Entrepreneurship and Small Business

This assignment delves into the multifaceted world of entrepreneurship and small business management. It requires a critical analysis of various scholarly articles that explore entrepreneurial motivations, barriers to growth, education, and the evolving landscape of entrepreneurship research. Students are expected to synthesize information from these sources to gain a comprehensive understanding of key concepts, trends, and challenges within the field.

ENTREPRENEURSHIP
AND
SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1 ...........................................................................................................................................1
P.1. Different types of entrepreneurship and their typology.......................................................1
P.2. Similarities and differences between entrepreneurial venture.............................................2
P.3. Micro and small business impact on the economy..............................................................4
P.4. Explain The importance of small businesses and enterprise start-ups will contribute to the
growth of the social economy.....................................................................................................5
P.5. Characteristic and traits essential for successful entrepreneur ............................................6
P.6. Aspects for entrepreneurial motivation and mind set..........................................................8
P.7. Examine, using appropriate example obtained through min-research how background and
experience can hinder or foster entrepreneur..............................................................................9
REFERENCES..............................................................................................................................11

INTRODUCTION
There are various opportunities in the market which gives you the possibility to start a
new business according to your preferred fields. Opportunities are determined by the person who
search the needs and demands of the person that are faced by people. The all demands and needs
are faced by people would because to born a start-up in the market. Entrepreneurship is defined
as an exercise which are setting a new venture in the market and also take an effective action to
manage all activities. This investigation covers all type of entrepreneurship enterprise and their
typology. Apart from this, different and sameness among several kinds of entrepreneurship
enterprise would also discuss. Moreover, elements which will be the barriers and foster for the
entrepreneurship venture while setting up a new business which are as follows:
TASK 1
P.1. Different types of entrepreneurship and their typology
Entrepreneurship is comes with the ways in concern about to the having exercises to
bring out some innovative ideas to snatch new opportunities which would help to accomplish
good place and value in the market(Alsos, Carter, and Ljunggren, eds., 2011). At the place of
setting up new venture, there are various factors which are ascertained and faced by an
entrepreneur. At the starting point of an entrepreneur it might get successful in the market, if they
will earn profit an initial level then they would go ahead to enhance their business in new market.
They are highly motivated and inspired from the issues which are faced by the people in the
market and they at that point they take right step in order to accomplish their targeted goals and
objectives in the venture. There are several issues which are faced by an entrepreneur while
setting up anew business. There are several types of entrepreneur which are as follows: Small business venture: It is determined that where the minimal scale of venture carry
out their corporation exercises. In this segment involves the business like grocery, salons
and parlor, electrician shops and consultant office etc. while an entrepreneur start up their
new business can not afford all the problems and work individually. It required to
assistance all business activities at initial stage. Normally, these kinds of entrepreneur get
support from family members to manager daily operation. Scalable start-up venture: Withhold to this venture kind, an entrepreneur who start their
enterprise as a scalable start-up need highly motivated in terms of start a new company
and their vision and mission is centering on the significant changing the world. Moving
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on, to achieving the successful business operation, an entrepreneur is needed to making
the team of a highly skilled and experienced expertise who are capable to achieve their
goals and targets. Large venture: This type of business venture comes in the market with huge amount of
capital investing in their business and there are also new entrepreneur furnish services
like plans, projects and essential activities which are essential for setting up a new
business(Audretsch, 2012). Several types of approaches are formulated in terms of
manufacturing our new products and which helps in generating the profit and fulfill the
consumers needs as well. Social venture: This type of entrepreneur venture comes in the market specially when,
then there are need for social welfare in the market. Usually, they are not doing their
business for generating profit they majorly work for developing the all kind or services
and products which is needed to social welfare and furnish their appropriate services to
social well-being.
 Determiner entrepreneur: This type of entrepreneur are specially pacemaker, they do not
follow the way in which other companies are working and manufacturing their product
and services in order to boost up their sales and productivity.
These all type of enterprises are related about to the entrepreneurship typology. The major aim of
any kind of entrepreneur venture is, generate their profit and enhance their business in the future.
On the another side of this, the large corporation is centering on the generating maximum profit
and enhance their productivity as well.
P.2. Similarities and differences between entrepreneurial venture
While we have discussed above interrogation there are many kinds of entrepreneur and
they help in contributing development of economy of their domestic country. There are some
similarities and differences between the entrepreneur in terms of generating profit and expanding
their business as well. There are one of the major similarities is that they all develop product and
services in order to satisfy their targeted customers demand(Bridge, and O'Neill, 2012).
Furthermore, the other differences among them is that they all work for different type of their
targets and goals. This is the difference in large enterprise and small venture in terms of
generating profit. And investment in small business is low and in comparison to the large
business, they need to invest high capital in business. Furthermore, there are another type of
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venture is social enterprise and they work for specially social welfare and earning profit as well.
Therefore, small and large business specially work for making profit in their business and social
and scalable venture do their business in terms of social welfare and changing the
world(Burrows, ed., 2015).
Separate from this, one of the another differences is that business enterprise and social
venture are made for serving people in the society according to their needs and demands. Moving
on, another business entrepreneur target is to develop their reputation in the market by furnishing
quality of product and services to their targeted customer and fulfill their needs and demand.
Social enterprise create their value in the society by furnishing quality of services and product to
their society members and also contribute in the economical value of the country.
There are many types of enterprises which have different test and preferences according
to their own. There are some distinction among them are as following:
Small business enterprise Scalable start-up enterprise Social enterprise
Small business enterprise
comes with the single and very
few products in the market and
they also have some small and
basic objectives in respect of
company attainment.
Scalable start-up has some
goals and objectives(Burns,
2010). They always try to
manufacture new product and
services which is innovative
and changing world as well.
They always try to develop
their product and services in
terms of social welfare and
social well-being.
While they setting up their
new business, they take low
scale of risk
There is always broad level of
risk and they are willingness to
get success.
There is no risk in the social
venture and they work for
society.
They always making efforts in
terms of furnishing quality of
services to increase customer
faithfulness.
They make effort to satisfy
the requirements of the market.
Social venture aims to increase
socio-economic value.
There are few similarities among all the venture which are as following:
Small business enterprise Scalable start-up enterprise Social enterprise
Worker of the corporation are In the scalable enterprise there There are large number of
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not in ample figure and they
product in little
measure(Carsrud, and
Brännback, 2011).
are some persons in this
business who have expertise in
there areas and skill regarding
the venture.
workers are involved in the
business in terms of serve
society.
They hire local person in terms
of raise overall employment.
They do their job for evolution
of the country economy.
It vantage to helps in
increasing the employment in
the country by associating
local person of society.
P.3. Micro and small business impact on the economy
The development and enhancement of the country growth is an important elements and it
could be done by developing the economic status of the country. Hence, there are many small
business ventures who are working in the country to make their profit and contributing to the
economic growth in the country as well(Dennis Jr, 2011). However, the profit generated by the
small business is not that much big amount as compare to large business but they contribute to
grow and development of the country economy.
From the analysis, it is stated that there are more than 400 workers who are included in
exercises which supply welfare to the company. And another side of this, there are many types of
innovation which is make places in the business. They all workers and equipment are there for
ensuring the quality of product and services furnishing by the company is fulfilling the demands
of the customers or not. Moving on, it could be said that the purchasing power of the customers
in the country is high and that's why they are making their contribution in terms of extension of
the country. Further, the major impact of small business for the UK government is, they
contributing to removing unemployment issues in the country and making fresh employment
opportunities within the country.
According to the gathered information, it can be said that there are more than 90% of small
enterprises that making impact on the growth of the country GDP.
The impact of small ventures are as following:
 Future growth: Brexit, has made direct impact on the economy of the UK, Therefore,
within the country, the UK government need to take some steps ahead in order to develop
their small business venture to increasing the country's GDP(Gill, and Biger, 2012).
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There are many exports and imports subsidiaries which are declared by the UK
government in terms of raising country's economic growth. They also have formulated
various policies and procedure that would help in increase in business opportunities
within the country. This micro level small business venture contributing in the growth of
the GDP of the UK. Nevertheless, as equivalence to this, there are several large
companies within the country but their financial gain is affected in the terms of paying
salary to their employees.
Thus, it defines that small business venture play a vital role in order to expansion of the
UK country's economical value.
P.4. Explain The importance of small businesses and enterprise start-ups will contribute to the
growth of the social economy
Brexit has made straightaway effect on the country economy and it has become one of
the major problem for the UK government(Hatten, 2012). It is because employment new
opportunities could make huge effect on the social economy of the country. Nevertheless, later
on Brexit UK economy was affirmatively affected with the assistance of small business of their
country. All type of small business and enterprises running in the all region of the country and
making fulfill the demands of their nearby population of region.
Large scale is formulated in respect to gain more profitability in focus of the concept that
they furnish higher wages and salaries to their employees. In the point of view of management,
do their business with full efficiency and constituted themselves as a successful venture in the
corporation sector at the world-wide level. Similarly, the financial performance of the UK would
be significantly communicated with the superior of whole corporation it joins.
Howsoever, the supreme part of the enhancement of the economy is based on the micro
companies and below described are the several features that make contribution to the
magnification of the country economy which are as following: Employment: there are in the firm, many of departments are need to operate and may of
their functioning working on daily basis so that these all exercises are required to be well
managed by their administration. Hence, it can be managed by the people who live by
making opportunities of employment in the country for their living people. These
activities would be inception to remove unemployment in the UK(Lee-Ross, and Lashley,
2010).
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 Income: From the point of view of micro business, it assists in making effort in raising
development of the economy of the UK. This is because the financial gain of mention
person increases and it making opportunities to furnish quality of services to their
customers.
Entrepreneur and small business frequently furnish some amount of funds towards the
betterment of the society and its employee as well(Wiklund, and et.al., 2011). In that manner,
they make a grate impact on them by furnishing them social benefits and providing them huge
development approaches to satisfy their demands and requirements. Besides this, since they
make a positive impact upon the lion's share people, they offer for opening for work as well. This
additionally impact on the economy of the UK. UK's economy: The vast risk's impact strained through Brexit condition over the UK.
This can be decreased by significant stage of enhancing the broad financial improvement
of the UK(Ligthelm, 2010). This changes will be done by making evolution of the
country economy through small and large firms of the country.
 Reduction of numerous issues: In the establishment of small and large business
enterprise in the country, since that opening of new opportunities rate will increase and
unemployment of the country would be decreased on a large scale. This would boost up
the spreading wealth of each individual in the country. Similarly, since economy will be
developed, and the future objectives of the company would be in framework. Each
individual could get deal with their unemployment issues. The firm activities can be done
in order to improve public welfare and also development on the all the opportunities
which are provided by the companies to their employee and customers as well.
P.5. Characteristic and traits essential for successful entrepreneur
For being a successful entrepreneur, there are various characteristic and traits that are
needed to be in an entrepreneur(Naudé, 2010). There is a most important role of innovative
thoughts and ideas which could make a person successful entrepreneur. There are several
characteristics and traits of a successful entrepreneur are following: Passionate and motivation power: This is one of the most characteristics of a successful
entrepreneur to be motivate themselves and their employees as well in the firm for
accomplishing organisational goals and objectives. A successful entrepreneur must be
passionate about their workers in terms of having fun in their job, whatever their business
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is. They do their job with passionately and never get boards form their all exercises in the
business. It could be founded that an entrepreneur ought to be work with their efforts and
potential that would assist in make their business successful enough. Risk taker: A successful entrepreneur must be risk taker. It plays a vita role while an
entrepreneur setting up their new business in the market. They make their whole business
project and also assessment of their successful is also necessary activity in the firm while
they are starting -up their new business(Neck, and Greene, 2011). The should be risk
taker in terms of implementation of innovation ideas in the business. An entrepreneur
faces mant kind of risk when they enter into a new business. They always believe I the
phenomenon that is, if there is no risk then there is no expansion in the business. Self believe and hard worker: Self believe and hard work play a vital role in order to
become a successful entrepreneur. They always trust on themselves. They make more
efforts and dedication towards their business innovative ideas and projects. They fully
trust on them whatever they are doing in the company. They always making their
dedication to implement new ideas in the business for their firm expansion and in terms
of accomplishing business's goals and objectives. They never give up their duty anyway
in the complex situation of the firm. Adaptability and flexibility: Another characteristic of a successful entrepreneur that they
accept every complicated situation of the business, because they are very passionate
towards their job in the business so that they work with their flexible nature with their
clients, customer and employees as well(Ratten, 2011). Their acceptance and motivation
always boosting themselves and their employee towards their tasks completion in the
company. They always try to furnish demanded products and services to their customer in
order to fulfill customer needs.
 Money management: Every successful entrepreneur have willingness to generate more
profitability from their competitors in the market. But it takes time to happen in real life.
A wise entrepreneur always make exercises by utilizing resources efficiently in the
business. In each firm financial obligation raise so every entrepreneur manage their all
financial issues in the firm with the help of their own knowledge and their company
expertise as well to remove financial barriers in the company.
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P.6. Aspects for entrepreneurial motivation and mind set
In a successful entrepreneur must have some characteristics like risk taker, networking
abilities, money management, hard working and passionate towards their works in the business
to become their business more successful(Schaper, and el.al., 2014). There are few conditions
that are very easy to manage and motivate themselves and their employee also afterward having
the characteristics of successful entrepreneur. Take action: A successful entrepreneur have wide rage of experience and knowledge
towards their business to take an appropriate action towards their business successful.
They have characteristic like risk taker and they take every risky step in the company
which is possible in the business to get more success. Desired to do something innovative: A successful entrepreneur make their efforts and
dedication towards implementation of innovative ideas and thoughts on their business.
They have nature of hard worker and flexibility so by that they would be able to face
every critical and complex situation of the company and accept all the circumstances of
the business as well. Become independent: A successful entrepreneur are always not dependent on other in
the whole life. They are highly motivated in terms of accomplish their goals and
objectives in the firm. By the self independent and confident they would be able to
achieve all their complex aims in the life. Encouragement: From the highly motivational self power of a successful entrepreneur
can motivate themselves and their employee as well in the firm. With the help of
inspirational power they would encourage themselves and their employees as well in the
business in order to accomplish organisational goals and objectives. Agreeableness: The personality attributes have the elements which includes kindness,
warmness and other physical behaviour which is necessary traits for a successful
entrepreneur. It helps an entrepreneur to become kind and humble towards their work in
business and also their management and workers in the firm to understand their feelings
and emotions to make them more comfortable in the business(Storey, and Greene, 2010).
This all activities assist them to boost up their motivation level and liable mind set to be
a successful entrepreneur.
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 Make policies: There are several attributes of a successful entrepreneur that make grate
effect on the company's functioning. They always make effort to increase productivity
and profitability of the business. An entrepreneur makes favorable policies to for smooth
functioning of their business. They many time make effort to make reliable strategies
that would assist to manufacture appropriate product and services effectively. For
making policies and strategies for their business, an entrepreneur could make their
employee motivate to provide their better services in the company. Policy formulation
would assist to improve the performance of the organisation in terms of accomplishing
goals and objectives of the firm.
Hence, characteristic and traits of a successful entrepreneur helps to make a favorable decision
towards the organisational goals and objectives. With the help of management skills and
knowledge, they could formulate all the policies and strategies that could be helpful in terms of
fulfilling the desires of an organisation.
P.7. Examine, using appropriate example obtained through min-research how background and
experience can hinder or foster entrepreneur
Every individual who wants to become a successful entrepreneur required to go through
several phases in which they could face many business and personal issues. These all steps can
hinder the ability of an entrepreneur and could foster the ability of an entrepreneur. Evert
entrepreneur's background and experience play a vital role in order to make a big impact on their
behavior and physiology(Stokes, Wilson, and Wilson, 2010). There are respective reason like
lack of education, not having appropriate financial condition that hinds the skill and talents of an
entrepreneur. It also depends on the entrepreneur personal attributes by which they can reach the
business towards the success or drags them down. Thus, background and experience of every
entrepreneur make a grate impact on their extension in the business.
 Cost origins: The cost origin also have its own impact upon the occupation quality.
Society makes some large and capable constitution of entrepreneur that another groups.
This is also a factor that a religion and faith also make influence on the growth and talent
of an entrepreneur to be success. Some cast communities such as pareses, Jainism,
budhes, Christians, etc. have quality in doing their own business and industrial exercises.
This type of certain things and separate culture encourage the entrepreneurship. In India
there are such kinds of religion like vaishnavs, khatris, hains, sindhis, mulsilms, they all
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have their paramount root of entrepreneurship. It is called family business and the daily
basis it faster the entrepreneurship.
CONCLUSION
As the above all investigation, we have concluded about that there are various kinds of
entrepreneurship business ventures are survived in the market economy of the UK. In this
respect, this research describe about to the similarities and differences among different kind of
entrepreneur business venture. Furthermore, this study also have assessment of relevant data and
statistics of small and micro business organisations that make impact on the economic growth of
the UK country. Nevertheless, we have concluded about entrepreneur skills, traits and
characteristics that will assist them to motivate themselves and develop and train themselves to
become successful in every crucial circumstances of the business nowadays.
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REFERENCES
Books and Journals
Alsos, G. A., Carter, S. and Ljunggren, E. eds., 2011. The handbook of research on
entrepreneurship in agriculture and rural development. Edward Elgar Publishing.
Audretsch, D., 2012. Entrepreneurship research. Management Decision. 50. 5. pp. 755-764.
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: entrepreneurship and small
business. Palgrave Macmillan.
Burns, P., 2010. Entrepreneurship and Small Business: Start-up. Growth and Maturity. Palgrave
Macmillan.
Burrows, R. ed., 2015. Deciphering the Enterprise Culture. Routledge Revivals.
Entrepreneurship, Petty Capitalism and the Restructuring of Britain. Routledge.
Carsrud, A. and Brännback, M., 2011. Entrepreneurial motivations: what do we still need to
know?. Journal of Small Business Management. 49. 1. pp. 9-26.
Dennis Jr, W. J., 2011. Entrepreneurship, small business and public policy levers. Journal of
Small Business Management. 49. 1. pp. 92-106.
Gill, A. and Biger, N., 2012. Barriers to small business growth in Canada. Journal of Small
Business and Enterprise Development. 19. 4. pp. 656-668.
Hatten, T. S., 2012. Small business management: Entrepreneurship and beyond. Cengage
Learning.
Lee-Ross, D. and Lashley, C., 2010. Entrepreneurship and small business management in the
hospitality industry. Routledge.
Ligthelm, A. A., 2010. Entrepreneurship and small business sustainability. Southern African
Business Review. 14. 3.
Naudé, W., 2010. Entrepreneurship, developing countries, and development economics: new
approaches and insights. Small business economics. 34. 1. p. 1.
Neck, H. M. and Greene, P. G., 2011. Entrepreneurship education: known worlds and new
frontiers. Journal of Small Business Management. 49. 1. pp. 55-70.
Ratten, V., 2011. Sport-based entrepreneurship: towards a new theory of entrepreneurship and
sport management. International entrepreneurship and management journal. 7. 1. pp. 57-
69.
Schaper, M. T.and el.al., 2014. Entrepreneurship and small business.
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Stokes, D., Wilson, N. and Wilson, N., 2010. Small business management and entrepreneurship.
Cengage Learning EMEA.
Storey, D. J. and Greene, F. J., 2010. Small business and entrepreneurship. Financial
Times/Prentice Hall.
Wiklund, J. and et.al., 2011. The future of entrepreneurship research. Entrepreneurship Theory
and Practice. 35. 1. pp. 1-9.
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