Entrepreneurship and Small Business Management

This project explores the multifaceted world of entrepreneurship and small business management. It examines different types of entrepreneurial projects, their impact on the economy, and the characteristics of successful entrepreneurs. The project analyzes the entrepreneurial journeys of Wang Jianlin and Nandan Nilekani, highlighting their key traits, motivations, and the factors that contributed to their success. It also examines the entrepreneurial ecosystem and its role in supporting business ventures.

ENTREPRENEURSHIP
AND
SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1: Different type of entrepreneurial project and their relation with typology......................1
P2: Similarities and Difference entrepreneurial projects........................................................2
TASK 2............................................................................................................................................3
P3: Interpreting and assessing relevant data statistics to elaborate impact on micro and small
businesses on economy...........................................................................................................3
P4: Importance of small businesses and business start-ups to the growth of the social economy
................................................................................................................................................4
TASK 3............................................................................................................................................5
P5: Characteristics, traits and skills of Wang Jianlin and Nandan nilekani...........................5
P6: Characteristics of entrepreneurial reflect entrepreneurial motivation and mind set........6
TASK 4............................................................................................................................................7
P7: Backgrounds and the experiences hinders the entrepreneurship......................................7
CONCLUSION................................................................................................................................8
REFERENCE...................................................................................................................................9

INTRODUCTION
The role of entrepreneurs is quite huge in developing society and business in an effective
as well as efficient manner. Entrepreneurs are the one who is responsible for managing the
resources and capital formation within the economy and this in turn leads to various kinds of
benefits to both society and Government. The government is able to get more taxes and society
will get the benefits of employment creation and development of business and growth etc. It is
equally important that government shall make necessary policies and procedure for the purpose
of motivating and enhancing the growth of SME and Small businesses (Brockman, Jones and
Becherer, 2012). There are various aspects that are being involved in proper and effective
management of business whether be it small or large. Thus it can be said that small business
management requires lot of skills and talent which only an entrepreneur can posses. The current
report will throw some light on the various aspects of managing a small business and what
capabilities as well as skills that an individual must have in order to manage the business in an
effective as well as efficient manner.
TASK 1
P1: Different type of entrepreneurial project and their relation with typology.
A man which has capacity of overseeing and controlling distinctive tasks and contributes
satisfactory measure of capital which performs diverse elements of association is named as the
business visionary. The people begins their wander with the constrained assets and they put their
exertion so as to achieve points and destinations of association in legitimate way. These types of
entrepreneurial activities are given underneath:
Small scale business: there are numerous little scale association which put their exertion so as to
boost their level of benefit and pull in expansive number of client. It is constantly shot of hazard
and accomplish part of rivalry to wind up a proprietor of the specific business firm. So it is
fundamental for the business person to actualize new and inventive plans to remain before the
opponents introduce in the commercial centre. Case of little association enterprise is pipe fitter,
machine fitter and other staple business (Zahra, 2012).
Scalable Start up Business: wander with the new musings and exceptional idea which helps to
change the condition and circumstance of market. With a specific end goal to begin the new
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pursuit a business person faces loads of troubles to contribute its money to begin its new pursuit
in the commercial centre.
Schumpeterian entrepreneur project: It is connected with the association which begin their
business for the short timeframe. Their fundamental targets are to boost the level of benefit of
organization in brief timeframe. Business visionary determine extremely constrained add up to
put resources into request to begin the wander in commercial centre. They put their push to
achieve different request and want of association in appropriate way (Katz, 2014).
Established venture: These association are of enormous size in which huge number of specialist
are working in such association which helps to extend development and accomplish
accomplishment for longer era (Ramadani, 2013).
Social good organisation: This association are dispatch in commercial centre which builds up
the expectation for everyday comforts of individuals living in the general public. This can be
finding out by enhancing the quality and amount of various sorts of items to individuals. For
instance extraordinary association which helps to achieve CSR works so as to satisfy request and
want of various client and furthermore the general population living in the general public
(Griffin, 2013).
Relationship of projects with Entrepreneur Typology
There are distinctive kinds of typologies which are interrelated with the different
undertakings like considering case of adaptable business is connected with the different sorts of
way of life of various activities and social enterprise which needs to related with the
development of various kinds of topologies.
P2: Similarities and Difference entrepreneurial projects
Topic Social business
entrepreneurship
Lifestyle entrepreneurship
Meaning According to Social
entrepreneurship in
organisation main objective is
increase the standard level of
living in the society and
providing effective services.
it main objective is in business
there in create a new
innovative product and
services and increase the
living standard life of the
people in the society. There
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main objective is change
living life styles
Similarities In this, there is an organisation
and firms that responsibility is
provide effective and efficient
services in society for the
people and provide high
quality product in low cost.
And to retain good buying
behaviour in the society and
among people (Dana, 2013).
In this there are in the
organisation where is the Such
a moto of the organisation
increase the living standard of
the peoples in the society and
earn good profit.
Differences According to this where is in
entrepreneurship objective is
increase interest of the people
and making good quality for
the customers so that concept
is make an interest in peoples
for the product and services in
the large numbers. So if we
talk about the organisation that
is depend on the customers,
skills, knowledge and proper
management.
The main objective of the
organisation to increase
growth and success. In every
organisation where is different
type of employees working
they are making high profit for
the organisation and growth of
the organisation.
TASK 2
P3: Interpreting and assessing relevant data statistics to elaborate impact on micro and small
businesses on economy
Local effect: The main purpose of the organisation provides the good quality and
services for the people in the society and changes the living life in the society and maintains the
services and product in proper way. And providing good services, new innovative product in the
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society in effective price. So main object is among the society where is produce new product and
new service that is satisfy the demand and desire in the society it is also maintain the living
standard of people which are living in the United Kingdom (Mahmood and Hanafi, 2013).
Regional effect: Small business and firms are very important role in the society they are
increase their country economic growth for your efforts in any country where is small business is
very important in businesses and economic viable they are put their efforts and satisfy the desire
and demand of customer in proper manner they are implement of there society and increasing
standard living life style in the society and create a good image among the society for the growth
and profit.
National impact: Small business and organisations is contribute their efforts for the economy.
And country growth they are giving a large number of job opportunities because small business
to play a major role in the country and making by the organisation is large number of customers.
That is making high level of profit and increase the growth in proper manner in national level
where is a large number of people are unemployed so that is good form they are got the job in
easily. Any situation where a small business is very effective in many way. They are satisfy the
desire and demand of customer in proper manner. To retain good profit and high level growth for
the organisation (Jennings and Brush, 2013).
P4: Importance of small businesses and business start-ups to the growth of the social economy
Economic and social development: In United Kingdom there are various type of small
business available they are play vital role in economic growth in UK. According to international
report 5.7 million organisations which are available in the private sector and performing their
different operations of business in the UK to provide almost 15.2 million jobs for the people
living in the locality of United Kingdom. So that is improving the economic growth of the nation
in effective and efficient manner.
Improving level of security standards: This factor is very important that is play
important role in economic condition that is improve of the standard level of the nation and it
also aid to buying power of the organisation in proper way. There are many type of strategies ds
is help to maintain the level of security in any industry and also lead to people and their living
standard in the society in proper manner. Small business is improving the economic growth and
increase employment in their countries (Chinomona, 2013).
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Contribution to taxes and revenues: In United Kingdom there are large number of small
business there is working on different type of sector that is able to give job in the large number in
UK. So this is very important for their people and for the increasing income small business is
giving job and increasing income source for their people so in small business and big business
every organisation need to pay taxes of the UK government that is increase economic growth and
strength of nation. If small organisation pays taxes then automatically increase the growth and
achieving high profit.
TASK 3
P5: Characteristics, traits and skills of Wang Jianlin and Nandan nilekani
A person that have many type of traits and capabilities to take decision for the business
and take risk for the financially the purpose of profit. Which is invest capital for the new
innovation as an entrepreneur. An entrepreneur set a business and taking financial risk the
purpose of making profit. That person who are not able to risk in the market if the person do not
focus on the different operation and functions of organisation than who are not success in the
business. These are some skills and traits determine the both of entrepreneur are given below:
Emotionalism: In this report there is determined both type of people and their passion
and emotions for the achieving goals and dreams.
Flexibility: in this report there is both of entrepreneurs manage their flexibility and
operations. Because flexibility is very necessary for the entrepreneur that has been some of idea
and traits that is making flexible for the business maintain the objective and setting and perform
proper manner (Aldrich, 2012).
Full of determination: Both persons are loyal from their work and work procedures they
are doing different type of work in different type of operation in proper way. They are doing
your work in effective and efficiently. Wang Jialin is a Chinese venture magnet and investors
and Nandan Nilekani is the Indian entrepreneur and also the co- founder of Infosys Company.
Not afraid to take risk: an entrepreneur is that have many of good quality. They are
risk taker and hardworking person and common quality is not afraid to take risk in both of
entrepreneur have that quality they are not afraid to take risk. Every risk as entrepreneur to learn
some new for innovation.
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Team work skills. In case study both of entrepreneur Both of the entrepreneur believe in hard
work and performing different type of work to maximize profit an growth of the business
(Elmuti, Khoury and Omran, 2012).
P6: Characteristics of entrepreneurial reflect entrepreneurial motivation and mind set
For the growth and success of the business then any entrepreneur want o focus in the
business strategy and some of the different type of qualities, and making some of the strategy for
the business and organisation. According to that both of entrepreneur there are many qualities in
the run of the business because both of them person have a risk taker quality, hardworking, and
managing of the businesses Wang Jianlin and Nandan Nilekani are the most small business
entrepreneurs to all over the world. Both of them they are put their efforts in the implement of
new product and services in innovation way. They are making good strategy for high profit and
provide good quality in the organisation they are focus on their efforts and new in innovation. A
good entrepreneur have many type of quality like, risk taker, achievers, etc. in this both of
them person are implementing new idea and strategies. Increase the knowledge and skills of
organisation (Pittaway and Edwards, 2012). The founder of Wanda Group is Wang Jianlin that is
one of the biggest real estate development organisation and the world’s largest movie theatre.
They put their prepare strategy and perform different type of operation in proper manner There
are various types of element that is impact the mind set and attribute of Wang Jianlin and Nanda
Nilekani which are given below:
Family and relatives: family and relative are play a significant role in the different type of
decision taken by the entrepreneur. They are providing proper view and growth of the small
business.
Social factor: social factor is most essential part of the entrepreneur any different type of
decision is impact on the entrepreneurs. That is make sustainable and strong image in the market.
In individual that change to level of living standard in the society
Lifestyle: It plays significant roles that are impact on the entrepreneurs. Life style is depend on
the society living standard. In this both of entrepreneurs belongs to middle class family which
have substantial lifestyles they are complete their objective and goals.
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TASK 4
P7: Backgrounds and the experiences hinders the entrepreneurship
Wang Jianlin and Nandan Nilekani are two great famous entrepreneur who have started
their new small venture. Both of them maintain their quality and sectors. They are to take the
effective decision in there sector for profit and growing of the business. Both of them they have
quality to take decisions and other of the making strong sector in there service area they are
gained there life and making image in the society in different places. A small business play very
significant role in the society where is small business taking decision for the changing living life
and standards and utilize their all over skills and knowledge both of them utilised their skills
and knowledge in effective and efficient manner. And explore their business strategy in proper
way. They put their efforts and manage and control. They are accomplishing their set objective
and goals both of the entrepreneur (Smallbone, Welter and Ateljevic, 2014).
Wang Jialing is belonging to middle class family. He started to different type of work in
the age of 17 years for his livelihood and he is recruited in the people of liberation in army at the
age of 18th after accomplishing his 18 years, he has started to perform his work for the Xignang
District in the city of Dalian. He works for the post of administrator during performing his duty
in the year 1989 he assigned at the post of G.M of Xingang Residential Development There main
achievement was gain in the 2012 biggest theatre whose name is “AMC Theatre”.
Nandan Nilkani is an Indian entrepreneur, bureaucrats and politician. He is cofounder of
Infosys this is service provider company Infosys is most reputed company. In 2017 he was at the
post of non-executive chairman of the Board. He started his business with the help of his family
support. He completed his academic in IIT Mumbai. He performs his responsibility as the CEO
of the organisation. His company revenue is 3 billion that is a fairly large number.
Entrepreneurial ecosystem:
Entrepreneurial ecosystem is entrepreneurship system that is social, economic affecting
entrepreneurship it is very important model of the entrepreneurship in this economies scale is the
flexibility of the ecosystem his aim is increase growth and success. There is special ecosystem
that is developed by the different effective systems (Wennberg and DeTienne, 2014).
Financial support: financial support is very important supported by relatives like family, banks,
and investor and may others to support for the business that is effective techniques.
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Technology support: It is related with the techniques support from the government and other
technology that is support from the new innovative technology and different suppliers and others.
That is different works related to the suppliers and technology ion proper way that is present in
the market.
Social support: social support is the assistance for the available from peoples in effective manner
an entrepreneur support is the form of supportive resources and that is beneficial for the
organisation as well as foe the society so social support is major perception for the organisation
that is social for the entrepreneurs in the effective and efficient way (Mazzarol, 2014).
Environmental support: it is concern with the different natural resources and condition of the
climate that is impact on the operations and performance of the organisations.
CONCLUSION
From the above discussion it is quite clear that there are various types of business venture
that an entrepreneur can pursue, if he wants to open a venture. Usually when a person decides to
open a venture it is small in size and also the management of same rest with the entrepreneur
himself. It is much needed that right kind of policies is framed by the government to boost
overall growth in the sector of small business. There are various types of resources that are being
required for the purpose of effectively start and manage a business on a smaller scale. These
factors include manpower, capital, materials, time for proper management of the business
because there is lack of funds and the entrepreneur himself has to allocate his time for the
purpose of effectively manage business. New and innovative ideas can be seen within the market
place by entry of a new and improved business organisation. These organisation help society and
its people in many ways, these include employment generation, new and innovative products, as
well as a increment in the overall standard of living of people in the longer run. Thus, it is highly
essential from the point of view of society as well that SME business shall be given boost by all
the contributories in an effective way.
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REFERENCE
Books and Journals
Brockman, B.K., Jones, M.A. and Becherer, R.C., 2012. Customer orientation and performance
in small firms: Examining the moderating influence of risk‐taking, innovativeness, and
opportunity focus. Journal of Small Business Management. 50(3). pp.429-446.
Zahra, S.A., 2012. Organizational learning and entrepreneurship in family firms: Exploring the
moderating effect of ownership and cohesion. Small business economics. 38(1). pp.51-
65.
Griffin, R.W., 2013. Fundamentals of management. Cengage Learning.
Dana, L.P., 2013. When economies change hands: A survey of entrepreneurship in the emerging
markets of Europe from the Balkans to the Baltic States. Routledge.
Mahmood, R. and Hanafi, N., 2013. Entrepreneurial orientation and business performance of
women-owned small and medium enterprises in Malaysia: Competitive advantage as a
mediator. International Journal of Business and Social Science. 4(1).
Jennings, J.E. and Brush, C.G., 2013. Research on women entrepreneurs: challenges to (and
from) the broader entrepreneurship literature?. Academy of Management Annals. 7(1).
pp.663-715.
Chinomona, R., 2013. Business owner's expertise, employee skills training and business
performance: A small business perspective. Journal of Applied Business Research.
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Aldrich, H.E., 2012. The emergence of entrepreneurship as an academic field: A personal essay
on institutional entrepreneurship. Research Policy. 41(7). pp.1240-1248.
Elmuti, D., Khoury, G. and Omran, O., 2012. DOES ENTREPRENEURSHIP EDUCATION
HAVE A ROLE IN DEVELOPING ENTREPRENEURIAL SKILLS AND
VENTURES'EFFECTIVENESS?. Journal of Entrepreneurship Education, 15, p.83.
Pittaway, L. and Edwards, C., 2012. Assessment: examining practice in entrepreneurship
education. Education+ Training. 54(8/9). pp.778-800.
Smallbone, D., Welter, F. and Ateljevic, J., 2014. Entrepreneurship in emerging market
economies: Contemporary issues and perspectives. International Small Business
Journal. 32(2). pp.113-116.
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Wennberg, K. and DeTienne, D.R., 2014. What do we really mean when we talk about ‘exit’? A
critical review of research on entrepreneurial exit. International Small Business Journal,
32(1), pp.4-16.
Mazzarol, T., 2014. Research review: A review of the latest research in the field of small
business and entrepreneurship: Financial management in SMEs. Small Enterprise
Research. 21(1). pp.2-13.
Ramadani, V., 2013. Entrepreneurship and small business in the Republic of Macedonia.
Strategic change. 22(7‐8). pp.485-501.
Katz, J.A., 2014. Education and training in entrepreneurship. In The psychology of
entrepreneurship (pp. 241-268). Psychology Press.
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