Importance of Small Business and Start-ups in Social Growth

This article discusses the importance of small business and start-ups in the social growth of the economy. It explores how these ventures contribute to resolving social, cultural, and environmental issues. The article highlights the role of social entrepreneurship in driving positive change and improving the overall well-being of society.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Examination of different types of entrepreneurial venture and their relation with typology
of entrepreneurship.................................................................................................................3
P2 Difference and similarities between entrepreneurial ventures..........................................5
TASK 2............................................................................................................................................8
P3. Assessing the impacts of small and macro business over the economy using data and
statistics .................................................................................................................................8
P4 Importance small business and start-up's possesses on the social growth of economy. .10
TASK 3..........................................................................................................................................11
P5. Determine characteristics, traits and skills of successful entrepreneurs that differentiate
from other business managers. ............................................................................................11
P6 Evaluation of different aspect of entrepreneurial personality and their influence of
motivation and mind-set of entrepreneurs............................................................................12
TASK 4..........................................................................................................................................13
P7 Examination of how background and experience can hinder or foster the business activities
and entrepreneurship............................................................................................................13
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Entrepreneur is a person running in entrepreneurship that is developed by them with a
unique set of Idea by bringing and innovation society with the motive of change and betterment.
Entrepreneurship is defined as a business that is performed and set up by handling all the related
operations and risk associated which one individual (Acs and et. al., 2012). The report is
comprising an understanding of different entrepreneurial ventures along with highlighting their
interrelationship with separator typologies of entrepreneurship. Impact of different business start-
ups and entrepreneurial ventures on the economy is also evaluated by appropriate data and
statistic. The second part of the report is developed on to entrepreneurs JK Rowling and Richard
Branson where there is kin state and characteristics are defined who differentiate them from one
another. OCEAN model of entrepreneurial personality is implied for understanding its influence
over the mind-set and motivation of an individual. At the end the impact of background and
experience of the entrepreneurs on their business activities and ideas is highlighted.
TASK 1
P1 Examination of different types of entrepreneurial venture and their relation with typology of
entrepreneurship
Entrepreneurial ventures business ventures which are started and created by distinct individual
known when you are ready to go world. Business person experiences are created by people with
remarkable thought and serves individuals with the best nature of products and enterprises which
don't exist in the market previously. Business person builds up their enterprise with one of a kind
contributions by adopting creative and innovative strategies. Innovative Ventures AIMS at
offering some benefit to clients by adjusting their creation administrations with the particular
needs and prerequisites of individuals and with the thought process of procuring benefits and
moving towards development and achievement (Werse and Bernard, 2016). There are various
kinds of enterprise Ventures that are referenced and expounded underneath:
 Small business entrepreneurship are business fire up's that are made by business people
with constrained assets and money related capital and which is overseen exclusively by
them. Private company enterprise is created with unique thought that is recognized by the

person with their insight and past encounters additionally by leading an intensive
exploration of commercial centre.
 Large business entrepreneurship are those undertakings that don't confront any e issues
in developing assets as they have suitable measure of speculations and their operational
guidelines are high in correlation with other innovative Ventures. The name of enormous
business enterprise is at first to be steady in the commercial centre and get by for longer
period and afterwards on immense benefits by investigating better chances (Chugh,
2016).
 Scalable entrepreneurship business Enterprises that depend on specific presumption of
changing the world and making it a superior spot to live by actualizing and building up
their remarkable thought. As per a scalable business visionary their business thought can
change the mentality and conditions winning on the planet and growing better condition
for the general public to live.
 Social entrepreneurship is a business undertaking which are built up by the individuals
with the single and soul goal of social government assistance and of helping other people
in the general public who are not competent enough to help themselves because of a few
reasons.
Entrepreneurial venture typologies
 Female entrepreneur typology characterize that females receive increasingly quiet and
calm methodology in their general lives for managing issues and with different
circumstances which makes them effective and better in key dynamic. Subsequently this
typology is connected with adaptable business enterprise as the suspicion and dynamic
force is required additionally it is a period adopting process quiet strategies of work.
 Male entrepreneur typology characterizes that guys have better aptitudes for checking
and controlling a business action in productive manner and on a bigger level.
Consequently this typology is interlinked with enormous innovative Ventures as there are
various specialists and force which is required a suitable direction and observing people.
 Survival entrepreneur typology is features those businesses which are developed and
for the motive of establishing their presence in market and recently being developed. This
typology interrelates with small-scale businesses which are start-up's and have the sole
motive of survival and market presence.

 Lifestyle entrepreneur typology are related to project based organizations which are
formed for completing a specific task and once completed it again dissolve and
demolishes.
 Growth entrepreneur typology is characterising those entrepreneurship's which are
stared on smaller levels but with the purpose of growth and success along with moving
higher in market with their profit range and their operational size as well.
Difference between entrepreneurship and Intrapreneurship:
 Basic difference is intrapreneurship is a corporate entrepreneurship, that means works
same as entrepreneurship but with in the company. Intrapreneurship is developing a new
venture in existing and flourishing organization and entrepreneurship is an act of
developing new business outside in open market.
P2 Difference and similarities between entrepreneurial ventures
Difference between large and small entrepreneurship
 Finances- Independent company enterprise and business people that is Small
entrepreneurship don't approach huge monetary assets and furthermore needn't bother
with your funds for beginning their tasks. In this manner they have constrained measure
of accounts which are for the most part accumulated without anyone else from their past
reserve funds and from their relatives. Whereas Then again enormous business (Large
entrepreneurship) associations and enterprise set up by business people on huge level.
this suggests such business association requires immense measure of venture and money
related assets for or satisfying their normal prerequisites of their business and their tasks
(Dahles and Susilowati, 2015).
 Size- As examined and featured that independent company business and their sizes is
minuscule in nature and furthermore tasks of progress Enterprises are covering extremely
little region and target showcase. Enormous business Enterprises have future operational
regions and units holding activities in a few districts and areas and working on an
extremely huge scope along these lines the sizes are huge relying on their hierarchical
structure.
 Aim- In of independent venture Enterprises is to support in showcase by gaining enough
benefits for agony of the current costs and that is alongside maintaining the business

easily. Then again the target of huge business Enterprises and enterprise is to support in
marketplace if not even they are winning any benefits and moving towards misfortunes
however their sole beginning goal is to continue in the market for longer time frame.
Similarities in large and small entrepreneurship
The small and large Business enterprise and business people build up their business with
their particular points and target where one prompts procure benefits for continuing then again
another requirements to support regardless of whether they on misfortunes. The likeness between
both little and huge business pioneering adventures is the business visionaries set up their
business Enterprises with special arrangement of thoughts and for offering some benefit to
clients by adjusting their imaginative thoughts and contributions. Both business people embraces
creative and imaginative ways to deal with serve contributions to the focused on crowd
Difference in social and scalable entrepreneurship
 Objective- Social business enterprises are produced for acquiring mindfulness and
government assistance society. The goal and point of Social business enterprise are
comparable with their name centring over social prosperity and improving the
expectations for everyday comforts of the individuals in the general public who are
unequipped for doing as such (Deshpande and Sharma, 2013). The adaptable business
enterprise are set up and worked by business people with an interesting Idea and
presumption of changing the circumstance of society and making it a superior spot.
Consequently target of an adaptable business enterprise is to bring and set up an
exceptional item that changes the outlook of individuals on the planet and making it a
superior spot for living.
 Employees- The representatives who are related with Social business enterprise are
fundamentally those people who wilfully self-worker themselves for performing work
jobs in the advantage of the general public and for social government assistance. On the
other hand The impact of a versatile enterprise is on the world for making it a superior
spot and there for representatives of such business are for the most part master and gifted
works who holds proper information and abilities to perform and build up a specific item
as per the one of a kind thought.
Similarities between social and scalable entrepreneurship

Both social and scalable business enterprise and business people are unique in relation to
one another whereas working for the general public other one is working and building up tasks
for creating something new which can change the attitude of individuals and acquire
transformation the business and the world. The comparability between both The pioneering
Ventures is there objective is same at the underlying level as they are working for the individuals
and for government assistance for improving the world a spot and upgrading the gauges of
individuals living.
Difference in Survival, Lifestyle and Growth
Meaning
 Survival is an entrepreneurship which renders basic support to owners and better than
those businesses who are operating by just earning enough to pay off debts and expenses.
 Lifestyle are ventures which enables owners to take extra benefits and live according to
desired pattern of living.
 Growth enterprises are developed with the long term prospectives and with the objectives
which are moving it towards expansion.
Goals
 As the name refers its goal is to survive and fulfil financial obligation and need of the
enterprise.
 The goal of such enterprise is to attain the main purpose of establishment do not focus
over growth and expansion.
 The goals is to move further and grow in appropriate pace and with maximum utilisation
of resources and finances.
Characteristic
 Cutting costs, laying off employees.
 Underutilisation of resources available, lack of focus over marketing and promotional
plans.
 Exactly opposite of lifestyle entrepreneurship have potential to face problems and
expected or unexpected challenges.
Similarities in Survival, Lifestyle and Growth Entrepreneurship:

The similarities between all three entrepreneurial venture that is survival, growth and
lifestyle is these are established by owners for their person benefits. That means the owners will
enjoy the perks, profits and useful resources of enterprises for their own benefits.
TASK 2
P3. Assessing the impacts of small and macro business over the economy using data and
statistics
In each financial matters large scale and private venture Enterprises are considered as the
foundation of the economy and its columns also. Economy is trustworthy on these enterprises as
their per capita pay and GDP development is most extreme affected by such innovative
Ventures. As per current situations and circumstance of marketplace it's anything but a tall
unsurprising on account of dynamic successive changes occurring in the economy.
 Micro Businesses are business elements which time and include an almost no measure of
speculation. Likewise, not in excess of 10 representatives are associated with it.
 Small Businesses Organizations are business Enterprises little in nature including assets
and exceptionally less capital venture. The workforce is of 10 to 50 representatives and
turnover of £5 million (Drucke, 2014).
 Medium Businesses are Enterprises holding workforce of 50 to 250 individuals and
turnover of £22 million.
 Large Businesses Ventures works on exceptionally enormous level and moves
universally getting a charge out of using assets from a few locales.

Illustration 1: Essential Facts You Should Know about SMEs in the UK, 2019
The above chart is demonstrating the information and measurements about the quantity of
Enterprises, business level and turnover of little medium and enormous associations. This
information and measurements are demonstrating the suitable bifurcation of the market. The
above chart and measurements headlights that 99.3% Enterprises that are available in United
Kingdom little size, 0.6% are medium activities and 0.1% are enormous Enterprises. It
specifically features that just a single % of associations has a place with medium and huge sizes
others are of smaller scale and little size (Fayolle, 2018). The independent company gives work
to around 49% of populace, medium organizations give work to 11.5% of populace and 40.6% of
populace is utilized by the enormous associations. These insights likewise feature that little and
small scale organizations hold suitable effect over the economy and have an influence of column
to the economy. The turnover of private venture Enterprises ranges over 36.5% commitment to
the economy, medium organizations have 13.6% of turnover and enormous association furnishes
half commitment in connection with turnover to the economy. The turnover of enormous
association is high because of the nature and size of their organizations in light of the fact that
these Enterprises are accessible in worldwide markets too drinking International money towards
the home economy

P4 Importance small business and start-up's possesses on the social growth of economy
Social economy is defined by collection of different objectives of businesses which are
impacting the society and economy. These organizations are identified as mutual societies,
voluntary organization and many more which are guided in a direction that is designated by their
social objectives.
Social entrepreneurship's is a approach taken by individuals, groups and start-up's businesses
for development betterment and social welfare. These entrepreneurship's develop and implement
actions for resolving social, cultural and environmental issues.
Start-ups are those business and Enterprises which are youthful and as of late been built up by at
least one business visionaries holding comparable goals of creating and offering a special item or
administration and acquainting it with the focused on crowd advertise. The thought process of
start-up's at first make due in the commercial centre and gain enough cash to run the everyday
tasks of business. Not many Importance of new company's which they appreciate over financial
development are as per the following:
 Increase employment opportunities are one of the greatest significance of new start-ups
organizations which have a huge effect over the economy and over its social
development. As indicated by the chart additionally it shows that private companies get
practically 99% of the market and along these lines business openings accessible in
subsections are most extreme so both talented and untalented work. It legitimately shows
that little beginning up's expansion business open doors for individuals and improve the
financial structure also (Kirzner, 2015).
 Improves living standards is another basic significance that new companies hold over
the economy. When individuals are utilized and acquiring customary salary as per their
ranges of abilities and capacities it consequently builds their necessities which improve
their expectations for everyday comforts. Public welfare is the benefits which these
business entrepreneurs provide to the society as they have jobs, earn money regularly,
people needs also evolves and they make efforts for fulfilling them leading towards a
better life. Also, social services and benefits rendered influence the public lifestyle.

TASK 3
P5. Determine characteristics, traits and skills of successful entrepreneurs that differentiate from
other business managers.
Every business and entrepreneur is different from one another they have their own
arrangements and the competencies that makes them stand aside from the group. There are
numerous businesses available in the market depending on different sizes and structures but it is
business idea and the entrepreneur behind it who makes it unique and exceptional. The
characteristics, traits and skills play a vital role in making a business entrepreneur successful.
The current section highlights skills, characteristics and traits of two business entrepreneurs
named as Richard Branson and JK Rowling.
RICHARD BRANSON
Characteristic:
Planning is one of the fundamental and exceptional features of every business entity and
entrepreneur. Richard Branson have this characteristic as he always make sure while doing
business that plans are strategically developed and efficiently implemented according to the
expectations. He arranged his business exercises in a way by breaking down them into another
and outside situation of the industry.
Trait:
Creativity is one trait which made Richard Branson a successful entrepreneur as he made use of
the most creative ideas for additional getting their administration advanced enabling his business
to flourish in commercial centres.
Skill:
Influencer is one of the skills which is incorporated by Richard Branson. It is a fundamental
requirement for a business to keep the workforce inspired and motivated. Richard Branson is
influencer which made him the always inspired for the job along with keeping the workforce
active as.
JK ROWLING
Characteristic:

Belief is an unremarkable characteristic of a business entrepreneur and their they have trust and
believe in their abilities, capacity and growth. JK Rowling have high self conviction which
enabled her in developing her business and growing in a faster pace (Neiland and Béné, 2013).
Trait:
Leadership is not a common trait in people but very important for an entrepreneur to be
successful and flourish their business. JK Rowling is a great leader which is one of the basic
requirement of a business visionary for running and succeed with their ideas and resources.
Skill:
Continuous Learning is the basic skill for a business visionary to adopt as it generally very
common in entrepreneurs because they are always and just to learn new things and develop it is a
habit of continuous learning. JK Rowling is also a learner who make sure to learn form every
new situation and spread some knowledge in her subordinates as well.
P6 Evaluation of different aspect of entrepreneurial personality and their influence of motivation
and mind-set of entrepreneurs.
Entrepreneurial personality or the attributes of a business visionary is a combination of
couple of capabilities such as values, motivation and condition. In relation to it OCEAN model
of entrepreneurial personality is elaborated for indicating and highlighting about few enterprising
characteristics that are influencing the mind-set and motivation of Richard Branson and JK
Rowling. The model is presented underneath:
 Openness seeds that the entrepreneur to have excitement and enthusiasm for acquiring
new knowledge and information from surroundings. business entrepreneurs are always
anxious and ready to encounter with new endeavours which can improve the learning
along with knowledge. Both Richard Branson and JK Rowling had the personality trait of
openness and consistently using opportunities for progressing and moving further.
 Conscientiousness is the second personality trait of ocean model showing that the
individual have the goal to achieve along with appropriate control for attaining the targets
that are staffed by them in the appropriate time frame. Richard Branson and JK Rowling
both restlessly encountering the idea of different business Enterprises with the of
developing new administrations which we can get through human resource which is
tremendous in their abilities (Nwobu, Faboyede and Onwuelingo, 2015).

 Extraversion personality trait depicts that entrepreneurs are feeling responsive and
energetic to the society and to the world. This study the natural factors and other elements
for receiving the opportunity to build a sustainable entrepreneurship around the market
that is found by them. Richard Branson and JK rolling over confident enough with their
innovations and creative imagination for their business and growth.
 Agreeableness prospective shows the size of the entrepreneur ship appeared by the
business entrepreneur while completing their activities and work. It is suggested that
appropriateness is a consent they put to other people’s ideas and thoughts. Entrepreneurs
demonstrated empathy to different people in the business.
 Neuroticism shows the greatness of belonging that their specialist practices over time
feelings and emotions. Both entrepreneurs were consistent individuals and did not Li any
exact of obstruction towards their Enterprise.
TASK 4
P7 Examination of how background and experience can hinder or foster the business activities
and entrepreneurship.
Entrepreneurs is an individual established his or her business which unique idea of
providing something new to the society for their well being and with motor of earning process.
Entrepreneurs have separate characteristics traits and skills which makes them unique and
differentiate them from one another. Along with that there are several personality traits which
affects the miser and motivates the entrepreneur to work efficiently moving towards success and
growth. Along with these factors there are two more factors which influence the business
activities of an entrepreneurship and an entrepreneur (Santos, 2012).
Background and experience also plays a vital role in Hindi for hosting a business of an
entrepreneur. Richard Branson and JK Rowling both our business visionaries who had different
life experiences that had been stocked with acceptable and some awful occasions. Currently both
of the entrepreneurs are currently seen as very significant and influencing agents of business
world. Both JK Rowling and Richard Branson have gone through different factors and
experiences in their lies which played a very big course in their business. Therefore it is clearly
and prominently said that background and experiences of an entrepreneur have a great influence
over their practices and success. A point by point discussion upon the same is as follows:

Background
JK Rowling comes from a family background where education is given a huge
importance and it is her scholarly foundation which upheld in turning into a great business
entrepreneur. JK Rowling holds a BA degree with French and since then worked as a specialist
that enable her to gain good experiences enterprising and business scenarios.
Richard Branson and scholarly foundation is incredibly poor as her professors and
educator’s had no faith in her and even believed that he is never going to be successful in her
life. Richard Branson changed their theories and statements by turning into the best entrepreneur
in Britain of Virgin Atlantic group by making use of massive efforts, knowledge and motivation
from her past and criticism he received.
Experience
JK Rowling belongs to a family where her father and mother do not provide any support
to her or either to her sister. Both mother and father of JK Rowling do not have any great
connections with her implying that she do not have any emotional support from the family. on
the contrary she used to discuss dream stories and composed them to her sister at nights holding
love and affection towards her. Such family conditions became an enthusiasm that made her a
creator of a prestigious project Harry Potter.
For Richard Branson it has been identified that her family foundation is the mean factor
and encouraging element for her becoming a effective business entrepreneur. His family lifted
her as a business person as her mum as well was a business visionary (Storey, 2016).
Both the entrepreneurs are from well to do families, having good backgrounds and
exposures which fosters their personalities and abilities. The education provided to them were
enough and which supported them in their career. In case of JK Rowling character of headmaster
in the book is inspired by her own headmaster of high school. In case of Richard Branson his
teachers and professors lost all hopes in him which worked as motivation for him and he proved
himself as a efficient entrepreneur in the age of 20 by establishing Virgin Group. Culture from
which the belong is inspiring and motivating encouraged them to work hard and make their lives
better with their children and other family members.

CONCLUSION
The above report concludes and summarises that entrepreneurship and small business
management is a difficult task as there are numerous types of entrepreneurial ventures available
in the market. Is entrepreneurial ventures are differentiate in sizes and scopes interrelated with
typologies of entrepreneurship. The report discusses about the characteristics traits and skills of
entrepreneurs with differentiate them along with specific personality traits which are defined
with OCEAN model. Furthermore, experiences and backgrounds of also have great influence
over them becoming successful business person in Britain.

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