Entrepreneurship and Small Business Management

This assignment delves into the realm of entrepreneurship and small business management. It examines various aspects including national systems of entrepreneurship, entrepreneurial education, social entrepreneurship, entrepreneurial opportunities, and sector-based entrepreneurial capabilities. The analysis draws upon a range of academic sources to provide insights into the current state and future prospects of these concepts.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
Task 1...............................................................................................................................................1
P1 Various kinds of entrepreneurial ventures and its typology..............................................1
P2 Similarities and Differences between entrepreneur .........................................................3
P3 Impact on the economy due to micro and small enterprises.............................................4
P4 Significant of small business and start-up to contribute in the social economic growth after
Brexit......................................................................................................................................5
P5 Characteristic, traits and skills of successful Entrepreneur as compared to business
manager..................................................................................................................................6
P6 Motivation and mind set of entrepreneurial reflect on personally of entrepreneur...........7
P7 Background and Experiences for entrepreneurial which hindrance and foster for them.. 8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneurship is a action for setting up a new enterprises or business by undertaking
effective risk and analysis of the market in the hope of profits. For any nation, the most
important key person is an entrepreneur who brings their business ideas in the market and
contributes in growth and development. It can be supported by countries that experienced
substantial poverty reduction over the last three decades. Countries like China and the East Asian
Tigers are said to have capitalised on this phenomenon to drive economic development. With
these identified benefits, the United Kingdom government is promoting the concept and
phenomenon for post Brexit economic growth and development. The report will be helpful to
understand about various kinds of entrepreneurial ventures and its relation with typology. The
difference and variation between entrepreneurial venture. As the Significant of small business
and enterprise which are start-ups will be contribute to the growth of the nation economy. The
traits, characteristics and abilities of successful entrepreneurs as compared to the other business
managers. Entrepreneurial personality reflect entrepreneurial motivation and mind set. From the
appropriate and correct instances, the background and experiences can be hinder or fosters
entrepreneurship.
Task 1
P1 Various kinds of entrepreneurial ventures and its typology.
There are different kinds of entrepreneurial venture which brings better growth and
development.
 Small business Entrepreneurship: This types of entrepreneurial are focus to make more
profits in the firms. They are not for influencing tremendous benefit to shape there
business but rather to remain in a position to bolster there family and effortlessly live
there vocation. For cases, little basic need shops, craftsman, circuit testers and handymen
and so forth(Fayolle and Gailly, 2015). Financing for this kinds of business are not in an
expansive scale. For the most part the independent venture business person took advance
from that point loved ones.
 Scalable start up Entrepreneurship: business visionary have inventive thought with an
alternate item or administrations. There is mission and vision behind their business. For
any start up, there is hazard has taken by business visionary. In London this year add up
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to more than 6,000,00 Start up has just begun it demonstrates that now days everybody
needs to do there possess business to have worldwide business visionary. For instance,
Snap trip, Lyst and Host maker.
 Large company Entrepreneurship: For the huge organisations have numerous chance
to take there business in an alternate level. Existing item they offer to the clients by
changing with some alteration. The financial plan for there Research and advancement is
high. Hazard is direct for item acknowledgement among the client. Financing for such
business came through by present of Initial Public Offering or getting advance from the
banks.
 Social Entrepreneurship: The thought process of any social business person is to
fulfilled the social needs and not to cover the piece of the overall industry. However this
business are for the most part accomplishing equal the initial investment.
The above entrepreneurial types have its typology which are related to them. This typology will
be describe below:
 The Sceptical Entrepreneur: This types of entrepreneur are argue in each and every
situations. They state questioning on the better things done by other entrepreneur.
Sceptical entrepreneur never believes to those who had contribute in their ventures. They
take decision on the basis of previous experiences.
 Copycat Entrepreneur: The name suggest such enterprises which are not thinking
anything new for their business and copied each and every aspect used by the successful
entrepreneurial had already implemented in his business.
 Researcher Entrepreneur: This types of entrepreneur are known for its deep knowledge
and highly sources of information across the world. They will research about the each
every aspect before any decisions they have to made. The execution of new ideas in their
business will be depends on the effective findings(Piperopoulos and Dimov, 2015). As
the researcher Entrepreneur are successful only when they implement their learning at the
right time to develop their business.
 The Determined Entrepreneur: This kinds of entrepreneur don't get the early success in
their business due to less contribution in the current situation for the venture but they
have capabilities to set their images in front of the other entrepreneur.
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 The Accomplished Entrepreneur: This are the entrepreneur which are advance from other
entrepreneur because their struggle in the early stage gave effective experiences. As the
accomplish entrepreneur will think to expand their business.
P2 Similarities and Differences between entrepreneur
There are different types of entrepreneurial ventures and all the categories have their own
set of goals and differences. With this respect, different ventures include lifestyle venture, serial
entrepreneur’s ventures, large scale organisation, small scale organisation, male entrepreneurs
and female entrepreneurs. Below given are the differences and similarities:
Similarities:
Lifestyle ventures or businesses Serial entrepreneurs ventures
This is a type of business that is similar to
small scale organisation in context with
objectives, aims and customers base.
It is similar with female and male
entrepreneurs in context with leadership
Male Entrepreneurs Female Entrepreneurs
This is similar to female business and main
focus is make on raising their sales and
profitability and in achieving the set goals
and objectives(Ekpe, 2015.).
It is similar to male business and they are
focused on understanding the requirement of
customers and to take up steps that will be
suitable to attain the goals in an effective
manner.
Small Scale organisation Large Scale Organisation
This is similar to large firm but the
investment that is made is low and the
workers are also less in number.
It is similar to small firm, but its investment is
high and workers are high in number and
there are different operations that take place.
Differences:
Lifestyle ventures or businesses Serial entrepreneurs ventures
These are different from all other ventures in
terms of services, products and delivering to
customers.
It is different from social entrepreneurs in
context of purpose and motives
Male Entrepreneurs Female Entrepreneurs
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They prefer flatter hierarchical structure and
democratic leadership
They use traditional structure and autocratic
leadership
Small Scale organisation Large Scale organisation
The rate of investment and the production
that are made for the products are low. Direct
interaction can take place among employees
or managers
Complex structure is used and the investment
is high. Further, employees can be have direct
contact, they have to follow the chain for
communication with other workers or
managers.
P3 Impact on the economy due to micro and small enterprises.
For every nation, most of the organisation are contributing in the nation economy. The
impact of micro and small business will be either negative or positive on the United Kingdom.
These firms are struggling at the current situation of the nations economy as well the slow down
of the global economy. As 99% of the UK economy will be covered by the micro and small
business. The overall 46% revenue comes from the micro and small business. Their profits have
been declining in which the low production also makes and unemployment situation in the
United Kingdom. But there are more them 5 millions business with the including of micro and
small business(Bhatia and Batra, 2016). The impact which can be seen on the nation economy
will be majorly affected to the deficit due to winding up of these organisations from the
countries. But on the other side social development will be takes place as the lifestyle of the
people will changes if this business will be growing as per the government plan. This business is
the backbone of the UK economy because if the small and micro organisation loss in the nation.
After the Brexit most of the business are not able to earn the higher profits and various goods and
services prices have been increase as per the recession impact on the economy. The consumption
of various services and extra efforts done by the government in the support of micro and small
business will be stable and less negative impact on the United Kingdoms economy. The turnover
of these business are overall 1.6 trillion pound. As these business have less than 10 employees
but due to high mass of available brings the loss of job when the business are able to performing,
This can be the economic loss on the other side government need to give tax benefits to micro
and small business for better growth and development. Also the polices and provision need to
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change to makes positive impact on the economy. Therefore the micro and small business
organisations of the United Kingdom are mutually get advantages and build the effective
relations with the whole nations economy. As a result 37% of micro and small business are
occupy invention activity and it can be seen that this business are important key drivers for the
competitor and effective growth from the innovation.
P4 Significant of small business and start-up to contribute in the social economic growth after
Brexit.
For every Nation all the business are contributing to its growth of the economy and
sustainable development. The Brexit had change the entire business growth cycle because the
European union and great Britain dissociation. Under this all the small and start up business are
associated. But due to the Brexit the development of the various firms have been decline. The
GDP of the nation also decrease and huge unemployment. Also the inflation have been increase
in the nation up-to 1.9% and 10% value of the Euro decreases which show the immediate effect.
The short term disadvantage will be faced by the nation and the Britain will not contribute during
the budge of European union will be affected to the various business(Hodgetts, Kuratko, and
Kuratko, 2015). The nation like china and the east Asian tigers is assisting the innovation and
idea of the start ups business which brings the positive contribution to the nation economy. The
small business in the United kingdom contribute around 2 million turnover and they don't
required more than 10 employees to control such business. The small and start-ups have only
difference is that, start-up will contributing with the new ideas and techniques with the effective
entrepreneurial ventures. Commitment in Employment which can be the real commitment of
these wander as they make business opportunity in the UK economy which will make different
advancement. As it will diminish the neediness in the country if the greater business will be
produced by this wander in the UK. Brexit give the unmistakable bearing the UK economy in
wording more work will be inaccessible and government consumption will be lessen which will
add to financing for new company in the country will make more employments. On the other
side small business will provide the goods and services which are already exist in the market. For
that government is supporting to develop this business for the social and economic development.
The short term loss will be increase but in the long terms this small and start-up business will
increase the employment and decrease the poverty.
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Moreover, the effective changes in living standard of the the general population due to
the private ventures and start-up are having gigantic effect on the way of life of the general
population. The method for expectation for everyday comforts has changed with there item and
administrations given to the general public had radically expanded(Acs, Autio and Szerb, 2014).
For instance UBER has change in the propensity for the general population to self drive to utilize
this administrations with ostensible charges and spare there time. Energy for Entrepreneurship is
also an contribution The little and new company satisfy the social needs as well as they make
enthusiasm among individuals to do there possess business with restricted assets and assets. This
will influence monetary development and advancement with more little and start-up will be to
present. As indicated by examine this year in London 6 lakhs new businesses has exist in the
market. Financial development will increment with this open door. So it has effectively set the
environment for enterprise.
P5 Characteristic, traits and skills of successful Entrepreneur as compared to business manager.
There are effective nature of the various entrepreneur which brings the success in their
venture. The characteristics, trait and skills of Mark Zuckerberg and Bill gates and differentiation
in comparison of business manager. The can be discuss such as follows:
Characteristics, skill and skills of the successful entrepreneur
 Bill gates habit of excessive readings: overabundance perusing of new things which can
be executed on their life and help in association planing and legitimate advancement can
be do. As the bill gates have habit of reading and peruses more than 40 books every year.
 Bill gates doest not keep rules and regulation: it is the most imperative trademark in
the bill doors does not centre around the tenets and control(Ekpe, 2015). He need only
flawlessness in their work and expected will same with representatives.
 Mark Zuckerberg work together for the higher reason: This can be the most critical
normal for the Facebook fellow benefactor as he will centre around the business for the
high reason which is to associated an ever increasing number of individuals to build their
business.
 Mark Zuckerberg is a forceful yet promising pioneer: It is the fed up circumstance for
him when the stamp Zuckerberg did not show signs of improvement results for their
business makes more forceful particle nature yet he generally urge to their group as
evident authority.
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 Time administration aptitude in Bill gates and Mark Zuckerberg: This can be the
most critical normal for every single effective business visionary. Time administration
improves the advancement of the business in wording dealing with their everyday
exercises which are imperative for individual and business Bill entryways wakeup at
early morning and begin Working based on setting needs of their movement as indicated
by appropriate time administration(Acs, Autio and Szerb, 2014). On the other hand
Zuckerberg is the prime supporter of the Facebook who spare their opportunity by not
thinking what to wear. Get up at 7 am and function according to their opportunity
administration.
 High risk taker: This can be the major skills of the high successfully entrepreneur which
is also highlighted on Bill gates and Mark Zuckerberg. They both know good and bad for
the their firms and as pre the requirement several changes have been made.
Therefore this two successful entrepreneur are have differentiae form the business manager.
Because the manager is instructed by the entrepreneur and according to the requirement they
applied for the betterment of firm. The various skill of the manger are based on the employee
allocation roles and responsibilities and manager will instruct to them for accomplish to a
specific task.
P6 Motivation and mind set of entrepreneurial reflect on personally of entrepreneur.
The era of globalisation brings the curiosity to be an entrepreneur and contribute in social
development. These types of entrepreneur will increase the motivation of the people who want to
start their own business. The successfully entrepreneur will influence to the society to be a part
of start-up business. The Mark Zuckerberg mind set and motivation will be reflect the
entrepreneurial personality which can be describe such as follows:
 Initiative and self directions: This can be the most important aspect for Mark
Zuckerberg as he always takes the initiative and self direction thought which creates the
largest organisation such as Facebook. For those who are willing to be and entrepreneur
is the main things is the initiative and self direction which will help to established the
effective successful(De Massis, 2018). For that objectives of the firm will be set as per
the requirement by the entrepreneur which is important to brings the most effective
personality reflect towards the society to motivate and encourage for more business.
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 Creative and innovation: This can be another minds set and motivation of the Mark
Zuckerberg reflect in his personality as an entrepreneur which is creative and innovation
in their business. This is important for each and every person to be more creative and
innovative thinking which is required to become an entrepreneur. The new idea will
makes and impact on the firm. From the Facebook creation the most important aspect is
the effectively and innovation firm is structure because of the Mark Zuckerberg.
 Flexibility and Adaptability: This can be the another important motivation and mind set
is reflecting on the personality of the entrepreneur which is flexibility and adaptability.
Mark Zuckerberg believe in the flexibility and adaptation of the various point of views
which are given by their subordinate is considered to made changes in the firm(Bae,
2014). For new entrepreneur who wants to start their own business they have to be set
such mind set which is important for develop organisations.
 Critical Thinking and problem solving: This is an another mind and motivation reflect
on the mark Zuckerberg personality which is critical thinking and problems solving. But
it is also reflect that mark Zuckerberg will more frustrate when he is not able to get the
better outcomes in their work. But in the difficult situation easily problem will be solved.
For those who want be become entrepreneur will be more crucial to be an critical
thinking and problems solving.
P7 Background and Experiences for entrepreneurial which hindrance and foster for them.
These can be the most important aspect in which the effective terms such as their
backgrounds and Experiences for the entrepreneurial. This can be the most important aspect
which will not hindrance but never be foster. Because this is an era of developing new business
which is important to be strong background in terms of education and other knowledge. But for
an entrepreneur family background will not be the hindrance it just required the effective skills
and idea to implement(Davidsson, 2015). The vision and mission should be clear to be an
entrepreneur and change according to The financial condition will be As results, Zuckerberg
have convincing past establishment that exhibits his capacities and limits develops capable past
establishment. It shows that aptitudes and limits could be make in effectively and viable way. He
was prime supporter of Facebook application which used by the all inclusive community to
interface with everyone inside the world. He got accomplishment in his young age. With the help
of motivation from his family, he chooses their aptitudes and capacities to work in business
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program. His father was productive operator who faces a couple of issues with talking clients at
overall level. In like manner, he got an arrangement to realize this application in which people
can visit with a couple of individuals in every locale of the world. Thusly, Zuckerberg putting it
all out there and dispatch application which make compelling undertaking in wherever all
through the world. As results, it could be communicated that there are various sorts of qualities
Zuckerberg puts it all out there, pioneer, sureness,. Hence, it assistance as the productive
operator in wherever all through the world market(Hatten, 2015). Despite this Steve Jobs in like
manner have abilities to put it all on the line that energizes business undertaking meander . It also
enhances business openings in the market. Steve jobs is prime supporter of Apple Inc which is
the greatest mechanical brand in wherever all through the world. In 1976, Apple 1 PC and
attempting to offering out. In starting time he advance toward winding up slump, yet after some
time accomplishment of Jobs industriously create which make convincing brand to Apple.
Therefore the background and experiences can not be hindrance or foster to become the
entrepreneurship it will give motivation to be the part of the global world if the firm is more
concern about the development with new innovation and ideas to bring the organisation into new
level.
CONCLUSION
From the report entrepreneurship it can be inferred that contribution of the various
business in the nation will help ton develop and grow the firms. The best way to deal similar
with female and male entrepreneurs in context with leadership. Mark Zuckerberg and Bill gates
and differentiation in comparison of business manager. Initiative and self directions which can be
the most important aspect for Mark Zuckerberg as he always takes the initiative and self
direction thought which creates the largest organisation such as Facebook. This can be the most
important aspect which will not hindrance but never be foster. Because this is an era of
developing new business which is important to be strong background in terms of education and
other knowledge. But for an entrepreneur family background will not be the hindrance it just
required the effective skills and idea to implement. All the business are contributing to growth
of the economy and sustainable development of the nation. The Brexit had change the entire
business growth cycle because of European Union and Great Britain dissociation. Under this, all
small and start-up businesses are associated.
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REFERENCES
Books and Journals:
Acs, Z.J., Autio, E. and Szerb, L., 2014. National systems of entrepreneurship: Measurement
issues and policy implications. Research Policy, 43(3), pp.476-494.
Bae, T.J and et.al 2014. The relationship between entrepreneurship education and
entrepreneurial intentions: A meta‐analytic review. Entrepreneurship theory and practice, 38(2),
pp.217-254.
Bhatia, B.S. and Batra, G.S. eds., 2016.Etrepreneurship and small business management (Vol.
7). Deep and Deep Publications.
Chaston, I., 2017. Entrepreneurship. In Technological Entrepreneurship (pp. 1-24). Palgrave
Macmillan, Cham.
Chell, E and et.al 2016. Social entrepreneurship and business ethics: does social equal
ethical?. Journal of Business Ethics, 133(4), pp.619-625.
Davidsson, P., 2015. Entrepreneurial opportunities and the entrepreneurship nexus: A re-
conceptualization. Journal of Business Venturing, 30(5), pp.674-695.
De Massis and et.al 2018. Sector-Based Entrepreneurial Capabilities and the Promise of Sector
Studies in Entrepreneurship.
Ekpe, I. and et.al., 2015. Enhancing the Socio-Economic Wellbeing of Malaysian Local Women
through Social Capital and Micro-Enterprise Performance. Journal of Entrepreneurship and
Business. 3(2). pp.13-25.
Fayolle, A. and Gailly, B., 2015. The impact of entrepreneurship education on entrepreneurial
attitudes and intention: Hysteresis and persistence. Journal of Small Business
Management, 53(1), pp.75-93.
Fayolle, A. and Gailly, B., 2015. The impact of entrepreneurship education on entrepreneurial
attitudes and intention: Hysteresis and persistence. Journal of Small Business
Management, 53(1), pp.75-93.
Hatten, T.S., 2015. Small business management: Entrepreneurship and beyond. Nelson
Education.
Hodgetts, R.M., Kuratko, D.F. and Kuratko, D.F., 2015. Effective small business management.
Fort Worth: Dryden Press.
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Piperopoulos, P. and Dimov, D., 2015. Burst bubbles or build steam? Entrepreneurship
education, entrepreneurial self‐efficacy, and entrepreneurial intentions. Journal of Small
Business Management, 53(4), pp.970-985.
Read, S and et.al 2016. Effectual entrepreneurship. Taylor & Francis.
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