ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT - Assignment Solution

This assignment explores various aspects of entrepreneurship and small business management. It begins by defining entrepreneurship and examining different types of entrepreneurial ventures, such as small business ventures, large business ventures, lifestyle entrepreneurs, serial entrepreneurs, female entrepreneurs, and social entrepreneurs, and their relationships with typology entrepreneurship. The assignment then delves into the differences and similarities between small and large-scale ventures, private and joint ventures, and lifestyle and social ventures. It further analyzes how micro and small businesses impact the economy, highlighting their role in job creation and economic growth, and compares small businesses and startups. The assignment also explains the importance of small businesses and startups and their contributions to the economy. Finally, it discusses the traits and skills of successful entrepreneurs, emphasizing entrepreneurial personality, motivation, and mindset, while also considering how experience can hinder or foster entrepreneurship.

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1explain various type of entrepreneurial ventures and their relationship with typology
entrepreneurship..........................................................................................................................1
P2 Explain difference between entrepreneurial ventures............................................................2
TASK 2............................................................................................................................................4
P3 Explain how micro and small businesses create impact on economy....................................4
P4 Explain importance of small business and start ups provide contribution in economy.........5
TASK 3............................................................................................................................................6
P5 Explain traits and skills of successful entrepreneurs..............................................................6
P6 Entrepreneurial personality show motivation and mind set..................................................7
TASK 4............................................................................................................................................8
P7 Experience can hinder foster entrepreneurship......................................................................8
CONCLUSION................................................................................................................................9
REFERENCES................................................................................................................................1

INTRODUCTION
Entrepreneurship means a person have expanded new and innovative idea of production,
operation and services for develop company productive and profits. They have bitterly utilised
their nature and non nature resources. Entrepreneur are establish economic plan of business at
small scales. These new ideas are generating employment for large people and provide
opportunities to learn new skills and knowledge. Entrepreneur has encouraged other people to
find out innovative way of working, they have appreciate employees for new idea generation at
work place (Barbero, Casillas and Feldman, 2011). Entrepreneur are make venture for develop
their business. Many types of entrepreneurial venture are available people are select appropriate
venture for full fill their need and wants. Entrepreneurs are different form manager in many
aspects like personality, motivation tools and decision making process etc. Mostly entrepreneur
are start their own micro and small business, this business are contribute in country economy at
medium level.
TASK 1
P1explain various type of entrepreneurial ventures and their relationship with typology
entrepreneurship.
Entrepreneurship is act to develop new idea, this new idea are associate with high risk.
In entrepreneurship risk are very high people are first time use new idea of working in
environment, they cannot known where this idea should be work or not if not they will loss
resources and funds. Many type of plan and policies are used for execute this new ideas in work.
Entrepreneurial venture mean provide services to small and micro or start up level business
operation. In this entrepreneur are spend their time to achieve success in their work (Bridge and
O'Neill, 2012). They have some important responsibility like arrange funds, making strategies
for sales, evaluation of ideas, recruiting right candidate at right time at right place etc.
Many types of venture are given as follows:
Small business venture: In this venture numbers of employees are very low and they
have not able to expend their work at large level that is why they work on small level. The
profitability and revenue are very less for new business idea compare to establish large
organisation.
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Large business venture: Those businesses that perform their operations at large level
are covered in this section and provide hug mount of employment. An organisation are achieve
higher profits and revenue through sell their product and services to customers and establish
brand image in consumers mind. During recession large company have also face economy
problem and profitability are decrease.
Lifestyle entrepreneur: The entrepreneurs are focus on improving living standard and
approach to people lifestyle. They will generate high profits. Their objectives are different for
each others because they are different personality, perception, attitude and behaviour (Drucker,
2014).
Many types of entrepreneurial venture are their relationships with topology are as follows:
Serial entrepreneur: In this individual person are start new innovative business work.
They will make plan for their employees to develop healthy work environment. For increasing
business transaction they will prepare innovative ideas.
Female entrepreneur: The main objective of these people are provide equal
opportunity between male and female so that women are also achieve success. Example Adafruit
Industries are promoting women enterprise at UK.
Social entrepreneur: The main focus of these person are provide satisfaction to whole
society through full fill their needs and wants, for gain profitability and growth of the business.
Example Florence Nightingale are first social entrepreneur at UK (Fassin, Rossem and Buelens,
2011).
P2 Explain difference between entrepreneurial ventures
Large and small scale venture Difference:
Small firms are not generating large revenue
from business activities because they run
their business activities at low scale in
economy compare to large firms. Large
company are easily spent their function at
international level in economy. In small
business risk associated with finance are very
high but not in large scale company they
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have sufficient fund for investment as well as
for their operations.
Similarity:
Both small and large firm are work for
increasing their profitability ratio and
productivity. They both companies have
providing best services to their potential
clients (Gorgievski, Ascalon and Stephan,
2011).
Private and joint ventures:
Lifestyles and social ventures:
Private company has run their business
activities independently there are no outer
person are involved in decision making
process only business owners are take
decision on the behalf of firm. In case of joint
venture company has share work with other
company who are dealing in same industries,
profits are distributed in their agreed ratio in
both companies. Risk associated with joint
venture are very high because that is depends
on other firm performance.
Similarities:
Both companies in joint venture are sharing
their resources with each other so that they
have made innovative ideas of work for
achieving common goals and objectives
(Hatten, 2012).
Difference:
The main work of this venture are creating
modification in lifestyle of people. In this
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company has improving living standard of
persons through providing high quality cloth
in low cost or price. Company has prepare
strategies for increase employees
performance and productivities (Islam and et.
al., 2011). Serial venture are different from
venture because their main aim are
establishing their business activities at
industries, after achieving their goals and
objectives they will expend business through
enter in joint venture with other same
industries firm. They will enjoy their high
market share and large profitability.
TASK 2
P3 Explain how micro and small businesses create impact on economy.
In Small scale business very few employees are work so that size of their operation are
very low mostly 20 or less then this employees are work in businesses. This kind of businesses
are earn low profits and revenues from their business activities. They will can not compare their
operation with large company's. low risk related to finance are associated with small firm
compare to large firms. Small businesses are developing their activities through innovation in
their operation, they explain are not able to do invention because they have not large finance to
invest. Big firms have finance facility's they invest in money in research and development
projects. Mostly small and micro businesses are operated by private owners and sole
proprietorship (Jones and Rowley, 2011). They will help to provide large employment to society.
Small businesses owner are providing innovative ideas of operations and they have controlling
their growth in economy. That is increasing income level of employees are contribute in overall
economy for achieving goals and objectives of the firms. Many small company have operating
their businesses at national and international level there are some implication are as job creator,
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modification of employment, future growth and development. Company have creating job for
potentilla candidates. Entrepreneur has provide employment opportunities to society and that is
help to economy in growth. New idea and innovation are creating continuous future growth and
development, that is provide sustainability in future to their owners in long runs. Example: UK
government has make rule and regulation for solve problem related to Brixit they affected with
the to small and micro businesses activities(Lautenschläger and Haase, 2011). Government
provide financial help to that company for running their businesses operation effectively and
achieve their goals and objectives in a give period of time.
Adaptability are on of key factor those entrepreneur has inbuilt they have adopt new
thinks and innovation technologies for enhancing their product and services. They will develop
new ideas according to customers needs and wands. Generally two main characteristic of the
businesses are partnership and sole proprietorship. Small businesses are effected by many thing
but they also effected by economy and businesses sector like agriculture sector, service sector
and employment generation.
P4 Explain importance of small business and start ups provide contribution in economy
Small company has min aim are achieving growth in economy. Some businesses are
founded with the aim of promoting welfare in economy rather than achieving profitability for the
firm. Start up mean developing new business or idea for achieving set goals. They have run their
business activities at low scale in industries. Starts up are developed by innovative thinkers and
risk takers their main aim are creating something new rather than profitability and growth(Neck
and Greene, 2011).
Difference between start ups and small business operations are as follows:
Small business Start up business
Small businesses are established with the aim
of profitability for the firm.
They are performing their business activities
at low level in economy.
Start ups are establishing with the aim of
developing new innovative way of working
and providing innovative products & services
to their customers and society.
Starts up owner are focus to develop their
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Small business are required more finance for
expending their business at national and
international level.
They have established their venture for
expending business activities and operations.
Quality in product and services increase
market share by recruiting potential
employees.
Small business firms are required talented
employees for effective performance and
productivities for increasing profitability of
the firm.
Example: Badger mining and Austin Fraser.
business at national and international level.
More finance is required by start ups for
executing new business at market place and
purchases machinery for firm.
Firm are making several strategies for
promoting their new product and services to
their customers through this they will create
awareness at make place (Ratten, 2011).
Government have make the rule and
regulation for promoting start up in country
for removing unemployment and poverty
ratio form economy.
Most of the start ups life are less.
Example: Bizzby and Sendmybag.com
Benefits of start ups and small business: Many benefits are associated with the both
types of businesses. Some are innovation by using new technologies, both business spending
their activities and generating employment to providing growth to economy, improving social
security, total economy development and society improvement (Sahut and Peris-Ortiz, 2014).
Start ups and small business are different in their nature but both are providing benefits to society
as well as to their employees in term of attract salary and increase their knowledge and living
standard.
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TASK 3
P5 Explain traits and skills of successful entrepreneurs.
Entrepreneurs are those person who taking high risk for establishing their personal
businesses unit with their own innovative ideas for achieving businesses growth for whole
economy. They want to expend their businesses operation not only the national level but also at
international level with their own innovation ideas and operations. Entrepreneur are good leaders
because they provide empowerment to their employees for doing their business activities through
this they will encourage new innovation operations ideas and new way of doing activity at work
place. Some important skill and traits of the entrepreneur are as follows:
Skill of decision making: Mostly entrepreneurs have decision making abilities to take
decision are very effectively. They have take right decision for gain profitability and future
potential growth (Schaper, 2016). Small businesses owner are mostly sole proprietorship in their
nature so that they have take their own decision no other employees or any other outsider
influence their decision.
Risk taker: Generally entrepreneurs are start their businesses with new innovation ideas
and they will execute this ideas into reality. With new innovative ideas high risk are associated
because future are uncertain and that create high risk of uncertainty. So that entrepreneurs are
taking this risk and provide success to their businesses for a long period of time. They have
capacity to forecast future requirement of the customers and accordingly they have propose
product and services. They have provide empowerment to their employees and taking risk for
loss of resources use by employees for making new innovative ideas.
Effective communication skills: Entrepreneur are good speaker they will generating
curiosity among youths, they influence them with their ability of new innovative ideas and
encourage increasing leadership skills among other. They have easily communicated with their
employees by using effective communication tool with in work place, for understanding
employees work process they have use continuous communication process.
Innovative thinking: Entrepreneurs have innovative thinkers. They has operating their
businesses activities in a innovative ways (Welter, 2011). They appreciate employees to do their
work in different ways that increasing overall productivity of the worker and profitability for the
company.
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P6 Entrepreneurial personality show motivation and mind set.
The two entrepreneurs Mark Zuckerberg and Jeff Bezos are influencing other employees in
organisation of taking action and start their own businesses to success in their life. That is
evaluated they both are established their own ventures. Entrepreneurs are taking risk for
executing their businesses activities but they also face difficulties in some situations they create
learning form this situations (Hatten, 2012.). The personalities property of the entrepreneurs are
show with five main dimensions of OCEAN are as follows:
Openness: The entrepreneur have open thinking, openness are describe as strong and
accomplished curiosity of persons which related to novelty factors.
Conscientiousness: Entrepreneurs are goal oriented and show disciplined in their work
on an organisation.
Agreeableness: They have cooperative in their nature. They done their work on a
systematic way by planing all working steps or process.
Neuroticism: Entrepreneur are control their emotion and react according to situations.
They have describe economic stability conditions (Sahut and Peris-Ortiz, 2014).
Family upbringing: Family are influencing people behaviours that reflect in their
decision on work place. They believe employees are not work well under pressure, they feel
demotivated and not feel free. Those create impact on employees performance. They should feel
free to do their work to gain productivity in their performance.
Culture: An organisation culture are influencing employees performance. In society each
one person are required to work where there are no culture difference, all employees are treated
as same in an organisation with equal respect. This also increase or promote equality at work
place.
TASK 4
P7 Experience can hinder foster entrepreneurship.
Important factor those hindering relationship of employees at work place like educational
level, skill sets, traits and culture which follows by organisation employees. If in society many
person are educated those create impact on organisation culture and their productivities.
Educated person are provide money to society through innovative ideas for developing
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businesses and achieve high profits, so that poverty level are decreasing and growth in overall
economy of the country (Gorgievski, Ascalon and Stephan, 2011). If people of society are not
educated then they have fostering their relations.
A person are directly effected by their society where they live. If the people of the society
are educated that showing respect for gain advantage inspiration for other person. That provide
help to build strong relationship with all other people.
Some family are provide financial help to their members for establishing their businesses.
Family have provide emotional help to entrepreneurs for achieving set goals and objectives.
That is the motivational tool for people because person face any difficult situations family
provide supporting them to over come form this situations other vies they have demotivated.
Past experience are provide help to take decision in future to persons, they have learn form
their last experience and take proper decision to solve current situations problem. Entrepreneurs
are have good experience in their past time that provide motivation for doing work in future
activities. Entrepreneurs are use innovation ideas by doing businesses activities in a effective
way.
CONCLUSION
Above assignment can be concluded as entrepreneur are those business personnels who
have a different business idea that stands them apart from their rivals in marketplace. They are
person who have the ability of taking risk and plan out task and operations for attaining goal and
mission of company. A business is said to be successful if businessman are utilizing their skills
and virtue as well as specialization and talents for achievement of their vision and this can be
gain in short span of time. Entrepreneur are social person who generates employment options for
people and help them in surviving in a great life. This type of businesses are more successful and
also play a vital role in economic growth of nation. This increases profitability ratio in context of
country. Their are traits and skills that is must for obtaining targets in limited time. At last it
could be said that entrepreneur are those who takes risk for their enterprise while using their
virtue and specialisation that will further assist them in getting future opportunities. They are
also having responsibilities that associated with society like provision of job facilities for those
who are capable in working and attaining targets.
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REFERENCES
Books and Journal
Barbero, J. L., Casillas, J. C. and Feldman, H. D., 2011. Managerial capabilities and paths to
growth as determinants of high-growth small and medium-sized enterprises.
International Small Business Journal. 29(6). pp.671-694.
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: Entrepreneurship and small
business. Palgrave Macmillan.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Entrepreneurship and Small Business Management
Fassin, Y., Van Rossem, A. and Buelens, M., 2011. Small-business owner-managers perceptions
of business ethics and CSR-related concepts. Journal of Business ethics. 98(3). pp.425-
453.
Gorgievski, M. J., Ascalon, M. E. and Stephan, U., 2011. Small business owners' success
criteria, a values approach to personal differences. Journal of Small Business
Management. 49(2). pp.207-232.
Hatten, T. S., 2012. Small business management: Entrepreneurship and beyond. Cengage
Learning.
Islam, M. A. and et. al., 2011. Effect of entrepreneur and firm characteristics on the business
success of small and medium enterprises (SMEs) in Bangladesh. International Journal
of Business and Management. 6(3). p.289.
Jones, R. and Rowley, J., 2011. Entrepreneurial marketing in small businesses: A conceptual
exploration. International Small Business Journal. 29(1). pp.25-36.
Lautenschläger, A. and Haase, H., 2011. The myth of entrepreneurship education: seven
arguments against teaching business creation at universities. Journal of
Entrepreneurship Education. 14. p.147.
Neck, H. M. and Greene, P. G., 2011. Entrepreneurship education: known worlds and new
frontiers. Journal of Small Business Management. 49(1). pp.55-70.
Ratten, V., 2011. Sport-based entrepreneurship: towards a new theory of entrepreneurship and
sport management. International entrepreneurship and management journal. 7(1).
pp.57-69.
Sahut, J. M. and Peris-Ortiz, M., 2014. Small business, innovation, and entrepreneurship. Small
Business Economics. 42(4). pp.663-668.
Schaper, M. ed., 2016. Making ecopreneurs: developing sustainable entrepreneurship. CRC
Press.
Welter, F., 2011. Contextualizing entrepreneurship—conceptual challenges and ways forward.
Entrepreneurship theory and practice. 35(1). pp.165-184.