Entrepreneurship of business ventures and business management Assignment

Entrepreneurship
and Small Business
Management

Table of Contents
Introduction......................................................................................................................................3
Task 1...............................................................................................................................................3
P1. Different types of entrepreneurial venture and its relationship with topology of
entrepreneurship..........................................................................................................................3
P2. some similarities and difference between different entrepreneurial ventures.......................4
TASK 2 ...........................................................................................................................................6
P3 How micro and small business impact on economy with interpret and assess relevant data
and strategics to illustrate. ..........................................................................................................6
P4. Importance of small business and start-ups to the growth of social economy.....................7
Task 3...............................................................................................................................................8
P5. Characteristic traits and skills of successful entrepreneurs..................................................8
P6. Different entrepreneurial personality reflecting the entrepreneurial motivation and
mindset......................................................................................................................................10
Task 4.............................................................................................................................................11
P7. Different ways by which background and experience can hamper the performance of
entrepreneurship........................................................................................................................11
Conclusion.....................................................................................................................................12
References......................................................................................................................................13

Introduction
Entrepreneurship and Small Business Management is a person, who starts new the
business, with bearing risks and enjoying the profit. The entrepreneur is known as innovator or
the business person. It plays an important role for the business organization as they have various
unique skills and initiative to grab new opportunity and ability of fulfils current and future needs
as they bring the new innovative idea into the market. An entrepreneur deals with all resource of
the business such as land, labour, capital, machine to manufacture and generate new innovative
goods and services through different resources which helps in the formation of a firm (Ahmad,
2015). As small businesses organization play an important and crucial part of any economy, as
external factor of business environment supports new and innovative idea of entrepreneur on
small scale of industry in large and effective manner. In other words, entrepreneur is a person,
who owns the small business and work with employee, so they can focuses on the customer need
and creates the market for their product and services to achieve the desired goals.
Task 1
P1. Different types of entrepreneurial venture and its relationship with topology of
entrepreneurship.
Entrepreneurship is a process of launching and generating the new innovative idea
which helps business man, for running his business organization with bearing risk and earning
the profit is known is Entrepreneurship. There are number of entrepreneurship venture which
helps the entrepreneur to run his idea. Some of the venture are, small business, scalable start-up,
large company,social entrepreneurship.
Different types of Entrepreneurial Venture
There are different types of venture which helps the entrepreneur to execute their idea of
selling goods and services. Some the the ventures are described below:
Small Business Entrepreneurship: Some of the small business ventures are grocery
stores, consultants, travel agents, cyber cafe, carpenters, plumbers, electricians, etc. these
business are family business as they hire local people to earn more profit and they do business to
support and feed their family(Belz and Binder, 2017) .
Scalable Start-up Entrepreneurship: scalable start-ups entrepreneurship sets their goal
to expand their business and make the world a better and beautiful place,they do not work for

the market share and profit maximization they focuses on creating the brand image and goodwill
that affects the wealth and image for the founders. This Entrepreneurship may be non profit,
for-profit, or hybrid. Example of scalable start-up entrepreneurship include Facebook, Instagram,
Online shopping for electronics and many more.
Social Entrepreneurship: Social entrepreneurs are innovators and the business person as
they focuses on creating innovative and effective products and services, by which they can solve
the problem of social needs as well as customer needs. But unlike
Large Company Entrepreneurship: Large companies focuses on sustaining new
innovation and also offers the new products different from the core one (Audretsch and Caiazza,
2016) . New innovative products are developed customer needs and advanced technology as
this leads to the sale of their products and profit maximization. some of the large company
entrepreneurship are Google,Apple, Microsoft, Samsung, etc.
Topology of Entrepreneurship
The skeptical entrepreneur: These person notice the growth and success of other
entrepreneur and starts questioning to them as they examine the business idea to their and
searches for opportunities and inheritance as they think that they are very successful and
innovative entrepreneur.
The manager Entrepreneur : This type of entrepreneur are those who are involved
with start-up form beginning of planning the business as they are fully involved in managing
all the activities like manager.
The research Entrepreneur : This entrepreneur like to gain knowledge as these
business person do the research as collect all the information about the idea and business and
analysis the problem and threats, and find the solution in the business ans they learn and
implement their ideas.
The copycat Entrepreneur : These entrepreneur are those who notice the successful
person and tries to copy them as it is as they are. This is a way of copying or modelling but there
is a little difference. As these copy their business cards, the way of presenting themselves every
thing as they are a copy cat.
P2. some similarities and difference between different entrepreneurial ventures.
There are different enter-pruner which founded in the market(Bryson and Daniels, 2015) .
They uses different strategies for the earn more profit and achieve there organisation goal. These

both are related to the welfare of these organisation. On other hand some entrepreneur work for
the welfare of the society. It is true some entrepreneur is totally different and some are
similitude. So some difference are describe as.
Differences :
Small scale enterprise Scalable enterprises
 Main purpose of start-ups is earn
money to fulfil basic need of family and
organisation.
 Start-ups are started with new ides
which is copied from another one.
 Main purpose of this is to create
innovative thing which is provided for
the market.
 They start with new ideas which is not
found in whole market. It is different
for market.
Large scale enterprises Social enterprise
 These kind of enterprises are working
upon large level. Main purpose of these
organisation is to earn profit and
increase the growth for the
organisation.
 These organisation are work for the
development of the society. They don't
want to earn profit. They provide jobs
for the younger which help increase the
economy. Through al;l these, they
increaser lifestyle.
Start-ups enterprises Large scale enterprises
 These are the new enterprises which
are innovative and provide new
products for the market. These are
important for the growth of the
organisation.
 These enterprises are working on
large scale;e where more employees
are working. they want earn profit.
Similarities:
there are some similarities which is founded in entrepreneurial venture and those are as
following.

Main purpose of all organisation is to earn money through there enterprise which is beneficial
them to survive there life comfortable(Burrows, 2015) . This is done for there families. Every
enterprune5r want to earn maximise profit.
Another similarity of small, large and medium enterprise is to provide creative things in market
and increase the liv8ing standards ODF the people as well as lifestyle. Which helps to improve
the social economy.
These enter-pruner provide employment opportunities for the employees which also increase the
social economy. They focus on they women employment which is necessary for the counter.
Before klaunchi9ng any product in the market they give preference to the customers choice and
demand(Cumming and Zahra, 2016) . Through analysing the market they can founded what is
the requirement of a customer.
Customer relationship is also founded in interrupter which is important for there business.
TASK 2
P3 How micro and small business impact on economy with interpret and assess relevant data and
strategics to illustrate.
Micro and small business enterprises are those where 60 or less than 60 employees are
working in that. turnover of these business is also small. Productivity of micro and small
organisation can calculate on small scale. Mostly these business are based on the partnership.
These enter pruners want to earn profit to explore there business. They provide job opportunity
for people of local Ares. They want to earn profit to fill the basic requirements of there life and
organisation. Micro and small business enterprise are also participation in the growth of
economy. These organisation create new innovation in the market which is more useful for the
customer. They also help in several sectors which is related to the economy like lifestyle increase
through this as well as standard of living also increase of nation.
If talking a example of BREXIT, that time economy of United Kingdom was decrease.
Many large organisation was also failed they was suffering with a bad face. That time micro and
small organisation play an important role in economic development of United kingdom. Theses
micro and small business enterprises provide employment for local propel to survive. They
provide effective training to there employees for the skills development (Walsh, and
Cunningham, 2016). They also focus on the performance of the individual employee which
direct effect the productive of the organisatio0n. They also helps to incurs life style and standard

of living. It was a big help for the government of United Kingdom because economic
development is very necessary forever country. So it can say that micro and small organisation
play an important role in growth of economy.
Source of micro and small business
According to the above statistical data, interpretation is given to understand the
importance of micro and small business enterprises in UK economy.
In the above presentation , it analysed 20% economy of United kingdom is based on the micro
business enterprises. It is big part of economy. And if talking about the small business
enterprises than it covered 23.4% part of economy. So 43.4 % of economy of United kingdom is
based on the micro and small business enterprises (Zahraand 2016)
. The growth of economy is increase than the large and medium business enterprises also
increase with the same rate. It get impact on the economy in a effective manner. Which is
beneficial for economy as well as the small and micro business organisation.
P4. Importance of small business and start-ups to the growth of social economy.
Start-ups and small business: start-up is totally different from the small business.
Business is started to earn profit. It is started by family members and in partnership. On other
hand start-ups is kind of investment without profit(Kassean, and et. al., 2015). Start-ups provide

profit after a long time. These is many risk in this. Business is depends on the following working
culture and a start-ups need new ideas, innovation and new strategy to provide creative thing to
the customers. Business is done on a separate level. Government also provided some help for
new start-ups. They provide more profit for the country.
Importance of small business and start-ups:
there are some factors of micro and small business enterprises which effects on social
economy.
 Standard of living : Micro and small business enterprisers are playing an important role
in standard of living (Storey, 2016) . They provide employment opportunity which is
directly related to the standard of living. They increase lifestyle. So it increase the growth
of economy by in-cresting standard of living.
 Innovation: small and micro business enterprises provide new innovation for the market.
They crate innovation with the help of skilled employees and providence them a batter
training. They motivate there employees to give there best performance. Through fulfil
the demand of custom er they increase the social economy of United kingdom. It is the
main reason of success of country. United kingdom is on top if talking about innovation.
 Employment generation : it can say that it is the major contribution of the small and
micro business through providing employment opportunity. It helps to fulfil there basic
needs which 8is important for every person.
 Developing personal relationship ; Small and micro business enterprises are helps to
develop the relationship of employees through the of customer to supply. They uses face
to face interaction for build a strong relationship. These all things are also increasing the
damned and customer relationship.
 Low overhead: small and micro business provided cheap products which attract
customers to buy and they are satisfied with these product. In this situation price of the
product t automatically decrease (Rauch and Hulsink 2015) . These organisation do all
this because they have many expenses like rent, lighting, mercenary and cost. Micro and
small organisation is working on a small level. Which get impact on social economy in a
positive manner.

Task 3
P5. Characteristic traits and skills of successful entrepreneurs.
William Henry Gates was born on 28 October 1958, he is an American business man,
investor, philanthropist and he is a founder of Microsoft Corporation. As he give his views and
opinion about the entrepreneur. As entrepreneur is a set of unique traits which helps him to
become successful. Some of the traits and skills of entrepreneur shared by Bill Gates are:
Passion: The passion is a most important and effective factor of the entrepreneurship. In
other words, passion is a fuel of the entrepreneurship as without this no one cab do work
effectively as entrepreneur create the business successful as they know how to innovative the
product and services and know how to fulfil the customer need and satisfaction.
Creativity: entrepreneur is too creative as they innovate the new effective product and
services. As they have creative mind (Petkovska, 2015) . As it is important for entrepreneur to
be creative as they always be thinking of new ideas, ways that enhance the productivity of the
company’s workflow.
Take risks: Each and every successful entrepreneurs has to take risk in the business as
they know that taking risk is very important for the business organization. No business can play
safe, almost never leads in exciting market to grow and succeeded as a business owner. It’s not
only about bearing risk, as this will lead to succeed.
Henry Ford is an entrepreneur, was born July 30, 1863, he is a American industrialist
and founder of FORD MOTOR company. He is a well know entrepreneur in USA. As an
entrepreneur he gives his contribution by sharing the views and opinion towards
entrepreneurship. Some of the characteristic and the traits are given below which is shared by
Henry Ford:
Confidence: The entrepreneur should be confident about his work and decision so they
can succeed and achieve the f success. They are fully confident with their knowledge and
experience as this will help the business to grow can succeed (Ramadani and et. al., 2017).
Discipline: The entrepreneur are focused on executing and making their businesses
success, as they resolve the problem and eliminate any hurdles or hindrances as well as
distractions to their organisation goals. They focuses on various strategies and approaches

accomplish the setted target. Successful entrepreneurs are disciplined and well managed as they
effective steps towards the achievement of their objectives.
Leadership : This is most important and effective trait of entrepreneur which has the
strong leadership quality in nature which helps many people for motivation and also helps in
achieving the desired goals.
P6. Different entrepreneurial personality reflecting the entrepreneurial motivation and mindset.
In this report, William Henry Gates and Henry Ford is chosen as the entrepreneur. Every
individual has given specific traits which differentiate them from other, as traits and skills helps
the entrepreneur to archive the specific goals and objective.
Openness: This openness deals with the individual, and the level of creativity as it
provides the guidance regarding the various product and services which is developed by the
entrepreneur. In the context of William Henry Gates and Henry Ford, both of them entrepreneur
and highly work with effectiveness(Hoogendoorn, 2016) .
Extraversion: These types people use most of their energy and time in interacting with
others effectively. As this factor includes different traits and skills such as energetic and
assertive which is very essential and necessary for an individual to have effective energy. This
factor focuses on increase performance of each individual and also generate positive energy and
attitude so they can be motivated, also helps in accomplishing their goals and objective.
Conscientiousness: For running any business organization effectively and efficiently, it
is an important and essential for a individual to have great mind, as this is very beneficial for
them to execute new innovative ideas. Now the modern market is changing rapidly, as in order to
maintain the balance between the organization as well as the changes and modification in ideas,
strategies which is beneficial for the business organization in a better and effective way.
Neuroticism: This neuroticism trait personality having this trait focuses on high
emotional instability and reduces and stops negative emotions (Welter and et. al., 2017) . It is
necessary for an individual entrepreneur to have certain specified skills to control and manage
their emotional stability and degree of negative views, opinions, emotions. It is necessary for an
entrepreneur to have proper balance and stability of emotions in their nature and attitude. This
helps the entrepreneur, as to ability to bear risk and face it.
Agreeableness: This features is important for nature of an individual, as he gets agree in
any of the situations and condition by which individual work effectively and motivated.

This is very necessary and essential to have positive influencing attitude and power and
effective communication, interpersonal skills which helps in delivering, what they desires. It is
essential and effective for entrepreneur to have this personality trait as this inspire and motivates
him as well as their team member and increase their motivation and productivity level.
Task 4
P7. Different ways by which background and experience can hamper the performance of
entrepreneurship
Abilities and skills of an entrepreneur is depend on their education, background,
knowledge, experience as well. The two of the major entrepreneurs William Henry Gates and
Henry Ford are discussed in this report.
Education: In context of entrepreneurship the education, knowledge, experience and
learning are basic and important common factors which affects their skills, experience and
qualities. It is noticed that William Henry Gates and Henry Ford, both get the individual and
effective basic education. As their family member supports them for the education as well as
their better studies. They both grow and achieve heights in their life. As with the help of
education and family support they both become the successful entrepreneur ( Galloway and
Sang, 2015).
Family Background: Family background is a essential factor which helps in defining
the person's behaviour, attitude, skills and living standard.
This helps in identifying the individual , if the background of individual is quite challenging and
tough atmosphere then it becomes easier for him to understand and adjusting in new culture and
also know the value of money.
This makes the individual to take more initiatives which helps in developing and
enhancing their skills and it leads to the benefit to both individual as well as there business.
They both are from reputed family background who fully support them as there family give
them a full support for their growth and success(Fayolle and Wapshott, 2016). .
Social Networks: In context of social networks, the individual develops their
experience and also creates the good relations with the member of the society and there is a
possibility of gaining the knowledge and the experience .

This generally happens due to social networks established by their family members. Individuals
enhance their knowledge and learning skills by contacting with different different people and
creating the social networks, to gain more and more experience with this.
In case of William Henry Gates and Henry Ford they both develops their skills and
personality and learning from parents as well as they develops their interest in their hobbies and
interest. There skills and ability makes them the entrepreneur.
Conclusion
As per the above mentioned report, it has been concluded that entrepreneurship and entrepreneur
work to gather and who has the ability to bear risk and make profit by full faith of believing and
considering that their new innovative idea can change the taste of the customer and market
demand as well. This explores concept of entrepreneurship in in brief and their ventures with
their contributes towards business as well as country growth in effective and efficient manner.
There are different various of business venture like small, micro, large and medium that helps in
capturing the market with the help of innovative product. Thus, it is very essential and crucial
for entrepreneur to enhance their skills and knowledge and work on their confidence and
decision making power which helps in operating and executing their business effectively.

References
Books and Journals
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Online
10 Essential Characteristics of Highly Successful Entrepreneurs. [Online]. Available Through
<https://www.inc.com/sujan-patel/10-essential-characteristics-of-highly-
successful-.html>
Top 10 Characteristics of an Entrepreneur. [Online]. Available Through
<https://smallbusiness.chron.com/top-10-characteristics-entrepreneur-18487.html>