-ups in the growth
of economy with its relevance through significant data and statistics. This assignment
determined about characteristics, traits and skills of a successful entrepreneur with examples
and it also assesses the personality of entrepreneur which reflect entrepreneurial motivation.
Lastly, it examines the significant examples of background and experiences which foster or
hinder entrepreneurship and also analyze characteristics of an entrepreneur which helps in
becoming a successful entrepreneur.

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Appendix:
Figure 1: UK Self-Employment Jobs
[Source: Spence, 2018]
Figure 2: Medium v/s Small Enterprise
[Source: Nigel, 2014]

Figure 3: Profit of SMEs in the Economy of UK
[Source: Yen, 2017]