Entrepreneurship & Small Business Management

This report focuses on exploring and illustrating the range of entrepreneurial ventures, assessing the impact of small businesses on the economy, determining and assessing the key aspects of entrepreneurial mindset, and examining different environments that foster or hinder entrepreneurship.

Entrepreneurship &
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1: Entrepreneurial Ventures.......................................................................................................1
P2: Differences and Similarities between Entrepreneurial Ventures...........................................2
TASK 2............................................................................................................................................4
P3: How micro and small businesses impact on the economy:...................................................4
P4: Importance of Small Businesses and Business Startups to the growth of Social Economy..1
TASK 3............................................................................................................................................2
P5: Characteristics of successful entrepreneurs...........................................................................2
P6: Impact of entrepreneurial personality on entrepreneurial motivation and mindset...............3
TASK 4............................................................................................................................................4
P7: Importance of Background and Experience in hindering or fostering Entrepreneurship......4
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Entrepreneurship refers to a process which is used by the Entrepreneurs to be able to
target a wide variety of customers through the use of Creativity and Innovation effectively and
efficiently. Small Business Management refers to ensuring that the different types of Small
Businesses can be managed appropriately (Alemayehu and Van Vuuren, 2018). Thus both of
them are quite important for the entrepreneurs to be able to ensure that they are able to run their
entrepreneurial venture successfully without facing problems and issues. By using them, the
entrepreneurs can ensure that they can raise their overall bar of efficiency and effectiveness in
running their business. In this report, there will be specific focus on exploring and illustrating the
range of entrepreneurial ventures, assessment of the impact of small businesses on the economy,
determining and assessing the key aspects of entrepreneurial mindset. Additionally, specific
analysis on examination of different environments that foster or hinder entrepreneurship will be
discussed as a part of this project.
TASK 1
P1: Entrepreneurial Ventures
There are different types of entrepreneurial ventures. Some of them are explained as
follows-
Small Business Entrepreneurship- These are the most common type of entrepreneurial
ventures (Amato and et.al., 2017). The reason is that there are different types of small businesses
which are present within an economy and thus in this way this can help these businesses a lot to
be able to make sure that they can achieve their goals and objectives. Thus it is quite important
for the new entrepreneurs to invest in it because this helps them a lot in ensuring that they are
able to enhance their overall level of profits without facing problems and issues. In these type of
businesses, the Entrepreneurs have to invest a very low amount of capital and thus they can get
financing for these type of enterprises done very easily.
Scalable Startup Entrepreneurship- In this type of Entrepreneurship, different types of
Start-Ups can be developed by the entrepreneurs (Sozuer, Altuntas and Semercioz, 2017). They
can be used in order to target creativity, innovation and ensure that the enterprises are able to get
the desired value on their money quite easily. Thus in this way these type of enterprises,
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promotion of creativity and innovation can be done which helps in the attainment of goals and
objectives easily.
Innovative Entrepreneurship- This type of Entrepreneurship focuses on Innovation so
that the entrepreneurs are able to ensure that they can use their innovative approaches for the
purpose of enhancement of the overall goals and objectives easily (Brush and et.al., 2019). Also
in these enterprises the focus can be put on ensuring that the level of innovation can be managed
effectively and efficiently and thus in this way the entrepreneurs are able to target a higher-level
of goals and objectives. Therefore, In this manner it is quite important for the entrepreneurs to be
able to target the innovation appropriately for achieving the goals and objectives of their venture.
Improvement-based entrepreneurship- In this type of entrepreneurship, the focus can
be put on steadiness. This ensures that they can identify the way they can bring relevant
improvements easily in the products and services in the future effectively and efficiently. Thus in
this way the entrepreneurs can make sure that they are able to ensure that they can bring regular
improvements in their products and services which can help them a lot. This will be quite helpful
in ensuring that the attainment of entrepreneurial goals and objectives can be done.
There are different types of typologies of entrepreneurship. Some of them are explained
as follows-
Intrapreneurship- In this type of entrepreneurship, there is a detailed focus on
innovation as well as creativity so that the entrepreneurs are able to innovatively and creatively
manage their own business. This relates with Innovative Entrepreneurship.
Technopreneurship- In this type of entrepreneurship, there is a focus on the use of
technology so that the support to entrepreneurial venture can be provided. This relates with
Scalable Start-Up Entrepreneurship.
Ecopreneurship- This type of entrepreneurship introduces the concept of Green
Entrepreneurship. Thus in this focus is put on ensuring that Eco-friendly concepts and
frameworks can be used. This relates with Improvement-Based Entrepreneurship.
Social Entrepreneurship- In this type of entrepreneurship there is specific focus on the
social factors which can influence the entrepreneurs. This relates with Small Business
Entrepreneurship.
P2: Differences and Similarities between Entrepreneurial Ventures
Differences between Entrepreneurial Ventures-
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Basis Small Business
Entrepreneurshi
p
Scalable Startup
Entrepreneurshi
p
Innovative
Entrepreneurshi
p
Improvement-
Based
Entrepreneurshi
p
Size These businesses
are quite small in
their size.
These businesses
can be either
small, medium or
large depending
upon the needs
and requirements.
These businesses
are mostly large
in size.
These businesses
are large in size.
Financing
requirements
They require low
amount of funds.
They require
higher amount of
funds.
They require
higher amount of
funds.
They require
higher amount of
funds.
Risk Low risk High risk High risk High risk
There can be different types of similarities between the enterprises. These similarities
can be explained in the following manner-
 All of these enterprises require an entrepreneur to take a higher-level of risk to start the
business (Collins and et.al., 2017). This ensures that the enterprises are able to start and
attain their goals and objectives effectively and efficiently.
 All of these enterprises have their own funding requirements (Hosseininia and Ramezani,
2016). They can be either Short-Term, Medium-Term and Long-Term. Thus in this way
enterprises are able to make sure that they get the desired amount of money for running
their businesses successfully without facing problems and issues which helps in the
attainment of the desired goals and objectives.
 All of these enterprises have requirements related with Creativity and Innovation. Thus in
this way it can be said that Creativity and Innovation can be used appropriately to attain
the desired level of goals and objectives effectively and efficiently without facing
problems and issues.
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 Starting these enterprises requires an entrepreneur to display an appropriate zeal,
enthusiasm and passion. This can help the entrepreneurs in making sure that they can take
the initiative to start the enterprise in the right manner without facing problems and
issues.
TASK 2
P3: How micro and small businesses impact on the economy:
From the above graph, it can be interpreted that-
 There is a 48% contribution of the Small enterprises in the economy in the terms of
employment, 12% contribution is made by the Medium enterprises. The remaining 40%
of the contribution is made by the Large enterprises.
 There is 33% contribution of the Small enterprises in the Turnover. 14% contribution is
made by the Medium enterprises in the Turnover. The remaining 53% contribution is
made by the Large enterprises in the Turnover.
 There is 99.3% contribution made by the Small enterprises in the Businesses. 0.6% of the
contribution is made by the Medium enterprises. The remaining 0.1% of the contribution
is made by the Large enterprises.
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Micro and Small Business Generate Lots of Employment Opportunity in UK: Small
and medium enterprises create industrial and business expansion in an economy and it also create
skilled and semi skilled worker and labour (Irene, 2017). UK economic stability depends on low
unemployment rate. Worker who earns wages can purchase goods and service for themselves.
Consumer purchasing power can affect the GDP and economic growth. To measure the
economic stability of a country, the total market value of goods and service is used. Business
would not get funds if people are not spending their money to buy their goods and service. Small
business support local economies by providing growth, innovation to outside area of main cities.
Micro and Small Business Generate competition and encourage further competition
Across a range of industries: These enterprises provide new skills, new ideas to the UK
economy and making efforts to create dynamic market place (Kele, Mamabolo and Kerrin,
2017). There are example of Airbnd, Deliveroo and Uber which are successful start-ups and
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transforms their industries. SME have foothold in the economy by using advance technology.
Entrepreneurs are making efforts to identify new ideas and new markets. They also setting up
new businesses to open these markets.
Micro and Small Business can respond and adapt more quickly to changes in the
economy: Small businesses are customer oriented as they understand the needs and wants of
local community. They can survive in economic ups and downs as they know how to deal with
these situations. SME are essential for the economy of UK and the government has also
recognised the worth of SME as it increases the nation's productivity. The government is
supporting small enterprises by funding them. If a entrepreneur need loan for his start-up than
there are many options in the UK economy.
SME Inspire innovation and boost local community: SME come up with the growth of
innovation. They are creating new technology and process to provide more value to the
particular industry. They are doing their business locally and hire employees and workers near
their locality. Local cafe and eateries provide a socialise place where people interact with each
other and also provide easy access to the essential items. These businesses served the local
community in a effective manner as they understand the local needs and wants.
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P4: Importance of Small Businesses and Business Startups to the growth of Social Economy
Social economy is formed with many enterprises and organisation which includes rich
diversity of enterprises, cooperatives, mutuals and carried out the activities across the economies
nationally and internationally (Klapper, Biga-Diambeidou and Lahti, 2016). They are very
important to understand that through developing the small business and start-ups will help the
social economy in their overall development and growth. As, for the social economy the need of
new innovation and creative business will help in building the economic growth. Followings are
the importance for social economy-
 Increase in Innovation- The main reason of understanding the growth of economy is to
increase the productiveness in the society and that will lead to implementing the different
inventions and start-ups in the country. Start-ups company are contributing the quick
development of new technologies and will lead to growth in the economy. For the social
economy, this is will be major step to enhance the overall growth as this is main elements
to get the success.
 Creating new jobs- In long term, these start-ups and small business will create large
opportunities of new jobs in the economic growth and especially in the social economy as
this will facilitates in providing better jobs (Laudano, Marzi and Caputo, 2018). In the
social economy, this helps the other business from their pressure about creation of jobs as
new small business will able to deliver the relevant job opportunities to the employees.
 Bring new competitive dynamics- As through their new ideas and concept in market
will definitely brings the most dynamic economic system. This will facilitate in providing
the healthy competitive environment that will improve the overall growth in the country.
For the social economy, this improve the vital and most diligently develop the positive
environment in the market. For every social economy this is most important element that
could be used in future development (Leitch and Volery, 2017).
 Promotes the research innovation system- Through development of high tech
innovation they are highly related with big institution that build technology model for
these business. It foster the appropriate entrepreneurship ecosystem that also promotes
the research and development. For the social economy, this will help in contributing he
approach of innovation and connecting other to fulfil the need of economy.

 Helps in building value in the society- This is change in economy bring the value and
proactivity as new mindset enter in the market (Sethibe and Steyn, 2016). Through that
creativeness and knowledge is developing in the economy and from that responsibilities
is also increases for every individual. For the social economy, this brings the career
development and facilitates in building the sense of positivity in the market and
environment.
 Improve in standard of living- Through start-ups and small business it useful in
building the standard of living in the country as it promotes the business activity in the
country. For the social economy, this helps in maintaining the standard of living of
people through various development of business activities and functions. Due to many
industrial activities and entrepreneurial functions there is increasing the capital formation
in the social economy.
TASK 3
P5: Characteristics of successful entrepreneurs
Successful Entrepreneurs have different types of characteristics which can differentiate
them from other Business Managers (Mahadea and Kaseeram, 2018). The characteristics of
successful entrepreneurs are explained as follows-
Elizabeth Gooch-
 Female Entrepreneur- Elizabeth Gooch is a Female Entrepreneur. She is a person who
is able to ensure that she can motivate other girls to take up entrepreneurship and ensure
that they are able to enhance their own skills and competencies in this particular area.
 Risk-taking- Elizabeth Gooch is a person who is known to take a lot of risks. She took
risk in order to start her business of EG Solutions which specializes in making Operations
Management Software.
 Hard-working- Elizabeth Gooch is a hard-working person who ensured that she worked
in the right manner towards ensuring that her business i.e. EG Solutions is able to attain
the desired success in the future.
Tom Mercer-
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 Creative- Tom Mercer is a very creative person. Thus in this way by making the use of
creativity in the right manner he has been able to ensure that his enterprise i.e. MOMA
Foods can attain the desired level of success.
 Innovative- Tom Mercer is also a very innovative person. Therefore in this way he is
able to make sure that by making the use of innovation he is able to achieve the desired
success. Thus in this way he will be able to make sure that he can raise the bar of overall
efficiency and effectiveness in the enterprises.
 Persistence- Tom Mercer is a person who displays the right persistence. Thus in this way
he was able to display the right persistence level to be able to stay on despite facing the
different types of problems as well as challenges.
Therefore, it can be said that the entrepreneurs should have all the above-mentioned skills
which will be quite helpful for them to be able to ensure that they are able to attain the
desired goals and objectives in a proper manner. This will be very helpful for the
entrepreneurs so that they can effectively and efficiently manage the working pattern
within the organization in a right manner so that the management of all the needs and
requirements related to the enterprises can be carried out in a better way.
P6: Impact of entrepreneurial personality on entrepreneurial motivation and mindset
For the assessment of entrepreneurial personality on entrepreneurial motivation and
mindset it is quite crucial that OCEAN model can be used. The application of this particular
model can be done as follows-
Openness- This means being open to different types of conversations (Mahadea and
Zogli, 2018). An Entrepreneur must be open to having conversations with different type of
people which can help in ensuring that they can hold a conversation with the right people
effectively and efficiently. Both Elizabeth Gooch and Tom Mercer are open person who like to
have conversations with different people. They are people who are able to strike a conversation
easily with other people and are able to make sure that they are able to attract people in talking
with them in a right manner.
Conscientiousness- This refers to the tendency through which an entrepreneur is able to
display self-discipline. Therefore in this way an entrepreneur can also ensure that by displaying
the right attitude of self-discipline he is able to develop skills for success. Both Elizabeth Gooch
and Tom Mercer can display conscientiousness which can be quite helpful for them in being able
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to ensure that they can self-discipline themselves. They are the people who will be able to make
sure that they are able to display this particular quality which helps them to maintain discipline
and thus manage the working of the enterprise in a better manner.
Extraversion- This means the ability through which a person is able to display energy
for the different goals and objectives. Both Elizabeth Gooch and Tom Mercer have this quality
which can enable them to be able to ensure that they are able to energetically progress towards
goals and objectives. They are the people who are able to make sure that through the display of
this particular energy they can make sure that they can work towards the attainment of their own
goals and objectives in the future in a right manner.
Agreeableness- This refers to the ability through which a person is able to agree with
others and can get along with them easily (Mamabolo, Kerrin and Kele, 2017). Both Elizabeth
Gooch and Tom Mercer are agreeable in nature which helps in ensuring that they are able to get
along with the views put by other people easily. They are the people who are able to make sure
that they can make people agree on the opinion which is offered by them so that they can manage
out the particular needs and requirements in a better manner.
Neuroticism- This is an ability through which a person is able to reduce the negative
emotions. Both Elizabeth Gooch and Tom Mercer can reduce the feeling and tendency of their
negative emotions which helps in ensuring that they are able to attain their goals and objectives
in the future without problems and issues. They are the people who are able to maintain positive
emotions and energy which help them a lot to make sure that they can progress towards the
attainment of their goals and objectives.
TASK 4
P7: Importance of Background and Experience in hindering or fostering Entrepreneurship
Elizabeth Gooch-
Name- Elizabeth Gooch
Background- Elizabeth Gooch has a background which has been able to foster her
towards entrepreneurship. She had a lot of support from her family in particular as they
developed entrepreneurial spirit right since the starting in her which helped her a lot to be a risk-
taker and start her own business. This background has helped her to be able to motivate her
towards Entrepreneurship as her family members were supportive which helped her in ensuring
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that risk can be taken in order to start the business and attain the goals and objectives of the
business in a better manner.
Experience- Elizabeth Gooch has been leading EG Solutions right since the year 1988.
Thus in this way she has been able to ensure that by leading this company she has been able to
ensure that she can effectively and efficiently manage the business and has also developed
administrative skills and abilities in herself. This has ensured that she has been able to deal in the
right manner with the problems and challenges she has faced in her business. This experience has
helped her to be able to make sure that she is able to manage the wide variety of needs and
requirements in a better manner and can run the business in a proper way.
Tom Mercer-
Background- Tom Mercer is a person who has done his Education from Cambridge
University, United Kingdom. He also worked as a Management Consultant with Bain and Co. in
London. Thus in the terms of Background it can be said that Tom Mercer has developed
administrative and management skills right since the starting which has enabled him to take up
Entrepreneurship as a profession. This background has helped him a lot to be able to make sure
that he is able to use his skills in a better way and thus run the business in a proper manner
effectively and efficiently.
Experience- Tom Mercer founded MOMA Foods and was able to realise that there is a
great need as well as requirement of the different types of food items among the customers which
can thus ensure that they are able to get them. Thus in this way he has developed a wide range of
experience in dealing in this particular field. This experience is quite helpful for him to make
sure that he can identify his particular needs and requirements of the business in a better manner
and is thus able to meet them out in a proper way.
Thus, It can be said that Elizabeth Gooch and Tom Mercer are those entrepreneurs whose
Background as well as Experience has fostered them towards Entrepreneurship.
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CONCLUSION
From the above report, it can be concluded that Entrepreneurship and Small Business
Management is a specific field through which Entrepreneurs and Small Business Managers can
learn a lot. In this way it can be said that successful Entrepreneurs have a lot of skills as well as
qualities which ensures that they can become successful in managing their own business in the
future. Thus for becoming a successful entrepreneur there is a requirement of ensuring that
different sort of skills and abilities can be applied which are therefore helpful in the attainment of
the desired goals and objectives in the future.
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REFERENCES
Books and Journals:
Alemayehu, B. Z. and Van Vuuren, J., 2018. The role of entrepreneurship in transforming
efficiency economies into innovation-based economies. The Southern African Journal
of Entrepreneurship and Small Business Management. 10(1). pp.1-12.
Amato, C. and et.al., 2017. Regulatory modes and entrepreneurship: the mediational role of
alertness in small business success. Journal of Small Business Management. 55. pp.27-
42.
Brush, C. and et.al., 2019. A gendered look at entrepreneurship ecosystems. Small Business
Economics. 53(2). pp.393-408.
Collins, J. and et.al., 2017. Indigenous culture and entrepreneurship in small businesses in
Australia. Small Enterprise Research. 24(1). pp.36-48.
Hosseininia, G. and Ramezani, A., 2016. Factors influencing sustainable entrepreneurship in
small and medium-sized enterprises in Iran: A case study of food industry.
Sustainability. 8(10). p.1010.
Irene, B., 2017. Women entrepreneurship in South Africa: Understanding the role of
competencies in business success. The Southern African Journal of Entrepreneurship
and Small Business Management. 9(1). pp.1-9.
Kele, T., Mamabolo, M. A. and Kerrin, M., 2017. Human capital investments as sources of
skills: An analysis at different entrepreneurship phases. The Southern African Journal of
Entrepreneurship and Small Business Management. 9(1). pp.1-12.
Klapper, R., Biga-Diambeidou, M. and Lahti, A., 2016. Small business support and enterprise
promotion: The case of France. Government, SMEs and Entrepreneurship Development.
Policy, Practice and Challenges. Routledge. pp.123-139.
Laudano, M. C., Marzi, G. and Caputo, A., 2018. A decade of the International Journal of
Entrepreneurship and Small Business: a bibliometric analysis. International Journal of
Entrepreneurship and Small Business. 33(2). pp.289-314.
Leitch, C. M. and Volery, T., 2017. Entrepreneurial leadership: Insights and directions.
International Small Business Journal. 35(2). pp.147-156.
Mahadea, D. and Kaseeram, I., 2018. Impact of unemployment and income on entrepreneurship
in post-apartheid South Africa: 1994–2015. The Southern African Journal of
Entrepreneurship and Small Business Management. 10(1). pp.1-9.
Mahadea, D. and Zogli, L. K. J., 2018. Constraints to growth in informal sector activities and
formalisation: A case study of Ghanaian slums. The Southern African Journal of
Entrepreneurship and Small Business Management. 10(1). pp.1-9.
Mamabolo, M. A., Kerrin, M. and Kele, T., 2017. Entrepreneurship management skills
requirements in an emerging economy: A South African outlook.
Sethibe, T. and Steyn, R., 2016. Innovation and organisational performance: A critical review of
the instruments used to measure organisational performance. The Southern African
Journal of Entrepreneurship and Small Business Management. 8(1). p.12.
Sozuer, A., Altuntas, G. and Semercioz, F., 2017. International entrepreneurship of small firms
and their export market performance. European Journal of International Management.
11(3). pp.365-382.
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