Analysis of Entrepreneurship and Small Business

This assignment requires the analysis of various research papers related to entrepreneurship and small business. The provided list includes articles from journals such as Journal of Small Business Management, Entrepreneurship Theory and Practice, and Small Business Economics. The assignments cover topics like success criteria for small business owners, public procurement's contribution to entrepreneurship, and sustainable development in entrepreneurial ventures.

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Various types of entrepreneurial ventures and typologies................................................1
P2 Similarities and differences between the ventures of the entrepreneurs...........................3
TASK2.............................................................................................................................................3
P3 How small and micro businesses affects the economy of UK..........................................3
P4 Importance of small scale enterprise and start-up's in the growth of the social economy 5
P5 Characteristics, traits and skills of successful entrepreneurs............................................6
P6 Motivation and mindset aspects of entrepreneurs personality .........................................8
P7 Hindrances of entrepreneurship regarding background and experience...........................9
CONCLUSION..............................................................................................................................10
REFERENCES .............................................................................................................................11

INTRODUCTION
The entrepreneurship is the process of creating a new business which can be big or small
businesses also known as start-up's. This Start-up's offersproviding services or products for the
consumption purposes. The person who owns is called as entrepreneurs (Berglund, Johannisson
and Schwartz, 2012). It is having the ability to administer the business that usually has a bigger
rate of risk to generate revenue or profit. This businesses involves lot of risks as launching a new
product or services in the market, will serve profit or not. Many businesses shut down because
of not having appropriate funds or market instability that is inappropriate demand and supply or
by taking wrong decisions in the businesses or combination of the three, usually affects the
business. Entrepreneurs identifies the opportunities that is analyses the market requirement need
or trends and develop the product and services according to the needs that are there in the
market and alaiding in so generate revenue (Blackburn Hart and Wainwright, 2013). The
entrepreneurs acts as a manager that organises and directs the business activities also hires the
employees and are solely responsible for the business failure or success. Business can be small,
medium or large firms that can be either for-profit or not-for-profit firm that is can be a
charitable firm. Government encourages small business firms by launching new schemes for the
entrepreneurs for the benefit of the society. In this report, different types of entrepreneurial
ventures as well as typologies are discussed.
TASK 1
P1 Various types of entrepreneurial ventures and typologies
Entrepreneurs is an individual who arranges and administers the business that involves
high risk. Entrepreneurship helps the personindividual to become a successful business
entrepreneur by creating and innovating new ideas for generating maximum profits and also for
maintaining and managing their funds in an appropriate manner (Bridge and O'Neill, 2012). For
selling the products as well as the services it is necessary to innovate and create them according
to the buyer's needs and wants for an easy sell. The entrepreneurship has various kinds of venture
that are related to their topologies for achieving success in the business and also for not having
any hindrances in between. For attaining the success in the business, entrepreneurs need to
administer the risks involved and generating maximum profit. Following are the kinds of
ventures :
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 Small Business Entrepreneurship – a small business that involves those individual who
want to start a business by taking huge risk for generating more profits. The person who
does not have any sources to raise the fund can either take fund from family or friends to
outset the business. For achieving the success in the firmbusiness, the individual need to
plan out to set, organise and administer the entire companybusiness.
 Scalable Start-up Entrepreneurship – in this business, the entrepreneur changes the
perception of the entire world about the mission as well as the vision statement. To assist
by drawing attention of the investors so that they can invest their huge funds and also to
make a long term relationship with them. This is related to find out entrepreneurs and
those who can not copy the related information or changing the facts or the statements
that helps the business to grow in a rapid pacemanner.
 Large Company Entrepreneurship – in this entrepreneurship venture, entrepreneur
needs to innovate and create new products or services for the growth of the company., To
to achieve this, the company should follow the appropriate procedure. It is also connected
with the sceptical entrepreneurs, in which the individual need to offer the best services or
the products to the consumer in accordance to their wants as well as their needs with the
use of technologies that are their in the existing market (Burns, 2010). Also they have to
find the solution on time to the problems that are their in the business for the growth
aspects.
 Social Entrepreneurship – in thissocial entrepreneurship, entrepreneurs need to gain the
success in the firmbusiness by creating and innovating new products or services in the
market for the needs and wants of the consumers and also by offering the quality
products and services to them, in this way the business grows. For creating and
innovating them products and the services, proper research of the market is required so
that entrepreneurs can learn new things and can know the economic status of the country.
In this way these entrepreneurs are in connection with the research entrepreneurs.
 Managerial Entrepreneurs – these entrepreneurs, makes the use of the skills that are
imbibed in the entrepreneurs for the growth of the business to reach ahead the level of the
competitors.
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P2 Similarities and differences between the ventures of the entrepreneurs
1. Social Entrepreneurship - Defines the various practices that are involved in the business
and that assist in associating the innovation with that of the favourable circumstances
where they can contacted the challenges that exist in the surroundings or in the market.
These are the individuals that emphases more on the practices that causes the poverty and
those activities that decay the environment (Carland and Carland, 2015). They need to do
proper research of the market and their competitors so that they can implement the
change required in the business.
2. Lifestyle Entrepreneurship – Thisthese are the lifestyle entrepreneurship that basically
involves the pay-off along with that motivating the members or the employees that works
in the company so that they can not face any hindrances for achieving the success in the
economymarket. They need to offer those products or services that are in trend in the
market, this will help the entrepreneur attain success in the business.
Dissimilarities between the above two entrepreneurship: In social entrepreneurship,
entrepreneurs startscommences the business with an objective to solve the problem likewise
with the transforming in the social environment that affects the business (Carraher and Paridon,
2015). While in the lifestyle entrepreneurship, entrepreneurs need to utilize the best as well as
innovative technology through internet usage that does not require any location for doing the
business. Also these enterpriserentrepreneurs need to do proper research of the market and the
competitors and offering the best quality products and the services in the economy.to the market
Aaccording to the trends, so that they can attain the objectives and the goals that are required for
the success of the company.
TASK2
P3 How small and micro businesses affects the economy of UK
Small businesses have to give proper support for the development of the economy for that
to happen every single individual have to start the small scale business, this will help the
economy to improve the conditions. There are various types of SMEsmall scale business in the
marketeconomy that is sole proprietorship and the other one is partnership proprietorship. In the
First onesole proprietorship, business is commenced by a single individual by proper utilising the
resources. While in the partnership firm, two or more person commences the business by
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informing the funds. These affects the economy either directly or indirectly. Micro, small and
medium sized enterprise, these are the various kinds of business entities that are there in the
market. In mini level firm micro level enterprise, business is commenced in a limited area along
with this they generate less revenue and profit (Carsrud and Brännback, 2011). In medium as
well as in the small enterprise, there are less number of workers works that usually have sales
rate very high but small enterpriseventure has a bit large number of employees than micro sized
enterprise. In in large sized firmenterprise, the number of workersemployees that are working
should be more than 250 this venturebusiness helps in making the company to reach as a
multinational business.
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If these have the direct impact on the economy this will offer the help in expanding the growth
rate. This will basically help in reduction of the rate of the unemployment as in the current
scenario, youngsters are more fascinated towards getting jobs in the market this increases the rate
of employment level in the economy and on this profits are generated (Dennis2011). When new
employee, joins the company, contributes new and innovative ideas which leads to the
development of the company by achieving the goals and the objectives. In small as well as in
medium enterprise usually offers appropriate support so that the company can give the
employment to those individual who boost the business by helpings the economy to grow. This
also impacts in the growth of living standards of the workers of the company.
P4 Importance of small scale enterprise and start-up's in the growth of the social economy
Economics helps in giving the answers to the variety of questions. It is the study to assist
people in using the variety of resources and also helps the individual to make proper and right
decision. For achieving the success in the market economy, proper decision should be made.
Appropriate utilisation of the resources, assistshelps the market to fulfil the needs and the wants
of the customers, this is one of the significance importance of the economics (Down, 2010). This
has the significance in the demand for of the product or the services by providing proper supply
of the same. By taking the assistance of the regulatory bodies in the form of advice so that they
can ignore the hindrances that includes price rise and lack of unemployment level in the
economy, assist in managing the macro level. For reducing these two problems of unemployment
as well as inflation, policies should be made and implementing the same. This also deals in the
situation of shortage of raw materials due to this proper distribution of the resources are done in
the market. Along with this, they have to administer the economy by applying the appropriate
principles for the selecting the various choices. For the development of the economy, small
business enterprise plays a vital role in this nationally (George and Bock, 2011). The growth rate
of this sector is growing in a greater pace. The rate of the start-ups that has small scale types are
growing and small business's rate is declining day by day. Both of these businesses that is small
enterprises and start-up's business has different contributions to the economy for achieving the
success. This contributes to the growth of the local economymarket and also the innovation to
the society in which they have build the business. These enterprises are consumer oriented, as
they can alter the economic weather. Many customers are loyal towards these small scale
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enterprise, when the economic crises are there in the market (Gorgievski, Ascalon and Stephan,
2011). For achieving the success in the market and expanding the growth, economic
development tactics as well as strategies should be used in the start-up's and small scale business.
For the higher authorities, of the company to improve their businesses, small scale
enterpriseSME should not be rigid that means it should be more flexible, creative and also
innovative in both the terms related to the growth aspects and to achieve the goals and the
objectives. There are various levels of economy namely regional, national and international
level. At regional level, assists in circulating the funds in the local grounds by applying
knowledge as well as skills that are necessary for the improvement. At the domesticnational
level, the national economy have to offer proper assistance for the increment in the nation's
Gross Domestic Product (GDP) rate for the production. At international level, to improve the
conditions of the market small business enterprise have to increase their productivity for
achieving the success in the UK economy.
P5 Characteristics, traits and skills of successful entrepreneurs
For achieving the goals and the objectives, each and every entrepreneurs need to use the
suitable knowledge as well as the skills on the ground of this, they become entrepreneurs.
Following are the various skills as characteristics of the entrepreneurs:
The entrepreneurs should be innovative in each aspects that is they have to use the
innovative ideas by utilizing and applying the relevant procedures for the achieving the success.
By usingutilizing and implementing these stepsprocedures as well as methods they can grip the
opportunities to earn maximum profit.
The successful entrepreneurs, facing several complexities and hindrances it is how they
manages to solve those problems and through that they can achieve the success in the economy.
Entrepreneurs are the risk takers and it is one the essential characteristics of them,
entrepreneurs as commencing the business it is very risky as it requires heavy investments of the
entrepreneurs and also from the investors, as enterprisersentrepreneurs need to convince the
financerinvestors to invest and its very risky for the theminvestors as well to come along in the
new venture (Hall and Lenox, 2010). If the business is not going in a good pace, then it becomes
very risky for the entrepreneurs and the investors as they have invested huge capitals in the
venture.
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Every successful entrepreneurs requires initiatives and leads the business. It is necessary
for themthe entrepreneurs to initiate and willingly being pushed in the business to attain the goals
and the objectives for the success of the business.
One of the superior or principal characteristics of the successful enterprisersentrepreneurs
works independently. As theyentrepreneurs works without the help of the other, they rather
prefer working alone. Success and failures of the business depends solely on the entrepreneurs.
Employees are motivated to work on the daily basis as they get a good pay or not to get
fired. Entrepreneurs are stimulated motivated by their own as they do not even get the rewards or
something but for the company's success they do every tasks that is been required or necessary
for the company's success (Leitch and Neergaard, 2010). Entrepreneurs are self-motivated as
they love to face challenges and are competitive in nature.
TheyEntrepreneurs are ethical that is they have a belief of ethics. Some entrepreneurs
may experience success in a starting of the business or in a early stage by unethical way and
some experiences at a later stage. Investors usually looses interest in the business this leads to the
fall in the credibility.
Entrepreneurs are very passionate about whatever they work. For the success of the
business, they entrepreneur need to adore their work as this will take themthe entrepreneur to
easily pass the difficulties that are there in the business.
TheyHe should have good negotiation skills, first thing that they an entrepreneur should
do is to know the competitors and also should have the knowledge about the successful
entrepreneurs. TheyHe should always be looking for those opportunities that has a sure shot win
and also to know the true value of the products as well as the services they offer.
Most importantly, they successful entrepreneur should have the positive attitude towards
everything (Preuss, 2011). The willingness to work and try if failed try again, this is one of the
best qualities of the entrepreneur.
There should be a balance as well as discipline in the company for the success of the
business as by dividing time and duties among the workers so that there should be no disputes in
the company and also to attain for the benefit by taking best out in every day.
An entrepreneur should know about the new and updated technologies for the betterment
of the business by saving the time and also by increasing the revenue or profit can give a benefit
to the business.
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P6 Motivation and mindset aspects of entrepreneurs personality
Motivation is very important for doing any business because if an entrepreneur will have
good motivation then it will help in running the firmbusiness properly and vice versa. One of the
personalities like Elizabeth is very successful business women because of unique ideas of
observing venturesbusiness which may attract many entrepreneurs to apply various
conceptsideas and innovations in their business (Sampaio Thomas and Font, 2012). ThereThey
have main objectives is to satisfied it's customers and planning new creativity in their operations
for generating more profit. Consumers Customers can be satisfied if the firmbusiness will
provides goods and services according to their demand and requirements. If company does it,
then it will be successful in converting the customers into loyal one.
Every entrepreneurbusiness men uses different types of techniques for motivation. The
ability to take risk can make the company to create so many opportunities for the individual as
they became the owner of it's own business. It also help them to achieve competitive advantages
over order by using their attractive leadership style and motivational traits. There are a business
man whose nameOne of the best example of an entrepreneur is Mark Zuckerberg, who is a
owner of the world famous website named as Facebook a website as one of the most famous
entrepreneurs in by collaborating people of different countries. This technological impact has
change the overall scenario of countries thinking power.
His creativity in websites helps other people because now everyone can talk to anyone
and everywhere through out the world and can connect with each other for long period of time.
This become possible just only because of his motivation thinking ad power to do innovational
activities. Otherwise it is not possible for any person to achieve such kind of success at
youngerthis age (Schaper, 2014). Moreover,self motivation iswas one of the major factors that
leads to its successful businesses operations as they are so much confident and concern with their
choice of vision.
When a person works as an entrepreneur automatically a responsibility comes over it,
which derives his behaviour to work as a leader. As whole business is dependent on shoulders of
that one person. Entrepreneurship deliberately forms a leader who is executing its own business.
It affects mindsets in various ways. The entrepreneurperson starts thinking according to the
development of its business and its expansion. The way of thinking developsexpand in which a
person starts to think. New ideas for expansion of business comes. Self motivation and self
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enthusiasm is there as business responsibility is dependent on that person. An entrepreneur A
person have has a goal directed mindset and action oriented behaviour as the responsibility of
company business relies on it. Future oriented mindset gets developed as every person wants to
develop its business. Goal and objectives of organisation is achieved by all these aspectsfactors.
When a person work as an entrepreneur it is compulsory to evaluate each and every factors that
is internal and external as they can effect business and its operations. Mindset of a person can be
developed by various experiences it gets from operating a firmbusiness (Storey and Greene,
2010). According to that, it develops and plan further operations of business. Experience plays
an important role in developing mindset of an enterpriser. It is being effected by internal and
externalboth the aspectsfactors. Internal factors help in developing plans in an organisation for its
structure and its operation whereas, in. External factors the other also it helps in developing plans
and policies to sustain in market. According to this a person develops mindset in
entrepreneurship High growth mindset of a person will develop ideas according to growth and
expansion. Entrepreneurship develops leader for future generation who will slowly and definitely
gain success by continuous practice and experiences. Mindset is also developed according to
scope of business of an organisation according to current scenario.
P7 Hindrances of entrepreneurship regarding background and experience
The issue of background and experience has recently come to force in teamwork studies,
as more venturesand more businesses criticize business schools for graduating students who are
too technical and quantitative and have no critical or integrative thinking skills, and , worst of all,
completely lack the human relations required of managers. Most of managers work on basis of
changing environment and so on. Due to experience, people tend to take lesser risks and because
of this problem occurs since entrepreneurship is all about taking high risks and making steps to
conquer over them. Unfortunately, more recent studies have found that even when formal,
explicit knowledge created by organisation is managed and recycled for future use,the company
stillstil ends up losing a lot of knowledge (Welter, 2011). This is because as researchers have
come to better understand, there is another layer of informationknowledge that lies underneath
the stated or explicit. This coatlayer of knowledge is termed tacit knowledgeknow-how and
consists of the personal awarenessknowledge that an individual accumulates through experience
and makes use of his or her own, but does not or can not articulate. Much of this impliedtacit
knowledge is embedded in experience of manager, and lies beneath reach of
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knowledgeinformation management systems geared toward mining knowledgeawareness in
explicit company communications. In addition to being highly personal, indirecttacit knowledge
is also communicated through an organisation in an informal way, through informal conversation
or advisory networks on the job,which are never formalised of which management itself may be
unaware.
According to disclosure of social or capital/human capital,en entrepreneur's experience can be
viewed in a different way, as a distinctly positive force which is influencing management style
and performance. Instead of viewing background and experience as an advice and on the job or
street smarts, and then wondering if it impedes or improves performance thereafter, this
disclosure views background and experience as an accumulation of social and human capital
which an individual brings to a job. Several studies have proved this and it can be said that
human capital , age , education, experience ,and other factors have positive effect on
performance of firms.
CONCLUSION
From the above report, it has been concluded that entrepreneur is an individual who
commences the business that generates maximum profit by taking risks for achieving the goals
this will help in the generation of revenue. Many enterprisersentrepreneurs commences the
business for expanding the growth rate of the economy also for building long term relationship
and also maintaining the relations in the economy. For improving the firmbusiness in the
economy small as well as medium sized enterprise contributes the most. TheyEntrepreneurs uses
skills as well as knowledge in a proper manner for making the decision for the company for the
attainment of the goals. To generate revenue and also for maximising the profit of the
enterprisecompany.
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REFERENCES
Books and Journals
Berglund, K., Johannisson, B. and Schwartz, B. eds., 2012. Societal entrepreneurship:
positioning, penetrating, promoting. Edward Elgar Publishing.
Blackburn, R.A., Hart, M. and Wainwright, T., 2013. Small business performance: business,
strategy and owner-manager characteristics. Journal of small business and enterprise
development. 20(1). pp.8-27.
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.
Carland, J.W. and Carland, J.C., 2015. A model of potential entrepreneurship: Profiles and
educational implications. Journal of Small Business Strategy. 8(1). pp.1-14.
Carraher, S.M. and Paridon, T.J., 2015. Entrepreneurship journal rankings across the discipline.
Journal of Small Business Strategy. 19(2). pp.89-98.
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.
Down, S., 2010. Enterprise, entrepreneurship and small business. Sage.
George, G. and Bock, A.J., 2011. The business model in practice and its implications for
entrepreneurship research. Entrepreneurship theory and practice. 35(1). pp.83-111.
Gorgievski, M.J., Ascalon, M.E. and Stephan, U., 2011. Small business owners' success criteria,
a values approach to personal differences. Journal of Small Business Management.
49(2). pp.207-232.
Hall, J.K., Daneke, G.A. and Lenox, M.J., 2010. Sustainable development and entrepreneurship:
Past contributions and future directions. Journal of Business Venturing. 25(5). pp.439-
448.
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Leitch, C., Hill, F. and Neergaard, H., 2010. Entrepreneurial and business growth and the quest
for a “comprehensive theory”: tilting at windmills?. Entrepreneurship Theory and
Practice. 34(2). pp.249-260.
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). pp.1-12.
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.
Nga, J.K.H. and Shamuganathan, G., 2010. The influence of personality traits and demographic
factors on social entrepreneurship start up intentions. Journal of business ethics. 95(2).
pp.259-282.
Preuss, L., 2011. On the contribution of public procurement to entrepreneurship and small
business policy. Entrepreneurship & Regional Development. 23(9-10). pp.787-814.
Sampaio, A.R., Thomas, R. and Font, X., 2012. Small business management and environmental
engagement. Journal of Sustainable Tourism. 20(2). pp.179-193.
Schaper, M.T., and et.al., 2014. Entrepreneurship and small business.
Storey, D.J. and Greene, F.J., 2010. Small business and entrepreneurship. Financial
Times/Prentice Hall.
Welter, F., 2011. Contextualizing entrepreneurship—conceptual challenges and ways forward.
Entrepreneurship Theory and Practice. 35(1). pp.165-184.
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