Entrepreneurship and Small Business Management: A Comprehensive Analysis

This report 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 similarities and differences between entrepreneurial ventures, analyzing the scope, development, and growth of these ventures. The report also investigates the importance of small businesses and business start-ups to the growth of the social economy, evaluating the differences small, medium, and large businesses make to the economy. Furthermore, it critically examines how small businesses impact different levels of the economy (local, regional, national, and international). The report concludes by analyzing the link between entrepreneurial characteristics and the influence of personal background and experience, using specific examples of successful entrepreneurs.

Entrepreneurship and Small Business Management
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Contents
Introduction..............................................................................................................................................................3
Examine different types of entrepreneurial ventures and explain how they relate to the typology of
entrepreneurship. [P1]..............................................................................................................................................4
Explore the similarities and differences between entrepreneurial ventures. [P2]....................................................5
You should investigate a diverse range of entrepreneurial ventures to demonstrate an understanding of
entrepreneurship in both public and corporate sector. [M1]....................................................................................7
You should critically examine the scope, development and growth of entrepreneurial ventures. [D1]..................8
Interpret and assess relevant data and statistics to illustrate how micro and small business impact on the
economy [P3]...........................................................................................................................................................9
Explain the importance of small businesses and business starts-ups to the growth of social economy. [P4].........9
You should evaluate the differences small, medium and large businesses make to the economy, applying
relevant data and statistics. [M2]............................................................................................................................11
You should critically examine how small businesses have an impact on different levels of the economy (local,
regional and national) and an international context. [D2]......................................................................................12
Determine the characteristic traits and skills of successful entrepreneurs that differentiate them from other
business managers. [P5].........................................................................................................................................13
Assess how aspects of the entrepreneurial aspects personality reflect entrepreneurial motivation and mindset.
[P6].........................................................................................................................................................................15
You should explore and examine different lines of argument relating to entrepreneurial characteristics. [M3]...16
You should analyse the characteristic traits, skills and motivational drivers of successful entrepreneurs,
supported by specific examples. [D3]....................................................................................................................17
Examine, using relevant examples, how background and experience can hinder or foster entrepreneurship. [P7]
................................................................................................................................................................................18
You should analyse the link between entrepreneurial characteristics and the influence of personal background
and experience to specific successful entrepreneurs. [M4]....................................................................................20
You should critically evaluate how background and experience influences entrepreneurs, both positively and
negatively, by comparing and contrasting examples. [D4]....................................................................................21
Conclusion..............................................................................................................................................................21
References..............................................................................................................................................................22
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Introduction
Small business enterprise and the entrepreneurship in the different countries must be provided
proper assistance. The report is based on the concept of entrepreneurship, especially in the
small business enterprise. This report aims at proving the understanding to the local people
about the importance of the small business enterprise and enhances their interest in being the
entrepreneurs. The report has a section of explaining the different types of ventures and
businesses which can be started by the local people and bring changes to the economy.
Further, this report provides the information about the personality and characteristics of a
person. The real-life examples are considered in this report for understanding the business
and their entrepreneur. The impact of entrepreneurship on the economy and its importance to
the society are also the concept which is included in this report.
3

Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship. [P1]
There are many different Entrepreneurial ventures. These are the businesses which are started
at a small or big amount. The entrepreneurial ventures are the business which has been started
by a businessman or entrepreneur. This is the investment for earning more profit. Various
entrepreneurial ventures are-
Independent business venture- The independent business refers to the small business
enterprise which may increase its business in near future (Drucker, 2014). The independent
business is owned by an independent entrepreneur. This business may include the ventures
like boutique, salon, restaurants etc.
Existing big business venture- These are the established and existing big brands which have
their brand image in the market. These businesses are the big ventures which are established
and are corporate business.
Growing business venture- The business venture which has a growing concept and are large
scale business operations (Drucker, 2014). These organisations include the IT business which
creates and work on B2B applications or software.
Social good business venture- The business companies which work for social good and
without a motive of profit are the social good business. These businesses have the motive of
social welfare and not a profit maximisation.
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Explore the similarities and differences between entrepreneurial ventures. [P2]
The entrepreneurial ventures are of various kinds. These ventures have some common and
some different aspects. The ventures could show similarities and differences by the vertical
process of distinguishing factors. The entrepreneurial ventures are in the form of public,
private and social ventures as well as micro, small and medium-sized business ventures
(Kuratko, 2016). The similarities and differences between entrepreneurial ventures are
discussed below-
Types Functions and roles Aims and objectives
Public ventures The ownership of
government or public
is the aspect of this
type of venture.
The functions of the
public ventures are in
the direction to
provide the facilities
to the public and
improve their
benefits (Kuratko,
2016). They share
their profits with
government and
public organisations.
Their aim is to offer
services to the public
at low cost so as to
provide the facilities
and amenities.
Private ventures These ventures are
owned by persona
alone or maybe in a
partnership or sole
proprietorship.
The private ventures
role is to offer
various products and
services to the
customers and to
make money by
earning maximum
profits.
Their motive or
objectives is to earn a
profit and enhance
business and make it
a success in
competition
(Kuratko, 2016).
Social ventures Social ventures are These ventures do The objective or
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owned by the
government or the
private organisations.
not work for earning
a profit. These
businesses have a
role in providing the
services to the public
or society and to
improve the societal
benefits for its better
future (Kuratko,
2016).
motive of social
ventures is to provide
social welfare to the
people and they do
not work with the
motive of earning
profit or profit
maximisation.
The other business ventures which could be distinguished by their features are micro, small
and medium-sized business.
Microbusiness- The micro business ventures is a little-sized business which covers only the
area of local places. The business which works in the local area of the city is the micro level
business venture. This venture’s invested capital of less than 1 lac.
Small business- The small businesses are the small business ventures. These venture’s capital
which is invested in initial is more than 1 lac but less than 5 lac (Kuratko, 2016). These
businesses have their business operations up to the local city or surrounded location.
Medium sized business- The medium-sized business is more than the small business. They
have the business venture of more than 5 lacs investment but less than 7 lacs investment.
These businesses operate in the local states and a larger area (Kuratko, 2016).
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You should investigate a diverse range of entrepreneurial ventures to demonstrate an
understanding of entrepreneurship in both public and corporate sector. [M1]
There are different entrepreneurial ventures. These operate in different nature and
background of the company. The entrepreneurial ventures are independent business ventures,
social good ventures, existing and established ventures and growing companies or ventures.
These ventures operate in a different manner and they have a different impact on the
economy (Morris, et. al., 2017). There are also some entrepreneurial ventures which are
distinguished as per the private, public and non-profit ventures. The micro, small and
medium-sized businesses are also understood above as different entrepreneurial ventures.
These ventures have the difference between these ventures (Morris, et. al., 2017).
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You should critically examine the scope, development, and growth of entrepreneurial
ventures. [D1]
The business and entrepreneurial ventures have a lot of scope of increasing the business and
earning maximum profit making. The business is based on the different factors which are
innovation, creativeness, and effectiveness (Blundel, et. al., 2017). With the use of such
business factors, a company can increase the business and expand the venture to a lot. The
development of the companies is based on the growth of the company. With the new ideas,
innovative concepts and expansion of business, it can ensure business growth and
development of the company. The business ventures could ensure growth and effective scope
by providing effective and innovative concepts to the business products and services
(Blundel, et. al., 2017).
8

Interpret and assess relevant data and statistics to illustrate how micro and small
business impact on the economy [P3].
The micro and small business have their impact on the economy and help in increasing the
growth of the economy. The small businesses and micro business ventures have the most
capability of increasing and being promoted all over the world (Fairweather, et. al., 2017).
This increases the sales and promotion of these businesses and makes the business strong.
There are various businesses which impact the economy. The business growth attracts the
stronger economy to the country. The different business has a different impact on the
economy which is discussed below-
The contribution of the economy- This micro and small business contribute to the economy.
These businesses increase the growth of the economy as they provide the various
employment opportunities and expansion of business opportunities. This makes the economy
strong.
Push innovation- The innovation and the concept of creativeness are increased by this small
and micro business (Fairweather, et. al., 2017). These business ventures have various
opportunities in increasing the innovative and creative ideas. The economy gets the
opportunities of getting the innovative ideas with the help of these businesses.
Increases the job opportunity- The employment opportunities are basically provided by the
small and micro businesses. The job opportunities make the economy strong and this impact
on the economy of the country. Small and micro businesses help to provide employment to
the unemployed people and affect the economy in a positive manner (Fairweather, et. al.,
2017).
Financially independency- The small and micro business ventures provide the independence
to the financial independence to the people. The financial independence of the sole
proprietors is provided to the economy. This enhances the financial stability of the economy.
9

Explain the importance of small businesses and business start-ups to the growth of the
social economy. [P4].
Small businesses are very important to the growth of the social economy. Various social
aspects which increase the growth of the economy are provided by the small businesses. The
business impact the society in an impactful manner. The small business impacts the social
economy and ensures its growth in different ways-
Encourage innovation- The innovation in a company or business is basically encouraged by
the small businesses as they have a scope of growing the business to the world (Vergauwen,
et. al., 2016). To promote the strategies and products and services of the company is
something which can be improved with the help of small business. This increases the social
economic growth of the company as it provides benefit to the society.
Enhance employment opportunities- The enhancement of employment opportunities could
be done by the small business. For the expansion, the small businesses have more scope of
providing vacancies and increase employment opportunities for the people. This increases the
social benefit to the economy as people get the employment (Vergauwen, et. al., 2016). The
social economy growth could be ensured in this manner.
Society benefits commitments- The society benefits commitment which is provided by the
companies could be ensured by the small business. This impacts on the social economy of the
country because it helps in getting the society benefits (Vergauwen, et. al., 2016).
10

You should evaluate the differences small, medium and large businesses make to the
economy, applying relevant data and statistics. [M2]
Small business, medium business, and large businesses have the same impact on the
economy. The business ventures help in making the economy strong by contributing the
value to the economy. The small, medium and large business helps in getting the economy
more efficient. The small and micro businesses help in providing benefits to the economy
socially (Peterman, 2016). Various social improvements which are raised by the small
business are the employment opportunities, growth, innovation and creative aspects of the
business and economy. The large business contributes the economy in a strong manner. The
strong economy could be ensured with the help of effective promotion of the company
(Peterman, 2016).
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You should critically examine how small businesses have an impact on different levels of
the economy (local, regional and national) and an international context. [D2]
Small business impacts the economy on the local, regional and national level. The small
business may operate in the local economy but impact or influence the economy in a different
manner. The small business promotes the growth of the economy by enhancing and offering
the employment opportunities, creative concept, and innovation. The small business promotes
the social benefits and commitments to the society. The local impact on the economy is based
on the societal impact. The regional business impacts on the economy by inducing the
employment opportunities (Storey, 2016). The small business with the innovation technique
promotes the competition. This impacts the international business and economy in
international context.
12

Determine the characteristic traits and skills of successful entrepreneurs that
differentiate them from other business managers. [P5]
The entrepreneur contains various traits and features which affects their personality. An
entrepreneur is a person who influences the other people and successful entrepreneurs could
get the maximum benefits of these traits and characteristics (Storey, 2016). There are various
skills which are possessed by the entrepreneurs which makes them different from the
business managers. Every entrepreneur possesses various different combinations of skills and
traits which affect their personality and increase its impact on the business.
Some of the important traits and qualities or characteristics of an entrepreneur are discussed
below-
Innovative- The business managers are different from entrepreneurs. Entrepreneurs possess
the quality of being an innovative person. The innovation is the key aspects which drive the
business to the expansion level (Storey, 2016). The entrepreneur works into the innovative
concept to increase the business.
Creative- The other skills which an entrepreneur possess and business managers less are
creativeness. The creative mind of a person makes an entrepreneur. The use of creativeness in
the business is something very important and acceptable in the current scenario. This
characteristic of a company help in attaining the business success.
Leadership skills- The leadership skills of a person are characteristics of an entrepreneur.
The business managers are different from the entrepreneur as they do not necessarily possess
the leadership skills (Montani, et. al., 2017). These skills are basic and effective to achieve
the leadership. An entrepreneurial skill helps in achieving the leading to the people.
Self-motivation- Self-motivation is an effective characteristic which is possessed by the
entrepreneurs. The self-motivation is a skill of an entrepreneur. There is no need of inducing
the motivation. The self-motivation aspect provides to try and try hard in an effective manner.
Self-motivation is a technique to get motivation for achieving the good results and impact the
business effectively.
Self-confidence- The entrepreneur of a company also possess the self-confidence factor as
their skills. The self-confidence of a person helps in improving the operations (Montani, et.
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al., 2017). The self-confidence boosts up the morale and offers the capability of working
through the risks.
Flexibility- The flexibility and acceptance to change are the traitor characteristics which are
possessed by the entrepreneurs. The flexibility traits of the person make him stronger and this
increases the skills of managing and accepting the changes.
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Assess how aspects of the entrepreneurial aspects personality reflect entrepreneurial
motivation and mindset. [P6]
The personality is an important factor which attracts towards a person and the personality of a
person. The personality attracts the person and impacts on the entrepreneurs. The personality
affects the person’s mindset and motivation. The personality gets the improvement by the
different personality traits such as-
Cheering- The personality of a person attracts the different skills and provides the benefits of
these skills. The cheering personality of a person reflects the cheerful personality and
improved motivation of a person (Mukherjee, 2016). This increases the personality of the
person. The happy and satisfied personality of cheering person is effective for an
organisation.
Attentive- The attentive personality of a person helps in attaining the good listener to the
company. The attentive personality of a person reflects the effective speaker and listener as
being attentive to what world has to show is important.
National culture- The national culture is also the personality trait of a person. The different
cultures provide different national cultures and this increases the impact of providing the
effective personality trait to a person (Mukherjee, 2016).
Traits and characteristics- The traits and characteristics of person also provide the different
personality to different people. The traits and characteristics ensure the effective working and
personality of a person. The different traits create different personality and this distinct a
person from another.
Family upbringing- The factor which affects the personality is a family upbringing. The
family upbringing is a factor which affects the personality of different family backgrounds
provide different upbringing and this enhances the effectiveness of family upbringing or
brought up personality (Mukherjee, 2016).
Energetic- The energetic person reflects the personality of the self-motivated and active
person. This enhances the capability of being attractive and energetic. This offers a person
from other personality officials or entrepreneurs.
15

You should explore and examine different lines of argument relating to entrepreneurial
characteristics. [M3]
The entrepreneurial characteristics are based on various factors. The characteristics of an
entrepreneur make the person attractive and effective. There is an entrepreneurial
characteristic which is followed by the person to improve personality. The personality
improvement is based on various factors related to the traits and features (Tasnim, et. al.,
2014.). The personality of a person could be developed by a person by getting in touch with
the surrounding, friends, family, society, and culture etc. There are various characteristics
which impacts on the person and in improving the personality of a person. The grooming
personality and cheerful nature impact on the person’s characteristics. To introduce to a
successful entrepreneur the characteristics must be improved, for achieving the success in the
entrepreneurship a proper and excellent talent and skills of the person must be identified and
improved (Tasnim, et. al., 2014).
16

You should analyse the characteristic traits, skills and motivational drivers of successful
entrepreneurs, supported by specific examples. [D3]
There is the reason behind every decision of successful entrepreneurs. The entrepreneurs who
have the successful career is based on their effective decision making and efficiency in
calculating the risks and fortune for the future (Chan, et. al., 2015). Based on these incredible
decisions they execute the policies and strategies to achieve the target.
There are many entrepreneurs who have the capability of understanding the importance of
effective decision making. The example of Sir Richard Charles Nicholas Branson who is a
founder of Virgin group which is controlling over 400 companies and an example of Sir
James Dyson who is a British inventor and a founder of Dyson company. They both have
struggled and reached the high time of their career (Chan, et. al., 2015). These entrepreneurs
are basically working on innovation and creativeness in the business which increases their
power to get more benefited results.
17

Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship. [P7]
The entrepreneurship is based on the skills and personality of a person. The effective
entrepreneurship could be provided to the people with an effective working person. Due to
increase in the incredible experience the personality of a person gets a chance to improve
(DeNisi, 2015). There are many successful entrepreneurs who have a life of success stories
and their hard work have paid off. Here is a discussion of two most important and effective
entrepreneurs the world have come across with. They are-
Sir Richard Charles Nicholas Branson- He is a business magnate, an investor, and
philanthropist. The achievement of his is bragged about the process of founding Virgin grow
up. He is a founder of Virgin group which controls more than 400 companies currently. This
is a great achievement for him (DeNisi, 2015). He started his fists business venture at the age
of 16 which was a magazine called “student”. He started the business with the motive of
earning a profit and the Virgin Atlantic airlines are the part of his achievements.
Type of education- He had only studied until the age of sixteen.
National culture- Sir Richard Branson belongs to the UK and started his venture in Britain
only.
Character Traits- According to his achievements and a show, it is clear that he is an
inventive and innovative person. He believes in creating new spaces for achieving targets. He
is a self-motivator person and having a confidence to achieve something in life has proved
the self-confidence of Sir Richard Branson (DeNisi, 2015). Innovation in the business ideas
makes him innovative person to and acceptance to change has enhanced the trait of
flexibility.
There is another person who has proved that entrepreneurship is not only about thinking and
starting a business but initiate the business with the smart and innovative thinking. These
skills and qualities of him have taught enough to the small entrepreneurs. He is a great
motivator too.
Sir James Dyson- He is a great inventor, an industrial designer and a founder of Dyson
Company. He is popularly known for his great invention of Dual Cyclones bagless Vacuum
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Cleaner. Inventions and innovation were the skills which made him the successful
entrepreneur (DeNisi, 2015). This has proved that effective skills and innovative mind could
provide enhancement of knowledge and success to the business.
Type of education- He studied furniture design and interior designing.
National culture- He is a British inventor and was a founder of the established company of
UK, Dyson Company.
Characteristics and traits- He possesses the skills for being innovative and inventive. The
personality of Sir James Dyson provided a self-motivated and self-confident person. He
possesses the skills of the determinant person and it has a flexibility in the personality
(DeNisi, 2015). With this, the effective entrepreneur has been established by him and an
effective achievement by the country.
19

You should analyze the link between entrepreneurial characteristics and the influence
of personal background and experience to specific successful entrepreneurs. [M4]
There is a link between both the above-discussed entrepreneurs. From the above analysis, it is
clear that they both possess the same nature of characteristics and skills. With the complete
determination, they have achieved the effective results (DeNisi, 2015). The similar
characteristics of a person are provided that their effective and hardworking nature about the
company’s success has improved the business culture.
There are some skills which are identified as common in both the entrepreneurs. These are
the hardworking nature, effective skills, and innovative, inventive, self-motivating, and self-
confident and very good forecasters. The risk assessment ability of both the entrepreneurs has
helped in understanding the importance of successful skills and characteristics of a person
(DeNisi, 2015). A very common link between Sir Richard Branson and Sir James Dyson was
that they are from same nation and are working in the same market.
20

You should critically evaluate how background and experience influence entrepreneurs,
both positively and negatively, by comparing and contrasting examples. [D4]
The above leading examples of these people have provided the impactful study of the
effective and successful entrepreneurship. The most effective studies which have provided
under this were their background and past experiences. The negative aspects in the above-
explained examples have a minimized effect (DeNisi, 2015). There was no as such a biggest
negative point about both the entrepreneurs.
As Sir Richard Branson has not completed studies and started working at the age of sixteen.
The negative factor could be that these are an incomplete education of Sir Richard Branson.
The background has no negative aspects which could be shown as the example of critical
explanation about these successful entrepreneurs. One of the important aspects is that the
complete education is required to be successful entrepreneurs. Their stories provide us the
information that education is important for any career (DeNisi, 2015).
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Conclusion
Small business enterprises are an impactful area which should be considered by people. This
provides the employment opportunities and contributes a huge amount of growth to the
economy. Every developing country must start the small business enterprise and employ
people to run such organisations so as to make the country strong. The above report provided
the information about the importance of small business enterprises and the entrepreneurship.
There are various concepts which have been cleared with the help of this report. The above
report also clarifies the impact of small business enterprises on the economy of the country
and the skills which are required for being a successful entrepreneur. There are various
characteristics and traits which are required by a person to achieve a successful career and
being a successful entrepreneur. There are different aspects which have been cleared from the
report.
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References
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of Entrepreneurial Ventures: An Identity‐Based Perspective. Journal of Small
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