Analysis of Entrepreneurship and Small Business Management

The assignment provided appears to be a collection of research papers and studies related to entrepreneurship and small business management. It includes references from various academic journals and books, covering topics such as business success factors, entrepreneur characteristics, and public policy levers. The document seems to be a compilation of existing knowledge on the subject, possibly intended for educational or research purposes.

Entrepreneurship and Small business management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................4
P1&D1 Different type of entrepreneurial ventures and typology of entrepreneurship..........4
P2 Similarities and difference between different entrepreneurial ventures............................6
M1 ..........................................................................................................................................8
TASK 2............................................................................................................................................8
P3&D2 Impact of small business on economy.......................................................................8
P4&D2 Importance of small-business and start-ups in growth of social economy.............10
M2.........................................................................................................................................12
TASK 3..........................................................................................................................................12
P5 Characteristics and skills required by successful entrepreneur.......................................12
P6&D3 Contribution of entrepreneurial personalities in motivation and mindset of other
entrepreneurs........................................................................................................................14
M3 ........................................................................................................................................15
TASK 4..........................................................................................................................................16
P7&D4 Contribution of background and experience in hinder or foster entrepreneurship. 16
M4 ........................................................................................................................................17
CONCLUSION..............................................................................................................................17
REFERENCES..............................................................................................................................18

INTRODUCTION
Entrepreneurship and small business management contributes in development of
economy of country. New start-ups and small business provides the opportunity to the
individuals of country to be self dependent and create job opportunities for other persons. This
will contributes in increase the living standard of individuals and overall development of
economy of country. These new business activities contributes through providing employment
opportunities, increase living standard of persons, development of infrastructure and higher tax
income. This provides the opportunity to the government of country to develop their economy in
world (Blackburn, Hart and Wainwright, 2013).
In the present report explain about, different type of entrepreneurial ventures and
similarities and differences between them, impact of small business on economy, contribution of

new start-ups in growth of economy. Here also explain about, characteristics, traits and skills
required by successful entrepreneurs, contribution of entrepreneurial personality in motivation of
other persons and impact of background and experience of person on working of business
activities.
TASK 1
P1&D1 Different type of entrepreneurial ventures and typology of entrepreneurship
There are many entrepreneurial ventures are available to the persons of UK. New start-
ups and small business provides the opportunity to persons of country to be self dependent and
creates the job opportunities for other persons. This will provides the chance to the individual to
get employment and increase their standard of living. The overall impact of the new start-ups is
on economic development of country. Employment opportunities, good infrastructure, large cash
flow through FDI and higher tax in come helps the economy of UK in overall development.
There are different types of entrepreneurial ventures are available to the persons of UK, to get
stared there new start-ups are described below:
Entrepreneur: Entrepreneur is a person who starts their own business and takes risk to
earn large number of profits. These entrepreneur are innovator of new ideas, goods, services,
business procedures etc. They play key role in development of economy because they provides
employment opportunities and higher flow of cash.
Entrepreneurship: It includes the process of designing, launching and running of new
business which mainly includes small business and start-ups. This is the process of development
of new venture along with risks to make higher number of profits. Behind start their own venture
they have the intention of self development and provide opportunities for development of
economy by their business activities.
 Small business entrepreneurship: There are large number of entrepreneurs are start
small businesses in UK. There is almost 5.7 million small businesses are operating in UK
and they employ 50% of non governmental workers. Small businesses which covers the
main area in UK are grocery stores, hairdressers, consultants, travel agents, plumbers and
electricians etc. The main source of funding for small businesses through friends and
family or small business loans.

 Scalable start-up entrepreneurship: This entrepreneurship covers silicon valley
entrepreneurs. From the very first day of starting the business their vision is to change the
world. They attract the investments from the very crazy venture capitalist. These kind of
entrepreneurs hire the best and brightest employees in company to increase their
business. They already make the plans regarding the future activities of their business
which helps to get higher return.
 Large business entrepreneurship: This includes about the entrepreneurs which start the
large companies. This kind of entrepreneurship requires large amount of investments.
The development of these companies is depends upon product offering, innovation used
by them. To grow in market they have to take care about customer tastes, new
technologies, legislation, new competitors etc. This helps the entrepreneur to have
sustainable development in market (Bridge and O'Neill, 2012).
 Social entrepreneurship: these entrepreneurs provides the products and services as per
the need of the society and which solves their problems. The main purpose of these
entrepreneurship is to make the world better place to live not to take market share or
create wealth for the founders. They maybe non-profit, for-profit or hybrid.
 Female entrepreneurship: This includes about business and start-up is start by female
entrepreneur. They includes about providing all the services which helps to increase the
economy of country and develop their own personalty. They acquire almost 1/3 of all
entrepreneurs worldwide.
Types of entrepreneurial typologies
There are different types of entrepreneurial typologies which are described below:
 Skeptical entrepreneur: This kind of entrepreneur carry out the research about the
different aspects which helps the other enterprises to get success. They take whole
research process in positive way and takes the help to start their business.
 Copycat entrepreneur: This kind of entrepreneurs evaluate the strategies adopt by other
entrepreneur and copy them to get success.
 Research entrepreneurs: These kind of entrepreneur first reach about all the aspects of
business and learn something new which helps them to operate their business activities.

P2 Similarities and difference between different entrepreneurial ventures
As discussed above there are many entrepreneurial ventures available to the individuals
of UK to start their new business. All the ventures have some similarities and difference in their
operations. This will helps the entrepreneur to understand in effective way about the aspects of
business which they are going to start. Understand about the different aspect of business helps
the entrepreneur to get success. Similarities and the difference between different entrepreneurial
ventures is described below:
Type of enterprise Similarities Differences
Life style vs social
entrepreneur
There are many similarities
between the operations of both
the companies. Both are
working to earn higher profit.
The main purpose of the
management of both
companies is to satisfy the
different needs of customers
by providing the products and
services as per their
preferences. Both the
companies are required to
research about the market and
the competitors for sustainable
growth in market. This helps
to satisfy the demands of
customers and retain them for
longer period of time. Both the
companies are required
innovative ideas to operate
their business activities and
attain competitive advantage.
The are many differences
between the operation of
company. Life style business
operates their activities at local
level in country. On other
hand, large business enterprise
operates their activities at
internation level also. Lifestyle
business enterprise have
different source of fund as they
required less amount in
comparison to large business.
Lifestyle business activities are
funded by friends, families and
small business loans. On other
hand, large business activities
are funded by large amount of
bank loans, FDI and venture
capitalists etc. Another
difference between both the
companies is about their
earning capacity. lifestyle
companies have less earning

capacity as compared to social
companies. Their is also
difference between the roles of
the mangers of both
companies. As manager of
lifestyle company have to
manage the less amount
activities as they operate their
business transaction locally.
On other hand, role of manager
of social company is much
more bigger as they have to
control the international
transactions of company.
Male vs Female
entrepreneur
There are many similarities
between the operation of
company. As management of
both the companies adopt new
and innovative ideas to start
their business. The main
purpose of both the companies
is to provide the product and
services which change the
world and helps the society.
The aim of both the companies
is to understand the
preferences of customers and
provide the products as per
their needs.
The main difference between
these two companies is in their
purpose of formation. The
contribution of female
entrepreneur is 1/3 in
worldwide. Female
entrepreneur has give many
facilities by government to
promote them to be self
dependent. They also get tax
benefits.

M1
There are many entrepreneurial ventures which applies to both public and corporate
sector is described below:
 Large business enterprise: This is the venture which covers the both both public and
corporate sectors. It requires the huge amount of investment and market research to
implement the business activities in proper manner.
 Scalable business enterprise: This venture also covers both public and corporate sector.
They requires crazy investors which are ready to take higher risks. Such ventures requires
innovative ideas and products to get success in market (Burns,2010).
TASK 2
P3&D2 Impact of small business on economy
There is huge impact of the activities of small business on economy of UK. There is
almost 5.7 million small business enterprise are running in country which provide the
employment to at least 50% persons of non government sector. So, small business activities have
great importance in economic development of UK (Carland, Carland and Stewart, 2015). Firstly,
they provide the product and services to individuals of country as per their need at affordable
prices. So, the activities of small business helps to satisfy the different needs of individuals.
Small businesses provides the chance to the individual of country to be self dependent and create
the job opportunities for other persons. Creation of job helps in economic development of
country as they get higher tax income and more cash flow. Such job opportunities build the
confidence between them and increase their living standard. It also helps in increase the business
of other firms operating in country as they increases the demand of persons. Such small business
activities are motivate the persons of country to start their own business and contributes in the
development of economy. The main contribution of small business activities to the economy are
employment opportunities, better infrastructure facilities, increase the living standard, increase
the demands of other products, higher tax income and more flow of cash through FDI etc. All
these benefits of small business activities helps in economic development of country. These
activities attracts the large number of investors by providing them higher return. This will help in
increase the GDP of country ensures the growth of economy worldwide. Their purpose is not to
earn -profits but they also works for the benefit of the society. As they provide the quality

products at affordable prices to the individuals of society. They also provide the donations,
which are used for the development of society and provide the basic facilities from which they
are deprived. Small business activities motivates the persons of society to increase their
qualification, knowledge and skills to become self dependent and get good employment
opportunities. Such activities of small business have impact at various levels.
At local level, it helps the economy of UK to develop basic facilities and infrastructure
which helps the individual of country to improve their standard of living. This motivates the
persons to increase their knowledge and skills to provide their contribution in development.
At international level, It attracts the various investor from different countries which helps
to increase cash flow in country through FDI. This helps the country to increase the GDP rate
worldwide. This improves the image of country worldwide which have positive effect on their
further economic growth (Carraher and Paridon, 2015).
Private business: It is business company which is owned by non governmental
organisations and by small number of shareholders. These companies are not entitled to invite
public to subscribe their share capital. The main aim of the owner of business is to earn profit for
the benefit of their different stakeholders.
Proprietorship business: This business is start by the one person. All the activities of
company is managed and direct by such person. Such owner of company has unlimited liability
towards the business activities. Such owner ha sole responsibility of all transactions of company.
Partnership business: This business is start by the two or more person for the purpose of
earning profit. All the liabilities and profit of company has equally divided among all these
partners. All partners have limited liability in company up to their contribution in capital.
Small-business: This includes the business activities related to privately ownes business,
partnerships or sole proprietorship in which less number of employees are working and their
capacity of earning profit is also lower. Such enterprise are able to get the support of government
and preferential tax policy.
Medium business: This includes such enterprises in which the number of employees
between 50 to 249. Such business activities are large than the comparison to small business.
Large business: This business includes the number of employees have more than or
equal to 250. They have large number of transactions as compared to small and medium

enterprise. They also operate their activities multinationally for the purpose earning high number
of profit by taking large risk.
Micro business: It is considered as small enterprise which is employing only nine
individuals or less. Such companies also have the turnover less than the amount of 2 million.
P4&D2 Importance of small-business and start-ups in growth of social economy
There is huge contribution of small business activities and new start-ups in growth of
social economy after Brexit. After exit of Britain from EU, hinders the growth of country. Brexit,
reduce the growth of economy of UK as they are not entitled to get the benefits which are getting
by them before such separation. To develop the economy of UK, government motivates the
individuals of country to expand the activities of their small business and start their own new
businesses (Chittithaworn and et. al., 2011). Both these have great importance in increase the
social economy of country. They have many major benefits which are described below:
Brexit: It is the popular term which shows the withdrawal of UK from European union.
This has large number of effects on the business activities as they are not able to get the support
of EU. They are unable to get the services from EU after such withdrawal of UK. There are large
number of opportunities and threats of Brexit which are defined below:
Opportunities: The opportunities which are available because of the Brexit are :
 This provides chance to new entrepreneurs to start their own business as they have get
large number of benefits from government.
 This helps the country to get overcome from the effect of Brexit and develop the
economy.
 This will provides the opportunity to increase small business and local industry of
country.
Threat: There are many threats which are faced are defined below:
 They are not able to get the benefit from EU after such withdrawal.
 Affects the flow economy of country as is it difficult to conduct business activities.
 Employment opportunities: The major purpose behind these small business activities
and start new start-ups is to increase the employment opportunities in country. This helps
the country to remove the situation of unemployment. New job opportunities motivates
the individuals of country to get higher qualifications and skills which helps the in their
personal development. This provides the opportunity to earn higher income and increase

their living standard. Overall impact of all these activities is that it helps in social
development of country.
 Increase living standard: Small business activities and new start-ups helps in
development of infrastructure and basic facilities like good transportation,
communication etc. It contributes in increase the living standard of persons of country as
they have good facilities to consume (Dennis Jr, 2011).
 Quality product at affordable price: Small businesses and new start-ups have done
great research about the market and preferences of customer which helps the companies
to provide the products and services to persons of country at good quality in affordable
price.
 Provide donations for social development: Local businesses and new start-ups are
provide various services which are beneficial for the society. This includes about
providing donations and the services for charitable purpose which contributes in social
development. This helps the companies to increase their image (Fassin, Van Rossem,
and Buelens, 2011).
 Balanced regional development: Small-business activities and new start-ups helps in
overall regional development by locating less developed and backward areas. These
activities of business helps in infrastructure improvements like better roads and rail links,
airport, stable electricity and water supply, schools, hospitals, shopping malls etc. So, it
helps in development of the regional areas of the countries which are underdeveloped.
 Community development: Activities and business income helps in development of
community. As they provide contribution in development of the infrastructure and other
public services. Their contribution is used by the government of country to develop the
social values among the persons which have direct impact on society development.
Difference between small businesses and start-ups
Small-business Start-ups
They have different sources of funding the
activities of company.
The ways of funding of start-up is different
from small-business.
Small businesses are already established in
market
Start-ups are temporary in nature

M2
The differences between contribution of the small, medium and large business on
economy is described below:
Small business Medium business Large business
Provide quality products at
affordable price
Provide job opportunities to
the individuals of country
Development of infrastructure
and GDP rate of country
To motivate other persons of
country to become self
dependent
Helps to develop basic
facilities and increase the
living standard of peoples
Attracts investors and increase
cash flow through FDI
TASK 3
P5 Characteristics and skills required by successful entrepreneur
Every entrepreneur have different skills and features which helps them to be successful.
Such skills differentiate them from other ordinary entrepreneurs. These skills includes about, risk
taking ability, good leadership skills, good management etc. All these skills helps to successfully
operate business activities and achieve desired results in stipulated time (Gorgievski, Ascalon
and Stephan, 2011). These skills of the entrepreneur have short tern and long term advantage on
the activities of company. The two successful business persons which have these characteristics
and skills are Bill gates and Henry Ford. These skills helps them to get success and become the
successful entrepreneur in world. Both these entrepreneurs are motivating factor for other
persons as they also become the successful business persons. Such skills and characteristics are
defined below:
 Passion and motivation: A entrepreneur should have passion towards their work. This
quality differentiates them from other persons. This helps them to get success in their
work and become the powerful leader. To become successful entrepreneur, it most
important trait which is required to have by them. Such passion towards their work helps
them to perform their work over and over again without getting bored. This passion
motivates them to develop new skills to improve their work.

 Risk taking ability: This is important skill which differentiates the good entrepreneur
from others. This ability helps them to take more risks and earn higher profits. Two
entrepreneur which are mentioned above have great ability of taking risks. This helps
them to take the various opportunities which have great risk but become the most
beneficial decision for them (Islam and et. al., 2011).
 Self-belief, hard work and disciplined dedication: All the entrepreneurs have the self
belief on their decisions at all times. This provides positivity to them to perform their
with more hard work. Disciplined dedication of the entrepreneur towards the activities of
business helps them to manage the activities in more effective manner. This creates the
intense focus and faith on their ideas. It builds the confidence among the entrepreneur to
achieve desired results.
 Adaptability and flexibility: A good entrepreneur must to have the quality of
adaptability and flexibility as per the changes happened in market. There are many
factors which affects the working of companies and their decisions making. A good
entrepreneur must to have ability to change their decisions and make plans according to
that to achieve desired results (Lee-Ross and Lashley, 2010).
 Money management: A entrepreneur must have the ability to make the budgets for
every department of company as they perform their activities in more appropriate
manner. This helps the entrepreneur to provide the adequate funds to every department
so, they perform their functions to achieve desired objectives of company.
 Full of determination: This quality helps hem to implement the plans and strategies in
appropriate manner to get desired results. This contributes in determination of the market
forces, competitors, strategies adopt by them etc. This provides the opportunity to them to
build effective plan which provides success to them in market.
 Vision: A successful entrepreneur have future vision about the objectives and goals
which are required to achieve by them. This helps to make effective plans and budgets
and allocate the resources according to that in between the different department of
company. Effective management of the operations of company helps the entrepreneur to
achieve desired results (Luiz, 2011).

P6&D3 Contribution of entrepreneurial personalities in motivation and mindset of other
entrepreneurs
All the characteristics and skills which are described above helps the person to become
good entrepreneur and achieve desired results. This helps to motivate other persons to build such
skills to be like them. This contributes in mindset of the persons to become hard working and
build passion towards their work. This provides the opportunity to them become the leader for
other persons. So, contribution of these skills in creating the motivation is described below:
 Passion towards their work: There are many persons work and starts their own
business, but everybody is not successful as those two leaders described above. They
become leader because they have passion towards their work. This helps them to achieve
desired results. It motivates other small entrepreneur to build passion in their work, not
only work to earn income. This passion provides them opportunity to be successful
business man in futures and be like such leaders (Neck and Greene, 2011).
 Money management: To properly manage all the activities of business and distribute the
resources in appropriate manner helps the company to complete their tasks effective and
efficiently. A good entrepreneur have the ability to effectively manage the monetary
resources of company to manage the business and apply them in expansion activities of
company. This motivates the other persons and entrepreneurs to adapt such ability to
become cost efficient and effectively achieve their targets (Schaper and et. al., 2014).
 Flexibility: A flexibility of the good entrepreneur motivate the person to accept the
changes and make the plans according to that to achieve desired results. A big
entrepreneur like bill gates have the great ability to change their strategies as per the
change in market forces and customers preferences. This helps such person to become the
successful entrepreneur and leader. It motivate other entrepreneurs also to become like
him and create the abilities to accept the changes rather than avoiding them.
 Risk taking ability: The ability of the entrepreneur to take the high risks and grab the
opportunity of earning higher profits. This motivate other persons and the entrepreneurs
which are operating their business to take risks and earn higher profit. This motivates
them that they also have the chance to earn higher profits and become the world leader.

Personality: It includes about the behaviour of person which enables them to get success
create their own ideas. Personality of person defines their skills and knowledge and their ability
to perform their functions. The five main dimensions of personality are defined below:
 Extroversion: This includes about the social ability and their emotional ability to express
their views. This shows that how much energy is posses by individual during present
their views.
 Agreeableness: This includes the factors such as modesty, trust, pro social attitudes etc.
This shows the honesty and trust level of person.
 Conscientiousness: This includes about their goal direct behaviour and their control on
the activities.
 Neuroticism: This includes about emotional stability, anxiety and sadness. All these
factors have great impact on the performance of individual.
 Openness: This includes about openness is given to their employees as they have the
freedom of breath and less complexity in their functions.
M3
Different entrepreneurial characteristics are described below:
 Proper management: The ability of the entrepreneur to effectively manage the different
activities of company and accomplish the organisational objectives.
 Decision making Power: They have the great ability to make the prompt decisions as per
the situation arises in company.
TASK 4
P7&D4 Contribution of background and experience in hinder or foster entrepreneurship
Every entrepreneur have their own background and experience while operating their
business. This will have both positive and negative impact on the business activities of
entrepreneur. Sometimes, background and experience helps the entrepreneur to expand the
business activities and do well in market and sometimes, it hinders the growth of company in
market (Schaper, 2016).
Contribution of background and experience in hinder the growth of entrepreneurship
Sometimes, bad experience of the entrepreneur affects the decision making power and
reduces their abilities to manage the transaction of company effectively. This will reduce the risk

taking abilities of entrepreneur and reduces the growth of company in market. So, in many ways
background and experience hinders the growth of company is described below:
 Risk taking ability: Background and experience of entrepreneur sometimes, reduces the
ability of person to take the risks. This will happen because of the bad experience faced
by them in past. Extra consciousness of the entrepreneur reduces the ability of taking risk.
 Decision making power: Extra thinking about the activities of the company effects the
decision making making power of the entrepreneur. Due to extra consciousness about the
activities because of the past experience not allows the persons to make prompt decisions.
 Education: Education plays an important part in deciding the selection of their career.
So, the education has great influence upon the behaviour of two personalities to choose
their field of business.
 Family: There is hue role is played by family regarding deciding of their career. Mark
Zuckerberg belongs from the business family, it helps to start their business activities and
attain their support.
Contribution of background and experience in fosters the growth of entrepreneurship
Sometimes, good experience and having good background about the operation of
activities of business helps the entrepreneur to improve the performance of company and expand
the activities. This helps to achieve organisational targets effectively. Some of other contribution
is described below:
 Improved performance: Experience and background helps the entrepreneur to
predetermined about future actions of company and to make the plans according to that.
This contributes to increase the decision making power of entrepreneur as they have
experience to handle such situations (Shane, 2012).
 Problem solving: Past experience of entrepreneur helps them to easily understand the
problems which are happen in future or the problems which are faced by the employees.
This improves the ability of entrepreneur to provide better solutions regarding them.
M4
There is huge link between the different entrepreneurial characteristics and have great
influence on the background and experience of entrepreneur.
 Flexibility: This helps the entrepreneur to change as per the situation in market, this will
add experience to them handle situation better.

 Money management: It helps to make the budgets and properly distribute the funds
among the different departments of company (Stokes, Wilson and Wilson, 2010).
CONCLUSION
It has been concluded from the above report that, small business activities and new start-
ups have great importance in development of the economic and social development of country.
This provides the lots of job opportunities, increase living standard, infrastructure which helps in
economic development. To become the good entrepreneur, they have to possess important
qualities and traits which helps to achieve desired targets.

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