Entrepreneurship and Small Business Management

This report discusses the different types of entrepreneurial ventures and typology of entrepreneurship. It also explores the impact of micro and small businesses on the economy, the characteristics and skills of successful entrepreneurs, and how background and experience can hinder or foster entrepreneurship.

ENTREPRENEURSHIP
AND SMALL
BUSINESS
MANAGEMENT

Contents
Contents...........................................................................................................................................3
INTRODUCTION...........................................................................................................................5
Task 1...............................................................................................................................................5
P1 Different types of entrepreneurial ventures and typology of entrepreneurship................5
P2 Similarities and differences between entrepreneurial ventures.........................................7
M1: Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding
of entrepreneurship in both the public and corporate sector..................................................8
D1: Critically examine the scope, development and growth of entrepreneurial ventures......8
Task 2...............................................................................................................................................8
P3 Interpretation of statistics for showing impact of micro and small business on the economy
................................................................................................................................................8
P4 Importance of small businesses and business starts-ups in growth of social economy. .10
D2: Critically examine how small businesses have an impact on different levels of the
economy (local, regional, national) and in an international context....................................11
Task 3.............................................................................................................................................11
P5. Determine the characteristics traits and skills of successful entrepreneur that differentiate
them from other business manager.......................................................................................11
P6. Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
mind set................................................................................................................................14
M3. Explore and examine different lines of argument relating to entrepreneurial
characteristics.......................................................................................................................14
D3. Analyse the characteristic traits, skills and motivational drivers of successful
entrepreneurs, supported by specific examples....................................................................15
Task 4.............................................................................................................................................15
P7. Examine by using relevant examples how background and experiences can hinder or
foster entrepreneurship.........................................................................................................15
M4 Analyse the link between entrepreneurial characteristics and the influence of personal
background and experience to specific successful entrepreneurs........................................16

D4. Critically evaluate how background and experience influences entrepreneurs, both
positively and negatively, by comparing and contrasting examples....................................17
Conclusion.....................................................................................................................................17
References......................................................................................................................................18

INTRODUCTION
Entrepreneurs are the persons that are known for inventing and implementing various ideas
for creating satisfaction towards increasing demand of population and earn profit with revenue.
Also entrepreneurs are known as backbone existing in an economy under which they are
operating there business as more revenue and jobs that makes operating of business possible. In a
country local people is able to raise living standards within a society. Such entrepreneurs open
organization with new small and medium sized business that is giving support to economic
development within a country. In this report different kinds of ventures and typologies of
entrepreneurial ventures along with similarities and various other kinds of venture. Interpretation
of relevant statistics is done in order to show impact of micro and small business over economy.
Further this report explanation of importance within small business and start-ups growth of
social economy that has to be discussed with characteristics traits and skills of successful
entrepreneurs. In the end, this report will cover the aspects of the entrepreneurial aspects
personality reflect entrepreneurial motivation and mind-set along with how background and
experience can hinder or foster entrepreneurship.
Task 1
P1 Different types of entrepreneurial ventures and typology of entrepreneurship
Entrepreneurship refers to the process of establishing a business by accepting all the risk
which is associated with it in order to generate profit. An entrepreneur is the person who takes all
the responsibilities of managing its business so that it can grow into the market. It accepts all the
risk with a sole motive to earn profit. There are many kinds of Entrepreneurial Ventures
depending upon the scale which are discussed below-
Small Scale Enterprise
Large Scale Enterprise
Scalable Enterprise
Social Enterprise
Small Scale Enterprise: It involves small scale businesses which are owned by a sole
proprietor so that basic expenses can be met. The entrepreneur only engages one or two worker
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which may include family member or a staff for conducting small activities. Under this type of
enterprises, the scale of operations are very small. Example of businesses under this can be
grocery stores, carpenters, brokers, etc. These enterprises work on an innovative or creative idea
which is aimed to develop the society with the entrepreneurial vision.
Large Scale Enterprise: these are the large organisations which undertakes multiple operations
which goes on at the same time. It has huge infrastructure and works to create large job
opportunities for all. These organisations take up different innovative small projects under them
to grow so that it can earn large profits. They work on bringing new product or service into the
market so that loyal customer base is maintained and grown with the evolution of time.
Examples of large scale enterprises can be Apple, Samsung, etc (Ratten, V and et. al., 2017).
Scalable Enterprise: It is basically that enterprise which brings innovation by the
entrepreneur. These organisations consist of new and creative ideas and creations which no one
has ever bought so that the needs of customers are fulfilled. The owner of these enterprises hand
over these business to a large organisation and then work on to create something new. Examples
of scalable enterprises are Amazon, Facebook, etc.
Social Enterprise: it refers to those enterprises who work for satisfying the customer needs
and not to earn profits. These businesses earn the profit from their operations and utilise it to
provide better facilities to people who are in need but after using the sum needed to carry out the
operations of enterprise. Examples of social enterprises can be Cafédirect, Hill Holt Wood, etc.
All these enterprises work in a business environment which plays major role for
establishing various typologies which may affects the decision making of entrepreneur and work
for the establishment of enterprise. Some of the typologies are:
Typologies of entrepreneurship
There are various type of typologies involved in entrepreneurship ventures which are
associated with the development of a business in order to make enterprise more effective. Some
typologies are discussed below-
Growth firms: These types of businesses are formed for earning the maximum profit and
generating high revenues. The entrepreneurs of such enterprises try to innovate new ideas
through which the company's profitability is improved in the market. These ideas are mainly
generated for satisfying the needs and requirements of their customers so that they can get
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improved results from the products or services which are being provided to the customers. These
companies fall under small and large enterprises.
Lifestyle Enterprise: These are the types of enterprises which are formed for improving
the standard of living of the local people in which the company is operating its functions. These
enterprises provide job opportunities to the local people of that place as well as their products
and services to those people. These fall under the social ventures.
These typologies and entrepreneurial ventures are interconnected with each other as they
give their maximum efforts for improving the living standard and lifestyle of the people. Also
they both also give their possible contribution into the development and growth of the economy
where the business operations are running.
P2 Similarities and differences between entrepreneurial ventures
Basis Small business Large company Social
entrepreneurship
Scale They are known as small
business that is operated
at small scale by using
money in small amounts.
These organization has
low investment capacity
(Ratten, Ferreira and
Fernades, 2017. ).
These business operates
over high scale because of
which amount required is
huge over money for
smooth running of all
process within business.
These organization
operates at local
level in order to
satisfy needs of local
people and society.
Purpose Main purpose of such
businesses is to make
earning of livelihood in
order to live life
comfortably.
Such organization is
formed only to earn huge
amount of money by
innovative ideas and
product innovation.
These are formed for
the upliftment of
local people so that
the living standard of
the local people can
be improved.
Characteristics Such business is required
over limited resources to
In such businesses higher
amount of money is
These firms requires
money which is
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run a business and
interference of
government is also low.
required. Interference of
government is more due to
various and large
operations that is being
performed by them
provided by the
government as they
are operating for the
welfare of people
M1: Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding of
entrepreneurship in both the public and corporate sector
Both public and corporate sectors is filled with various kinds of organization that is small,
medium and large. Small scale businesses impacts corporate sector in a way that they provide
new businesses to be set-up within the industry. Medium scale industries impacts both private
and public sector in a way that it enhances these sector by making growth of organizations and
bringing huge investments. Large sector impacts both private and public sector in a way that it
helps in providing sustainability within them. Entrepreneurs helps both corporate and public
sector to search for innovative ideas and new ways to do business (Omojola, 2019).
D1: Critically examine the scope, development and growth of entrepreneurial ventures.
Entrepreneurial ventures has been developing itself at faster rate and covers wider scope in
market. They have contributed towards development and of economy by generating profit and
revenue for it. These organization develop with the fluctuations existing in an economy and
knows economy better than other organization. It has formed a framework to provide base for a
business to grow.
Task 2
P3 Interpretation of statistics for showing impact of micro and small business on the economy
 Small business turnover helps shape the UK economy- When measuring the economic
contribution of the small business, Turnover is the first metrics that strike in the mind.
Small business define by the UK are those which are fewer than 250 employee and
turnover is less than 50 million. 99% of the SMEs are currently operating in UK.
company is giving employment, So this a mixture of success and failure in the economy.
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Small business growth affects the UK economy- When it comes to business growth; small
business enterprises are performing well-employment rates are at high record. With 50% of small
business enterprises, expand their operations. Businesses are positively responding in the
economy( Mishra, Mishra and Mishra, 2018).
 Expansion and innovation to global market are the key drivers of boasting productivity
among UK. estimate suggest to improvement of exporting plans.
 Globally active small business enterprises are more innovative when talking about
products and services than those who all are focusing on domestic business.
 There are one out of five is the exporter in small business enterprises. It is estimated that
between nine and twelve percent of non-exporting firms in the UK could become
exporters.
 UK small business enterprises are less growth inclined in the economy. The global
Entrepreneurship monitor that SMEs grown up to 17% in UK compared to 27% in the
US.
 Small Business Enterprises easily adapts and response in the economy, because these
enterprises are known to deal with the customer needs of their local community. Small
business also adjusts in the rescission period of the economy.
 Small Business Enterprises generate competition and encourage new innovation across a
range of industries. SMEs provide a healthy supply of new skills and ideas and make the
market more dynamic. Entrepreneurs are identifying new market and setting up SMEs to
open up these new market.
 These business enterprise has been faced for their bankruptcy, If the product and services
of SMEs do not sell then company have to leave the market very soon.
 These companies also have to face taxation issues, If government is not giving attention
in making policies which are business-friendly and ease of financing options.
 SMEs need a encouraging and supportive working environment to survive. Government
instability or making of strict rules and regulation leads to difficult survival in the market.
 These enterprise depends on innovation in order to survive, but complete focus on
innovation will leads to result in uncertainty and confusion. On same time innovation is a
best way to survive in the market.
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 Small business enterprise plays important role as service provider and trader in the
industry.
 SMEs manufactures finished good as well as service. Industry highly contributed to the
development of various sector such as ICT services and manufacturing.
 It focusses on doing dynamic business by switching to e-commerce and online
transaction of good and services. This also help in cost cutting on advertising of
enterprise.
P4 Importance of small businesses and business starts-ups in growth of social economy
Small businesses and business start-ups is important to the growth of the social economy. It
is the backbone of economy. Small businesses and business start-ups plays the big role in
economy growth. Small businesses and business start-ups also present new employment
opportunities (Jones, R and et.al., 2018).
Employment opportunities: Small businesses and business start-ups provides job to local
employee. Due to small businesses and business start-ups people get works. Small businesses
contribute in economies by bringing employment growth and innovation. It also helps
stimulation of economic growth. Many corporations are depending on small businesses. This
creates job opportunities which helps in reducing percentage of unemployment. Due to this skills
and knowledge of an individual is enhanced with efficiency. Also better environment is created
by making job opportunities to be generated within each segment of market.
Both small businesses and start-ups uses strategies to attract individual for working within
respective organisation.
Contributing to local government: When the consumers are purchase from local small
businesses, then they are giving mo0ney back to their community. The small businesses and
business start-ups generate high amount of revenue that means they pay higher percentage of
taxes. These taxes are helps in improving the GDP. Small businesses and business start-ups pays
many taxes to government like GST, property taxes, income taxes etc. It helps in increasing the
tax bases.
Innovation: It is main factor of economic development. The small businesses and business
start-ups implement the innovative ideas and best mechanism for commercialising technology. It
is contributing in quick development of new technologies. Innovation is helpful in enhancing the
productivity of small businesses and start-ups. It contributes in economy growth by developing
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new techniques or new ideas or product. These kind of setup helps government in fulfil their
objectives and goals. As they play important role in economy of a state. Innovation helps in
making sure that the product produce by them as quality in it.
Living standards: Small businesses and business start-ups are job creators. They provide
jobs to peoples and by bringing employment growth or innovation. When peoples are getting job
then they have money for fulfil their own needs. When money fluctuate in market the business
dealing will be happening in positive manner. Job opportunities increasing the living standards.
Small businesses and start-ups improves living standards by providing salary to an individual
that helps in fulfil their dreams.
D2: Critically examine how small businesses have an impact on different levels of the economy
(local, regional, national) and in an international context.
Small businesses has been affecting various levels of economy in both positive and negative
manner. Local level these organizations helps in forming base and generating jobs. Regional
context it makes upliftimnet of job opportunities. At national level it boosts economy of a
country by making it stable (Huynh and Patton, 2018).
Task 3.
P5. Determine the characteristics traits and skills of successful entrepreneur that differentiate
them from other business manager.
Every business entrepreneurship business is regulate through an entrepreneur and they
become successful with various effective skills and characteristic helps to create innovative and
professional business entrepreneur. Through implement different form of attributes measure in
individual entrepreneurs as how it leads them to become effective business entrepreneurship and
that enhance to make difference between from business manager.
In following section two entrepreneur is consider from United Kingdom on the basis of their
skills, traits and characteristic are elaborates in details:
Peter Jones: He is a British entrepreneur businessmen and reality television personality with
having better interest in new technologies and other services. He is one of last remaining of
owning two television shows called Dragon Den and on American television series American
Inventor.
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Richard Branson: He is an English business magnate, author, investor and former
philanthropist. In the 1970s he founded the Virgin group which in current time he controls more
than 400 companies in various field.
Traits and Characteristics
Peter Jones:
Traits: Vision: A successful entrepreneurs must involves clarity of vision which enhance to
easily presumes activities of attainment of purpose, goals and market position. Similarly
Peter Jones having a vision to become a successful personality in business environment. Passion: This trait depicts about individual passion towards business related activities. As
for Peter Jones is tend to most hard worker and contribute their work into long term hours
to keep drives them for better accomplish their vision.
Characteristics:
Being Motivated: As many entrepreneurs are always stays in motivate nature , therefore they
invests their long time schedules in their business activities to regulate in successful manner.
This is one of characteristic is have in Peter Jones where his level of motivation is one of reason
his successful journey to become an television entrepreneur (Doktor and Bui, 2018).
 Decision making: To must have ability to adopt and create strategies towards
complexity situation in business or entrepreneurial related activities where individual
entrepreneur must have better decision making. Similarly, Peter is always keen to
known for effective decision making in terms of investments or other business related
activities.
Skills: Effective Communication: As being or wanted to successful entrepreneur various skills
is enhance towards individual entrepreneur that undertakes or having better effective
communication. For example: Peter Jones is an entrepreneur but also famous celebrity in
United Kingdom and he hosted his many shows with his excellence personality as well
as communication skills.
 Focus: According to this path of entrepreneurship is faces ups and down in which
effective entrepreneur is always goal oriented as well as having high focuses towards
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their business to accomplishment. Similarly, Peter Jones is always in focuses
terminology to become one of better entrepreneur.
Richard Branson
Traits: Willingness to work hard: For being an effective entrepreneur is vert tuff job to crack
than being as an employee. To becomes most successful entrepreneur, it must require
willingness to approach better strategies for attain effective outcomes. As Richard has
always capability to undertakes all complexity business related situation and becomes
one of most influence business personality.
 Confidence: As to being successful entrepreneur it must have confidence to approach
better business opportunity. They enhance to believe in the ability on the idea which
they implement. This type of trait is having in Richard where his innvation in
technologies as well as his decision making attributes are so productive which increase
his confidence and there is reason that he believes in his strength.
Characteristic: Passion: It is one of important characteristic of an entrepreneur, this business
characteristic having ability to approach good motivation entrepreneur tend to more
driven through effective passion which leads them in successful. This tend of passion is
follows by Richard Branson where is very enthusiastic towards technology based
resources business, and he pursue to follows the passion to making them effective nature.
Decision making : The ability to increase the capacity of making quick decision making in
context of approaching any business related situation. As Richard Branson is having better
decision making ability in effective manner( Collins, J and et. al., 2017).
Skills
 Adaptability or ability of learning: This is one of important skills which is tend to
having in personal life or letting alone in entrepreneurship. As if a person like Richard
is making business there must have individual who is having learning capability.
P6. Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation mind
set.
As in entrepreneurial personality is very important to measure about what type of
individual carries better motivation mind set. As Ocean Personality is one of complicated and
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multi-dimensional which is based on hertiables with others. It contains 5 major personality which
reflect one of two personality of above two entrepreneurs such as :
 Openness: It is happen when individual is having curiosity and having open minded
with new experiences along with sourcebale knowledge. For Example: Peter Jones is
having open minded personality in which his though and view points he always adopt
the aspect related with personal and professional in very open minded manner.
 Conscientiousness: It explains about how things are been organised and coproate or
having personal tendency to be well developed, managed and always been goal
oriented personality.
 Agreeableness: As it describes about how work along with person who manage or
coordinate the work along with interaction to people that assessfor better ability to
approaching work.
Extroversion: This traits of Personality involves the energy which interacting with others, while
introvert get to their energy among with themselves. For example: Richard Branson is one of
most influence and most interact to share his experiences and business related quote within
peoples or peers that makes him more extrovert kind of personality (Brush, Edelman Manolova
and Welter, 2019).
 Neuroticism: According to this trait is known as to control in emotional aspect such as
feelings and mutual understanding. This is counts as most important term in
entrepreneurship where an individual personality must have ability to control
emotional instability which prevails negative emotions.
M3. Explore and examine different lines of argument relating to entrepreneurial characteristics.
Through different line of argument in both entrepreneurial which enables that shows their
quality of approach their target enhanced in better outcomes and having desire to become
effective entrepreneurial. Different entrepreneurial personality having different skills and traits
that propounded individual goals and objectives highlight which helps to successfully achieve
their vision in effective manner.
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D3. Analyse the characteristic traits, skills and motivational drivers of successful entrepreneurs,
supported by specific examples.
To having significant skills, characteristic, motivational drivers becomes to successful
entrepreneur. For example: Peter Jones and Richard Branson are two different personality where
they adopted like Peter Jones is having creativity and vision that makes him more influence
personality. In other hand, Richard Branson is more extrovert and having capacity to adopt
challenges in effectively as well as that motivates him to successfully achieve the target. The
motivation drivers like Maslow hierarchy needs theory which depicts for both Peter Jones and
Richard Branson that helps to know about their need to better accomplish.
Task 4
P7. Examine by using relevant examples how background and experiences can hinder or foster
entrepreneurship.
There are three major examples of background and experiences to approach in detail
information entrepreneurship: Domestic Entrepreneurship: This entrepreneurship is derives about when own business
is regulated through domicile country region. For Example: Peter Jones: Background:
Peter Jones was born on 18 March 1966, he completed his schooling from Desbourg
School. His spouse name is Caroline.
Experiences: He set up a business in which he made personal computers under of its own brand
when he was 16 years old. Meanwhile he lost 200,000 pounds then he decides to sell his venture
to IBM. In mid-twenties he opened cocktail bar and becomes famous when Hollywood actor
promotes his movie in that particular bar. Jones tries to founded his another business venture
called Wine4Business.com, this was online retailing wine product deliver but it collapsed due to
financial reasons( Boohene and Agyapong, 2017). International Entrepreneurship: As per this entrepreneurship it derives about the
business where entrepreneur expanded that venture internationally for having greater
market share attainment. For Example: Bill Gates:
Background: Bill was born on 28 October, 1955 and he is world famous American business
magnate as well as also known as software developer and philanthropist. He is best known as co-
founder of Microsoft Corporation. Gates has struggled a lot in his schooling days as after few
years he drop out as his vision was clear to become a successfully entrepreneur in software
15

industry. In beginning age he obsessed with software and technology which makes him driven
more curiosity and excited towards explore more innovation.
Experience: Gates has approach his vision in January 1975 issue of popular electronic which
demonstrate the Altair 8800. Microsoft was founded in 1976 in United States of America. Before
he got offer from big software companies like IBM, technologies research companies but due to
his vision he did not accept the offer and after that successfully presumes his Microsoft
Corporation company.
 Social Entrepreneurship: According to this entrepreneurship, it comprises about
towards those business who have not money attainment motive but having desire to
development towards society in effective manner.
For Example: Nick Hurd : Background : Nick Richard Hurd was born on 13th May 1962, he is
an British social and politician who served as Minister for London in United Kingdom till from
2018-2019.
Experience : Hurd pursue as the Convenor of the climatic change where is pursue to tend for
better development in United Kingdom Environmental society as well as where he always
participate towards different social causes for not profit motive but for better awareness in
society. After successfully get recognised social cause, he went for election and also elected for
social cause minister in year of 2011-2015 (Barnard, Pittz and Vanevenhoven, 2019).
M4 Analyse the link between entrepreneurial characteristics and the influence of personal
background and experience to specific successful entrepreneurs.
By analysing between two entrepreneurs adopted for measuring their ability and journey
of Peter Jones and Bill Gates. As per these two entrepreneur characteristic and skills with
experience along with background creates an impact in their career. They both having positive
attributes in term of Motivation, vision clarity, confidence etc. Somehow their background and
experience shows their overall preparation and which reflects their hard work and initiates to
become successfully entrepreneurship.
D4. Critically evaluate how background and experience influences entrepreneurs, both positively
and negatively, by comparing and contrasting examples.
The Background and experiences that influences to entrepreneurs in various situational
based manner. For Example: As above Peter Jones and Bill gates were two different entities in
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entrepreneurship which involves their background in terms of family and school education
related. For Peter Jones his background and experiences was very different as his family was not
well established in business oriented aspect where he need to struggle and face off typical
situation which he overcome to become successful entrepreneur. As for Bill gates family
member were belong from lawyer background and he is drop out from school and college where
he obsessed with technology and software development programs. Gates follows his passion by
own as well as he manages own capital to invested in his Microsoft Corporation (Turner and
Gianiodis, 2018).
Conclusion
From the above report it can be concluded that entrepreneur are those persons that keeps
capability of implementing of innovative ideas in order to satisfy customers. There are various
kinds of ventures like small, large or social enterprise exists in association lot of topologies
within entrepreneurship. Both small businesses and start-ups is required by a country to generate
job, profit, revenue and other important things. It has also helped in making life standards to be
enhanced of people living in society. Different firms and start-up involves skills, characteristics
and traits that is required within entrepreneurs in order to become successful in their business.
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