Entrepreneurship and Small Business

This assignment delves into the world of entrepreneurship, covering various theories, processes, and practices. It discusses the importance of small businesses in employment and economic growth, highlighting their contributions to innovation, job creation, and community development. The study guide provides a thorough analysis of entrepreneurship education outcomes, social entrepreneurship, and internationalization strategies for new technology-based firms.

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial ventures and their relation with typology...................1
P2 Similarities and differences between entrepreneurial ventures.........................................2
TASK 2............................................................................................................................................3
P3 Relevant data to understand impact of small business on economy.................................3
P4 Contribution of small businesses and start ups on social growth......................................5
TASK 3............................................................................................................................................6
P5 Traits and skills of successful entrepreneurs.....................................................................6
P6 Aspects of entrepreneurial personality..............................................................................8
TASK 4............................................................................................................................................9
P7 Ways in which background and experience hinder and foster entrepreneurship..............9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneur is an individual who takes risk to run business in an effective manner. It is
essential for him to develop an innovative thoughts regarding goods and services (Drucker
2014). This will improve its effectiveness as well as appropriateness. In recent era, there are
many person who is begin new firms as per their own which shows their capabilities. Austin
Fraser in a small organisation which is operating their business in United Kingdom. It is a
consultancy enterprise which is giving effective services to people that helps into their
development. This assignment is going to describe various kinds of entrepreneurial ventures and
they all have some differences and similarities. Small businesses provide growth and
development to nation which help them to maintain their economy. There are many kinds of
traits and characteristics which are having by entrepreneurs, are going to highlight in this report.
Apart from this, background as well as experience of an individual will affect career in a direct
or indirect manner. Number of small firms and start ups are increasing on continuous basis which
helps to render employment opportunities to individuals.
TASK 1
P1 Different types of entrepreneurial ventures and their relation with typology
A business will carry on in numerous manner by a person with the same kind of
objectives i.e. to gain maximum profits. This aids organisation to take benefits from rivals at
competitive world. There are certain firm associated with self employment will portrays as
below:
Small business entrepreneurship: This sort of business is fundamentally regulate by a
person which a targets of earn revenues. Following are some examples of this, like grocery
stores, carpenters, plumbers, consultants and so forth. Individual run this kind of firm; so that,
they will fulfil needs and wants of their family members.
Rather than this, survival typology venture is related with small kind of business. Person
needs to do high efforts to hold up business at marketplace for long time duration. They have to
provide innovative items to customers which assist them to compete competitors at market.
Nature of tiny association is independent as entire profits and loss belongs to the owner.
Therefore, he needs to take overall risk to run business effectually (Kirzner, 2015).
Scalable start – up entrepreneurship: According to this, person will increase it to some
level in forthcoming time. There are many enterprises who spent fund into this sort of business
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because it is efficient. Their fundamental vision is to create a superior society. They are
accomplishing their firm in a proficient way and for this, they require sufficient amount of
finance. Rather than this, it contains lots of risk; therefore, there are only some individuals who
are operating this type of affiliation.
Scalable start – up is connected with aggressive development ventures entrepreneurship.
Thus, persons will conduct their business through implementing new and unique idea or opinion,
which aid them to obtain maximum share of market. This will help them to capture attention of
numerous individuals (Barringer, 2012).
Large company entrepreneurship: It is difficult for an enterprise to maintain an effective
position at marketplace. For above stated aim, they need to provide innovative items as well
services to customers. This kind of organisation is also known as corporate entrepreneurship.
Apart from all this, manager of association will conduct research because this will help them to
identify requirements and prerequisites of individuals. Henceforth, they will provide goods to
them on demand which enable them to take benefits from competitors at marketplace.
This methodologies is associated with managed growth venture entrepreneurship.
Because, their main aim is to keep up stability in business environment which aid them into long
term survival at market.
Social entrepreneurship: Main aim of this enterprise is to provide best products to
individuals which is beneficial for them. Along with, it is required for an entrepreneur to identify
recent problems and resolve it within certain time duration. In current time, person wants
facilities related to medical at their own place without paying extra charge to doctor.
This entrepreneurship is connected with lifestyle venture. Its main aim is to fulfil needs
and wants of social people; so that, organisation will acquire monetary advantage. If financial
circumstances of firm is good and appropriate then, this will be easy for it to hold position at
marketplace for long time period (Schaper and et. al., 2014).
P2 Similarities and differences between entrepreneurial ventures
Above mentioned ventures have some similarities and along with differences. It will be
understand through following description:
Objectives: Every enterprise has certain aim which will be distinctive from other firms.
Small organisations want to be stable at market in terms of finance, which aid them to fulfil
needs of their family members and in addition will hold position at marketplace for long
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duration. Instead of this, large company needs to provide inventive goods to people as this assists
them to maintain stability in market. Social entrepreneurs want to develop an appropriate society;
thus, they do not need maximum finance.
Value creation: Entrepreneurial ventures want to improve their market share because
with assistance of this, they will easily enhance goodwill. In context of large and social
affiliation, they want to develop their worth at market. But fundamental aim is different because
they want to improve standard of living of individuals (Kuratko, 2016). Henceforth, it is must for
company to provide best and effective products and services to customers. As a result, they will
increase profits and reputation.
Mindset: Every business person's mindset is entirely different from each other. This will
be distinctive from their values, attitude, beliefs and so on. These sort of components will
provide effect on their working execution. There are some entrepreneurs who want to gain
money but many wants to render benefits to society only.
Channels of marketing: All kind of organisation needs to conduct marketing in an
appropriate manner, because this enables them to capture attention of numerous individuals. As a
result, they will increase revenues and market share. Manager will utilize some tools for this,
such as social sites, print media and many more.
Employment generation: There are some kinds of business who provide opportunities
related to occupation which help nation to reduce poverty line and in addition help to maintain
living standard. Enterprise will use various kinds of methodologies or tools; so that, they will
attain coveted objectives within requisite time span without faults (Bridge and O'Neill, 2012).
TASK 2
P3 Relevant data to understand impact of small business on economy
Small enterprises provide adequate success as well as growth to country and economy.
According to a report, in UK there are more more than 5 million organisations which are
operating their business at small level. Almost 89% country's income generated through small as
well as medium organisations, which aid in advancement and improvement of firm and
economy.
Along with this, these sort of affiliation will provide various circumstances of occupation
who are living at that place. As a result, they will easily improve their living standard.
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Approximately, 67% persons are occupied in small medium firms. Henceforth, it has been
understood that this type of organisations are much beneficial for nation into their growth.
In recent era, number of these firms are improving on regular basis. This has been
examined that almost 6% success is obtain by UK through self employed businesses. Turnover
of tiny enterprise is nearly 2.2 trillion euros which is same as compare to private affiliations.
Therefore, from above described data as well as information, it get understood that in
success and advancement of nation, the main reason is growth of small medium firms. They are
considered as a strength to country's economy. This type of companies are contributing too much
in national profits (Baum, Frese and Baron, eds., 2014). Apart from this, there are various laws
and regulations are developed by government which assist to improve position of small
organisations in country. They are providing occupational opportunities to people who are living
at that place. As a result, they will be able to maintain living standard and reduce unemployment
ratio.
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Illustration 1: Employment in small business
(Source: Gilfillan, 2015)

P4 Contribution of small businesses and start ups on social growth
Societal success is associated with development of an individual, instead of provide
significance to financial outcomes which they will obtain by organisations. It is must for people
to observe affect of this sort of affiliation. Fundamentally, small and medium companies provide
development and advancement to nation. It aids to render employment opportunities to people
which will help to reduce unemployment rate as well as poverty line. As a result, persons will
easily keep up their standard of living effectually (Santos, 2012). It is required for firm to
develop effective and unique products and services to users. This will aid them to acquire
attention of numerous individuals towards them, which will assist them in improvisation of
customer base. It works as a motivation for them; thus, they will implement latest tools into
goods. Following are some benefits which is connected with contribution:
Employment: Lots of occupational opportunities are provided by small firm to
individuals. They will get job according to their abilities, skills, knowledge as well as experience.
This aids to reduce poverty line of nation through increasing standard of living. As indicated by a
research, it has been measured that more than 89% people are occupied in tiny enterprises. This
helps in growth and improvement of economy of nation. Number of small and medium sized
association is enhancing continuously which assist in improvisation of occupation circumstances.
Living standard of people: This kind of enterprise helps in improvement of living
standard of persons. It is must for them to acquire opportunities as this will assist them to
enhance market share effectually. In recent times, it is essential for firm to use innovative tools
as well as methods into business because this helps them to take benefits from contenders. By
having those kinds of items, individuals will able to improve their living standard (Shane, 2012).
Regional development: There are some firms which are set up in sufficient areas which
are providing unequal development to nation. Many of start ups as well as small medium
organisations are established into those place which are not developed in a proper manner.
Therefore, it is required to render required facilities over there, for example: colleges, schools,
hospitals, university and so on. This aids to cater regional success and growth to in nation.
Exports: Firm can make their products and services available in foreign countries to
expand their market and cater large number of people. This help them to improve their
profitability when their demand in domestic gets completed and also enhance their economy.
Organisation is able to make presence in globally by offering their item to other
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nations(Campbell and et. al., 2012). But for transporting products to other society they require to
have strong financial support so that they are able to purchase currency of other countries.
Community development: Business undertake activities through which they are able to
improve their society. Schools, universities and hospitals are part of this which require skilled
and competent workforce to carry tasks properly. They should perform their duties effectively
and utilise resources efficiently to provide benefits to community by providing goods and
services to fulfil requirements of people and satisfying them (Martin McNally and Kay, 2013) .
TASK 3
P5 Traits and skills of successful entrepreneurs
Entrepreneur needs to obtain many types of skills and along with traits; so that, they will
execute task in an effective and efficient way. This helps into their development and
enhancement. Apart from this, there are certain kinds of characteristic which need to be acquired
by an individual because this is must to become a business person. Some of them are portrays as
below:
Passionate: It needs to be possess by a person because without having it he will not able
to accomplish his targets within limited period of time. If he is much passionate regarding work
then, he will complete it effectually. This will define their potential and willingness to fulfil task.
To attain desires, he has to done hard work.
Optimistic: Business person needs to be cheerful in regards of his views, working and
along with thoughts. Sometimes there will be a circumstance occur in which, he has to ask
question to himself. But it is essential for him to be positive in every kind of situation. As a
result, he will be much able to sort out difficulties in an effective manner and in addition take
judgements appropriately.
Confidence: It is considered as a foremost quality which needs to be having by business
person. A confident individual will accommodate his task in proficient manner. But over
confidence will develop problems or issues for him because he will not accomplish task within
certain period of time (Shepherd, 2015). Additionally, it will be not easy for them to take
benefits from contenders at marketplace.
Thinker: This is considered as a most significant element which need to be possessed by
en entrepreneur. It is must for him to think distinctively; thus, they will develop items as well as
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services creatively. This will help them to capture attention of numerous individuals which will
improve their client base. As a result, profits of company will get raised.
It is required for a person to have some effective abilities and knowledge because it
assists them to complete work in an appropriate way. If business person is having some
additional qualities then, this aids into their long term survival. As a result, they will take
benefits from contenders at competitive world.
Therefore, following are some skills associated with an entrepreneur are listed:
Communication: Management should inform employees about goals and objectives of
organisation. People should have ability to interact with each other so that they are able to share
their ideas, opinions and thoughts. In a firm manager should inform their workers about
outcomes which they should accomplish and increase their morale to work with enthusiasm
(Venkataraman and et. al., 2012). Executives should utilize email and their websites to keep their
members updated by providing them all necessary information and building confidence towards
organisation.
Decision making: Administration should make appropriate decisions by choosing best
alternative for their firm which benefit system by utilising opportunities which are present in
market. Executives should take care that they utilise funds properly and ensure that their money
is invested in correct place through which they are able to get adequate return for their firm to
survive and grow. They should implement strategies which are best for their system and assist
employees in performing their duties effectively.
Leadership: This is referred to as skills which is necessary for an administrator so that
they are able to direct employees. They should have complete knowledge of goals and objectives
of organisation which they have to accomplish by motivating and encouraging staff to perform
their duties effectively. If they have health relationship with their workers then this create
confidence to work in a team and complete task on time by providing them adequate
information.
Time management: Executives should set deadlines for each project so that they are able
to complete assignments and delivering orders on time. People should be able to complete their
task within time specified to them by their superiors. Employees should function properly by
managing work and systematically processing it (Fisher, 2012). This help firm in enhancing their
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productivity by utilising their human power properly and also improve their profitability. This
help them to carry out activities appropriately.
P6 Aspects of entrepreneurial personality
An individual's personality is related with his behaviour which aid to identify that work is
accomplished in an effective manner or not. To understand it appropriately, business person will
adopt a model which includes almost five components. It helps to cater mixed affect on
motivation and along with mindset. There are various kinds of elements associated with this are
mentioned as beneath:
Extraversion: Persons that are associated with this topic they are very energetic and they
can easily share their feelings and ideas with other people. This is a skill by which an individual
feels motivated and works hard and hits his target in shorter period of time. If an entrepreneur
thinks with broad minded he would be able in establishing open conversations in enterprise. thus,
this will enable people to share their ideas and information with their colleagues (Bae and et. al.,
2014).
Agreeableness: This type of talent must be incorporate in their enterprise so that
employees should behave good and energise in corporation. If entrepreneur is trust worthy and
cooperative with his employees then he could create unison in firm and he will be able in
motivating their juniors in firm. With help of this behaviour of manager employees will do their
task in best possible way and this will enable them to accomplish their task in set span of time
duration.
Conscientiousness: If executives have this skill then they are able to accomplish
objectives and achieve targets effectively by making their employees dedicated towards their
duties. Superiors should be able to manage their workforce by making them perform activities
properly and completing it within time limit. This help organisation in utilizing resources
efficiently and also motivating their workers.
Emotional stability: This is skill which an entrepreneur should have to be able to inspire
their employees to process their duties (Bosma and et. al., 2012). Executives are able to deal with
complex situation effectively if they are calm and able to solve problems in better way. If they
have healthy relationship with their subordinates then this help to boost them and encourage their
potential towards their tasks. Therefore, superiors should never get angry over their labour so
that they remain connected with enterprise.
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Openness to experience: Administration should be always ready to take new tasks and
modify their system as per market requirements so that they are able to remain competitive. This
also provide firm to survive and grow by adding new things in their products and services.
Through this company is able to increase their customer base and profitability by manufacturing
items effectively.
TASK 4
P7 Ways in which background and experience hinder and foster entrepreneurship
A person gets affected by both experiences as well as personal background directly or
indirectly. Internal and external belongingness of a person plays an important role in
improvement of person as a business man. There are lots of factors that have impact on personal
life of a business person and these points are school, family etc. With help of school they can
learn that how to give respect to elders and it is a most important part of a person's life. In
addition it is required to create an image of entrepreneur in customer's mind (Miller and et. al.,
2012). Entrepreneurship is set on priority basis in various universities of many countries. It is a
fundamental for society members that they should provide employment to others.
A person can get some knowledge and information with help of background in many
format. This will bring efficiency and effective in enterprise operations. If a person do not have
required knowledge and information then he will not be able to run his enterprise in market for
longer duration of time.
For example: Richard Branson is a person who belongs to a small background founded an
enterprise named Virgin Atlantic. He is not very much qualified but it never affect his passion
and he has ability more than their rivals to gain something in life which is different. Virgin group
included more than 350 enterprise and start ups into them in current time.
If a person have much experience in same field then it will work as a motivational factor.
This could be apply in all format i.e. restraining as well as to encourage if an individual has
much experience then, he must have knowledge associated with market in an effective manner
(Onetti, and et. al., 2012). By assistance of this, entrepreneur would be able to grab opportunities
of marketplace that provides benefits to venture. Apart from this if an individual is not have
required amount of experience he could not be able to understand market conditions and its
challenges and he will not be able to make adequate strategies and plans for their enterprise. As a
consequence this will bring loses in organisation.
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For example: Phone 4U is an enterprise established by a person his name is John
Caudwell. In his prior stages of life he faced very much struggle in his workplaces as he run
many workshops. After a little span of time his hard work started to pay him back positive results
and in recent time his venture is valued almost one billion euro (Moroz and Hindle, 2012) .
CONCLUSION
From above assignment it has been comprehended that it is must for an individual to have
some kind of entrepreneurial skills which helps into their growth and development. If an
organisation is doing their work in an innovative manner then, this will assist to improve their
goodwill as well as market share. By developing unique items they will gain attention of
numerous persons which will assist to enhance customer base. As a result, they will maximise
revenues. In this assignment, there is a description about importance of small organisations. This
helps to reduce unemployment rate of country and in addition maintain living standard of
individuals. If background of an entrepreneur is effective then, this will help into improvement of
their career.
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REFERENCES
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Kirzner, I. M., 2015. Competition and entrepreneurship. University of Chicago press.
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Online:
Gilfillan. G., 2015. Small business employment. [Online]. Available through:
<https://www.aph.gov.au/About_Parliament/Parliamentary_Departments/
Parliamentary_Library/pubs/rp/rp1516/Employ>.
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