Entrepreneurship and Small Business Management

This report delves into the realm of entrepreneurship and small business management, highlighting key aspects such as development, maintenance, motivation, and customer service. It also touches on the ability of entrepreneurs to handle marketing services and sell products to the market, starting from small platforms with big ideas. The characteristics and traits of successful businesses are discussed, along with entrepreneurial ventures and their topology, which affects business improvements.

ENTREPRENEURSHIP
AND SMALL
BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Entrepreneurial ventures and the way they relate to the typology of entrepreneurship:.......1
P2 Similarities and differences between entrepreneurial ventures:............................................2
P3. Statistics, micro and small business impact on the economy:..............................................3
P4 Importance of small businesses and business starts-ups to the growth of social
economy:....................................................................................................................................4
TASK 3............................................................................................................................................6
P5 Characteristic traits and skills of successful entrepreneurs:..................................................6
P6 Entrepreneurial aspect's personality reflect entrepreneurial motivation and
mindset:......................................................................................................................................7
TASK 4............................................................................................................................................9
P7 Background and experience can hinder or foster
entrepreneurship:........................................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship in small business management identifies the way to make innovation in
business as well as manage and develop new ideas in business. Entrepreneurs have ability to
identify business problems and solve them with effectively communicating the ideas. Small
business management is comprised start business to make new idea's, new techniques and
technologies. Small business management is defined align-mates and coordinates of multiple
activity in organization. This report comprised all are the small business ventures and their types
and impacted on small business management (Burns, 2016). In this report also determined all the
scope and development ideas and similarities in small business and characteristics traits of
successful entrepreneur. Small business management has an ability to adopt innovation in their
business and implement ideas to grow business. An entrepreneurship have skills to increased
business and achieve goals and also have ability to maintained all the idea of business.
TASK 1
P1. Entrepreneurial ventures and the way they relate to the typology of entrepreneurship:
Entrepreneur venture is owners of organizations who are attempts to make profitable for
business. An entrepreneur is about risk, failure and success and learn from it. Entrepreneur
venture identified many context in which public, social, corporate etc. They also included start-
ups of business and how to improved business ideas and techniques (Schaper and et.al. 2014).
Entrepreneur ventures has four types defines the area where successful entrepreneurship
increased their small business.
1. Small business entrepreneur- Most of the entrepreneurs start their business at small
platforms. In the UK, 5.7 million organizations start their business at small platforms.
The small business definitions is success to feed the family and make profit. The small
business such as Travel agents, internet commerce, store-fronts, plumber, consultants,
carpenters, hairdressers, electricians etc. They are anyone who runs his/her own business
and they hire local employees or family (Storey,2016.). Small business cannot provide
the scale to attract venture capital, they find their business via family/friends small
business loan.
2. Scalable Start-up Entrepreneurship- The entrepreneur start their business knowing from
day one that their vision could change the world. The scalable business attract their
investors to invest them. They convince investor to help financially. They hire the best
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and the brightest employees for business. Scalable business is trying to innovation in their
business and trying to increase as well. The scalable start-ups in innovation cluster
(Silicon Valley, New York, Shanghai, Israel, etc.)
3. Large Company Entrepreneurship- The large company have finite life cycle. They
always remain their customers test, new competitors, new technologies, and legislation
etc. large enterprises trying to developed innovation in their business and also grow
business in large platform (Sahut and Peris-Ortiz, 2014). Large company create entirely
new products sold into new customers in new markets. The large company examines all
the marketing strategies and techniques and includes their idea in their business.
4. Social Entrepreneurship- Social entrepreneur is mostly focused on creating products and
services that solve social problems. Social entrepreneur making goals to make worlds
better and place better, not to take market share. Social entrepreneur is always works on
not profit organization and profit both.
Typology of business ventures defines all kinds of business ventures works in small platforms,
they determine needs of business and their topology as well. Small business faced many
problems but their entrepreneur is solved according to their minds they also having their
opportunities relates to their business and business needs.
P2 Similarities and differences between entrepreneurial ventures:
An entrepreneur takes risks in their business, the difference and similarities is high
impact on entrepreneurship both kinds of entrepreneur take risk and make goal in business
(Goss, 2015). They manage and growing their business in various platforms and increase
business continuously. There is following example of those difference- Financial goals- Most of small business entrepreneur are looking to achieve financial
independence by building a profitable business that can pay them regular income. In
contrast, the high impact entrepreneur expects to achieve limited income from the
business and includes a substantial. The small business entrepreneur is primarily out to
generate income. In financially the small business entrepreneur started their business to
invest few and they also hire family and friends so they store some money from another
investment. Risk profile- The small business entrepreneur is typically tackles a business opportunity
with potential to generate a decent living ideas. Small business entrepreneur is always
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ready to take risk because they not invest more money in business. Entrepreneur is
maintained the ideas which handle all risk in business platforms. While starting any new
business is a risk. Small business is survival rates, to hire employees, to managing
marketing rates etc. Financing strategies- The small business entrepreneur is always made strategies to
increase business and earn profit as well. They develop new strategies which Includes
ideas and new techniques which is improved their development strategies and also
increasing popularity of products as well (Schaper and et.al., 2016). The financing in
business is make sure business profit and improve their business growth as well and also
improve to maintain the ideas of all generation. They developed planes in business to
adopt all financial projects and implements them into the business as well. The
organization is mainly affected to financial condition a great entrepreneur has ability to
solve the financial problems and achieving goal in business.
 Employee’s recruitment and compensation- The small mainly started a small area they
mostly hire their family and friends to increase business they hire employees to outside
area. They interviewing people and appoint the each employees for their job position.
They start training for people who are interest to do additional work. And motivate them
to achieve goals in business. Some employees left their job form business affective
entrepreneur works to holds their employees to long time and increase companies
popularity.
P3. Statistics, micro and small business impact on the economy:
Small business enterprises are crucial part of economy. They trying to present 99% of all
enterprises and employ an increasing number of persons. Most of the enterprises is not
dependent and belong to any groups. But in small business enterprises are part of a group. This is
most common techniques in manufacturing and to a lesser degree in knowledge- intensives
business services. Small business enterprises is important in terms of employment and gross
value added. This terms included in mostly Finland, Denmark and Norway (Reis and Cabral,
20150). In Germany they account for 43% of gross value created by small business enterprises
and employ 34% of the total number of persons implements by SME.
Micro and small business impact on economy- Small business owner have great impact
on economy. These business is might be small but their impact is high. Small business mostly
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impact on the large business firms they present smiler types of the products and. In the small
business some times' comes with big idea's and techniques which growing their business
certainly. The small business impacts on economy to established new products and service which
is beneficently to UK economy. People having every facilities in the market. Small business
entrepreneur most aim is provided proper service to people and better products in the market.
Small business examines each and everything about the business then present their business in
market, they also remain what services provide to customers and customers test as well. There
are following that business gave on economy-
 Economic growth- Small business remain their growth and how to maintain it. Not all
business remain small businesses. Small business is always trying to achieve goals in
their fields. They try to increase their economic growth.
 Mapping the future- This is one of the major impact on economy. Small business
enterprises is start innovation in their business they invent new products or have new idea
to improve their products (Cohen and Wirtz, 2018). They trying to attract their customers
to implements new things in their business.
 Giving back- Smaller business is process the ability to adopts to changing their business
climates and make their business customer oriented. Successful business is support to pay
taxes, including local taxes. For examples schools and local governments offices etc.
P4 Importance of small businesses and business starts-ups to the growth of social
economy:
Importance of small businesses- Small business are crucial part of any organizations.
They responsible for all activities in the company. Small business started to the small
management and small area. Small business management manage all the products and services in
their organization. Small business enterprises includes those are which is placed on small
platforms. Importance of small business includes those areas which increase their importance-
 Job Creators-Small business create more jobs than larger firms. The small business
responsible for creating 81.4 percent new jobs in UK. Small business meet with those
needs with new jobs crated all time. Small business enterprises create opportunities for
those people who are interested to starts-ups their career. They develop more facilities for
people who are mainly attracts with jobs.
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 Innovative Minds- The small business employees have minds to create new things and
implements innovative ideas in minds. They using technical skills and common sense to
create new inventions technologies. They develop new things which useful to business
and their fields (Cohen and Wirtz, 2018). Small business entrepreneur have ideas to
maintain their business growth
 Major employer- Small business enterprises provide opportunities in their organizations
works with us and make career. Most of SMEs are provided highly jobs so employ can
develop their skills and goals in their platforms.
 Exporting importance- Small business are important due to their role in exporting to
other nations. Ninety-seven percent of identified exports are small business. 26 percent
of the export value their products they ship to customer in other country.
Business starts-ups to the growth of social
economy-Small business aim to increase growth of economy. They are mainly depended to their
service and their products popularity. In Japanese food business they serve much food items to
their customers but most of the dishes are their signature dish which represent their business
growth and fame as well. They marketing their business to various platforms (Lan and et.al,
2014). Small business established growth of business. They trying to new things to innovate
business and their idea's.
1. Investing in products and service people need- Small business management present
their products in market. Small business organization provide service and products
according to customers needs they mainly provide that kinds of products which are based
of general needs of customers. Small business entrepreneur examine and remain all needs
of people who are highly attached to purchase and selling products in the market.
2. Providing employment opportunities- New business need to hire employees. They
appoint new employees and trained them. The growth of economy also depends on
quality of products. Many small enterprises are give opportunities for those people who
are started third career.
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3. New technologies promote efficiency- Small business entrepreneur has ability to
developed new ideas and products of service. Small business growth I also developed by
new techniques, new technologies.
4. Addressing environmental challenges- In the small business innovation is important
when new enterprises faced challenges to competitors. The challenges are lowering
global greenhouse, combating climate change and preserving biodiversity in the
environments.
TASK 3
P5 Characteristic traits and skills of successful entrepreneurs:
Successful entrepreneur have many characteristics and traits common with one other.
Following are-
 Passion and motivation- Successful entrepreneur passionate to their work. They doing
their work in proper manner and with full concentrates. They motivate their employees to
do hard work and have skills to manage all work all time. Entrepreneur have ability to
hold their employees to long and motivated them to achieve goals.
 Not afraid to take risk- Entrepreneur is in their business never afraid to take risk. They
take risk to develop new things and present in the market. They try to achieve goals In
their business and maintain their business profile (Feldman and et.al, 2014). Successful
entrepreneur always ready to take risk in their platforms.
 Self belief, hard work and disciplined dedication- An entrepreneur believes in
themselves and are confident and dedicated to their project. They try to disciplined in
their work and also motivate other to do works. Entrepreneurs focus on and faith idea
may be misconstrued as stubbornness.
 Products and marketing knowledge-Successful entrepreneur have full knowledge of
market they know what time and which products present in market and what customers
need. The entrepreneur have ability to set selling products according to market rate. So
customers can attract to buying their products.
 Strong money management- In this entrepreneur have planned for present and future
financial and set aside an emergency fund. They secure their funds for future and make
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new projects in business. Small business entrepreneurs are keeps a complete handle on
cash flow.
Skills of successful entrepreneurs- for starting business every successful entrepreneur have skills
to improving business and growing business. There are common skills have every entrepreneurs-
 Resiliency- It describes in business many ups and downs comes business can never goes
exactly they way the business plan described it. These skills determine the entrepreneur
have nerve go to wrong directions (Gartner and Brush, 2014).
 Focus- Entrepreneur have ability to focus on every steps on business to achieve goal.
They focus on their works and focus on develop new things which help to increase
business and make new opportunities for business.
 Invest for the long-term- Most for entrepreneur are not patient and they focus only what
comes next. That strategy takes lot time to success business. Entrepreneur has only
focused those what make their business successful.
 Find and manage people- Entrepreneur learned from those people who are successful in
own fields they buying inspiring people and learn new things and implements in their
business. They need to learn to network to meet the right people.
 Sell- Many entrepreneurs is sales person whether they want to be or not. They selling
their products, ideas, service to customers, investors or employees. They know about how
selling their products and service whether customers are ready or not. They how to let
them go and move on.
 Learn- In this entrepreneur know about the market is constantly changing. They stay up
to date on new systems, technology and industry trends.
 Self reflection- Entrepreneur allow downtime to reflect on the past and plan for the
future. Always working only leads to burnout physically and emotionally.
P6 Entrepreneurial aspect's personality reflect entrepreneurial motivation and
mindset:
Entrepreneur personality-Entrepreneur personality traits include the characteristic,
motives, attitudes, abilities and values which is shapes individual person's experience and
actions. Personality traits are causes the mental and behavioural processes of individuals.
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Entrepreneur have personality to maintained all the business assets and data which relevant to
their business. A successful business has quality to adopts new things and implements in their
business. The entrepreneur has quality to ensure their future growth and what kinds of venture
affects the business. The big personality traits are experience people who are able to manage
their work and notifying them (Morris, 2015). A great entrepreneur mange their work with their
employees and growing business. In entrepreneur personality traits they find the way here more
experienced people implements their ideas and their energy.
Entrepreneur motivation and mindset- Entrepreneur are all different. They all have a
different entrepreneur mindset that contributes to their success. Every successful entrepreneur
have mind set to achieve goals in a business. Entrepreneur challenges to their competitors to
present better products in the market. There are following mind set of entrepreneur implements
in their business-
 Reach out to customers first- Small business entrepreneur developments their products
and examine their popularity with customers. They reach customers first and check
products is working with the market or not.
 Find a new market for existing product- After established product's entrepreneur finds
a similar product in their fields. They examine products and service after that they
innovation in them and present better products in the market according to their
competitors.
 Use networking to build your business- Most of entrepreneur is talk about the
importance of business, but same of specific about how and why networking importance
in business. Networking helps business to communicate one entrepreneur to another
entrepreneur. Now days all entrepreneur is used networking in their business.
 Understand the power of brand- Many entrepreneurs presented their products with
brand name they understand the power of brands. Brands are helps to selling products in
a market they try to use the best idea for represent their business with brands.
 Always maintain quality control- Entrepreneur always present best quality products and
service in the market. They maintain their products quality and fulfil customers needs.
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 Take ownership- In the ownership entrepreneur have ability to handled owners ships in
business. There works to handled all employee's management and ensure they work
according to their skills or not.
TASK 4
P7 Background and experience can hinder or foster
entrepreneurship:
The main aims of each entrepreneur is different when it comes to business and take
business decisions making process. Those types difference are affects on entrepreneur
personality. In this entrepreneur have experience to handle all the area of business and maintain
their work. Importance in an entrepreneur and they are derived from factors such as eduction and
life experience. These aspects that make the individual to surpass the challenges in the way. One
of the main terms are to modifying each elements on business and implements in the business. It
is also important that risk taking factors in an entrepreneur have developed through time with the
factors such as knowledge is acquired. Entrepreneurial understand the all risk and challenges
what they involve in their business. A small business entrepreneur risk is one fundamental factor
that he or shoe must understand in all its aspect, because risk doesn't mean blinding taking a leap
of faith, rather constituting the idea through the calculation of challenges faced in the past.
Makes the entire process effectively and efficient.
Some factors hinder entrepreneurship- there most of the factors which hinders
entrepreneurship following are-
 Lack of resources- Most difficult to sell something when some have nothing to offer.
Most of entrepreneur faced that time when they have nothing to offers to their customers.
They cannot making do anything for their customers because they have nothing to offer.
 Lack of education- Most of entrepreneur have lack of knowledge about their business
but they gain profit in their business. They have skills to runs business in proper manner
and according to customer satisfaction.
 Lake of customers- Some time entrepreneur fails to run business, some time in small
business there is no one around who can afford there services and they going to make a
living off of it. They quit business and try to developed new business (Volkmann and
Audretsch, 2017).
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 Lake of access- Some time entrepreneur face the transportation problems. They cannot
selling their products where they want to send them. These problems are general and
occur in many organizations.
 Lake of utilities- in this entrepreneur having demands access to clean water and
electricians opens up many entrepreneurial opportunities. This absence greatly diminishes
the ways in which people can earn more income.
 Lake of security- Some entrepreneur avoid the security of business and they fill engaged
on developed plans, where criminals stolen their business ideas and formula which going
to most affects on business. The entrepreneur lose everything and have start all over.
 Corruption- Governments also demands for established new business legal formality
and business licenses or seize property without warning. Some entrepreneur governments
also demands for legal formalities which is totally affected to the business. For example-
some governments employees demands for lot of many for complete legal formality in
business They try to blackmail people to pay money or spoil their business. This most
hinders in entrepreneurial lief they are mostly affects business and customers also who
are connected to business.
CONCLUSION
In this above report comprised how the entrepreneurship works in small business
management. They define in small business entrepreneur mange all the area such as
development, maintained, motivate, provide proper service to customers. They also define ability
of entrepreneur to handled all the marketing service and selling products to the market. Small
business management is start with small platforms but they have big idea's to develop business
and increase them. In this report also comprised the characteristic's traits of successful business
who are runs business successful (Goss, 2015). They also determine the entrepreneur venture and
their topology which describe the entrepreneur works in different fields and their works are
effects to improve their business. In these reports also concluded how micro and small business
impacts on UK economy. In the end this reports comprised the many hinders are described the in
business environments and they effect to business.
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REFERENCES
Books and Journals
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Schaper, M.T.,et.al., 2014. Entrepreneurship and small business.
Storey, D.J., 2016. Understanding the small business sector. Routledge.
Sahut, J.M. and Peris-Ortiz, M., 2014. Small business, innovation, and entrepreneurship. Small
Business Economics.42(4). pp.663-668.
Goss, D., 2015. Small Business and Society (Routledge Revivals). Routledge.
Schaper, M. ed., 2016. Making ecopreneurs: developing sustainable entrepreneurship. CRC
Press.
Reis, P.R. and Cabral, S., 2015. Public procurement strategy: the impacts of a preference
programme for small and micro businesses. Public Money & Management.35(2). pp.103-110.
Ward, M. and Rhodes, C., 2014. Small businesses and the UK economy. Standard Note:
SN/EP/6078. Office for National Statistics.
Cohen, L. and Wirtz, P., 2018. Characteristics of Entrepreneurs, Entrepreneurial Finance, and
Growth Paths.
Sajilan, S.et.al., 2015. Impact of entrepreneur's demographic characteristics and personal
characteristics on firm's performance under the mediating role of entrepreneur orientation.
Review of integrative business and economics research.4(2). p.36.
Lan, H.et.al., 2014. The role and characteristics of social entrepreneurs in contemporary rural
cooperative development in China: case studies of rural social entrepreneurship. Asia Pacific
Business Review. 20(3). pp.379-400.
Feldman, H.,et.al., 2014. Entrepreneurship: Venture Initiation, Management and Development.
Routledge.
Gartner, W.B. and Brush, C.B., 2014. Entrepreneurship as organizing.
Morris, M.H., 2015. Entrepreneurship as experience. John Wiley & Sons, Ltd.
Volkmann, C.K. and Audretsch, D.B., 2017. Entrepreneurship Education at Universities.
Springer.
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