Micro and Small Business Enterpriseship And Small Business Management

Entrepreneurship And Small Business Management INTRODUCTION .4 MAIN BODY .4 P1: Examine different types of entrepreneurial ventures and explain how they relate to the typology of entrepreneurship4 P2: Explore the similarities and differences between entrepreneurial ventures 4 P3: Interpret and assess relevant data and statistics to illustrate how micro and small businesses impact on the economy .4 P4: Explain the importance of small businesses and business start-ups to the growth of the social economy 4 P5: Determine the characteristic traits

Entrepreneurship
And
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................4
MAIN BODY...................................................................................................................................4
P1: Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship......................................................................................................4
P2: Explore the similarities and differences between entrepreneurial ventures..........................4
P3: Interpret and assess relevant data and statistics to illustrate how micro and small
businesses impact on the economy.............................................................................................4
P4: Explain the importance of small businesses and business start-ups to the growth of the
social economy............................................................................................................................4
P5: Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers............................................................................................4
P6: Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mindset.................................................................................................................................4
P7: Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship..........................................................................................................................4
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................4

INTRODUCTION
Entrepreneurship is basically an idea of developing a new business in the marketplace so
that entrepreneur can earn more profit. An individual who agrees to take a risk of the new
business venture in the market is known as Entrepreneur or owner of the business.
entrepreneurship plays an important role for the growth and innovation of the economy. In order
to achieve success entrepreneur should utilise its resources properly. It also organisation helps in
generating the revenue. An entrepreneur should guides its employees about the policies which
they have to follow in the organisation so that healthy relation can be develop in the organisation
and chances of conflicts can be avoided which will help the organisation to achieve its goals
effectively (Abebe and Gebremariam 2021). While planning the strategies of the business
entrepreneur should involve their employees so that their confidence level can increase and
development of employees can take place. Entrepreneur of the organisation should develop its
products and services according to the requirement of the customer so that their demand in the
market can be increased as compared to other organisation. In this report it will be examine that
how entrepreneur and small business helps in the growth of the economy.
MAIN BODY
P1: Study different types of entrepreneurial ventures and explain how they relate to the typology
of entrepreneurship.
In the external environment there are various types of entrepreneurial ventures which is
handled by the single owner. An Entrepreneur of the organisation involve themselves in a huge
risk factor so that they can achieve the goals of the business effectively. These entrepreneur
ventures should not be similar with each other they have to different to earn the profit in the
market. The various types of entrepreneurial ventures are given below:
 Small business: It involves small-business like boutique, tea shops, electricians etc. These
type of ventures doesn't require huge amount of funds or capital to perform their business
activities. They hire local people or family members as their staff so that they increase
their profit in the market.
 Large business: In these type of businesses huge amount of capital is required to carry out
its functions. Google and apple are the some of the examples or large businesses As these
are the two most reputative companies in the world so they have to provide the best

quality of goods and services to the customer so that their goodwill cannot get affected.
In these organisation risk factor is high as compared to small businesses.
 Innovative Entrepreneurship: The owners of the organisation who comes in the market
with new and innovative ideas constantly are know as innovative entrepreneur. There
main motive is to change the lifestyle of the people living in the society. Bill Gates and
Steve Jobs are the two examples of innovative entrepreneurship (Alakaleek, 2019).
 Social entrepreneurship: The entrepreneur who works for the welfare of the society
comes under this category their aim is the development of society by fulfilling their needs
and requirement they are basically the non-profit organisation they don't work to earn
profit. Harish Hande, Urvarshi Sahni are the few examples of social entrepreneurship.
 Buyer Entrepreneurship: Buyer is basically a type of entrepreneur who focuses on the
well-established organisations so that they can buy it and increase their profit in the
market. They generally acquire promising businesses so that their productivity can be
increased.
Entrepreneurship Typologies: In the market there are various types of enterprises who aim to
fulfil the requirement of the customers by the products and services which they provide in the
market so that their profit can be increased in the market. Below are the various typologies of
business.
 Lifestyle ventures: If a person is having any talent which can attract the attention of the
people then that individual can easily start this business. Lifestyle ventures main motive
to maintain the current lifestyle instead of generating the high revenue. Cooking,
photography, dancing are some of the examples of lifestyle businesses.
 Serial entrepreneur: The owner who develop its business with new ideas are basically
known as serial entrepreneur. These entrepreneur helps the organisation to bring new and
innovative techniques in the market so that profit of the organisation can be increased.
 Male entrepreneurship: Male entrepreneur is the one who handle all the activities of the
business independently the performance of the business is based on the planning of the
male entrepreneur. If the entrepreneur will plan their strategies properly then it can affect
the growth of the business.

 Female entrepreneurship: Female entrepreneur is basically the owner of the business who
operate the activities of the organisation without any male entrepreneur the whole
performance of the business is dependent on the female entrepreneur.
P2: Explain the similarities and differences between entrepreneurial ventures
Entrepreneurial Ventures have an important role in the growth of the economy. It helps
the customer's with good quality of products and services to satisfy their needs and requirement.
There are various similarities and differences among these ventures.
Similarities of lifestyle business with other
business
Similarities of serial business with other
business
 These businesses helps in the flexibility
of attire, hours, places which provides
the proper management to the
organisation.
 These businesses do not aim to increase
its profit for the short time period there
aim is to maintain the lifestyle of the
individual so that development in the
economy can take place.
 There main aim is to increase its market
share by the proper utilisation of
resources so that goals of the business
can be achieved.
 These businesses help in the overall
development of the organisation so that
more profit can be earned in the market.
 These organisation helps in providing
the employment to the people so that
growth can take place (Belitski and
Heron, 2017).
 The main aim of these organisation is
also to increase its market share so that
more revenue in the business can be
generated.
Differences Differences
 These organisation do not provide their
data and information to their financial
investors.
 In order to perform the activities of the
business these organisation does not
plan any strategies.
 These organisation provides their data
and information to their financial
investors.
 In order to perform well in the market
these organisation plans strategies.
 These organisation perform its
activities by the selling their product

 These organisation perform its
activities with their own funds or
capital they don't depend on others
businesses.
and services to others businesses.
Male ventures similarities Female ventures similarities
 The main aim of these organisation is
to increase its market share so that
profit of the organisation can be
increased (Bettinelli, 2017).
 These organisation have the capacity to
attract the customers by the services
which are providing to the customer.
 These organisation are mainly focused
on the performance so that goal can be
achieved effectively.
 These organisation focus on increasing
its fame by developing their market
share.
 These organisation generally focus on
their performance whether it is related
to the family or office.
 These organisation also have the
capacity to attract the attention of the
customer by their performance which
help them to achieve success in the
market.
Differences Differences
 In these organisation confidence level
of the entrepreneur is more as
compared to female entrepreneur.
 In these organisation quick decision
making is done which helps in the
organisation to achieve its goals.
 These entrepreneur have less
communication power which affects
their performance
 In these organisation entrepreneur
perform their activities but with less
confidence which sometimes affect the
performance of the business.
 These organisation consumes a lot of
time while planning their strategies due
to which its chances of growth in the
market decreases.
 These entrepreneur have good
communicating skill which attract the
attention of the customer's.

P3: Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy.
There are three types of organisation in UK Micro, small and large. These businesses
plays an vital role in the growth of the economy. These organisations helps to increase the
employment in the economy which further helps in increasing the cash inflow in the market.
 Micro businesses: These are small type of organisation which mainly focuses on
developing new ideas so that organisation can achieve its gaols effectively (Henning and
Akoob, 2017).
 Small Businesses: In small business there are less number of employees But when it
comes to performance they give their best so that profit of the organisation can be
increased.
 Medium: In medium sized businesses there are less number of employees and staff which
means lesser then 250 But they can achieved £ 25.9 million as their annual sale which is a
big achievement for the organisation. Their main motive is to achieve the targets of
organisation within a short period of time so that company can increase its goodwill in
the market.
Effect of Micro and small business in the economy
International and national areas: Micro and small businesses helps international and
national areas in their growth of the economy. The activities of the organisation should be
performed effectively by the proper utilisation of resources so that development can easily take
place in the economy.
Regional area: These organisation provides the best quality of goods and services in the
regional area by overcoming from the challenges of manufacturing which helps the organisation
in enhancing the quality of the goods so that needs and requirement of the society can be
satisfied effectively.
Local areas: These organisation helps in the development of local areas by providing
employment to the people which will further help in providing the better services to the economy
so that growth in the economy can take place.

P4: Explain the importance of small businesses and business start-ups to the growth of the social
economy.
Business start-up's and small business helps the society to satisfy their needs by the
product and services which they are providing which also helps the organisation to increase its
profit in the market and increase its goodwill. Yoga centres, gym, grocery shops etc. are the
some examples of small business. These organisation helps in the economic growth of the
country. Because these are basic needs and requirement of the society which helps them to
maintain their lifestyle (Borges, 2018).
Business start-up's is the idea of developing a business in the market so that new variety of goods
and services can be provided to the customer when a new business is set up in the market it
require more human capital to carry out its functions when increases the chances of employment
in economy and eliminate unemployment from the economy which again helps in the growth of
the economy. The growth of the business and economy is totally dependent on the services
which the company is providing to its customer so that their needs and be fulfilled and profit can

be earned. Business start-up's in the market always comes with tools and techniques to satisfy the
requirement of the economy which attract the attention of the customer and increase the market
share of the company.
Importance of business start-up's and small-business in the growth of the economy.
 Employment opportunities: Business start-up's and small businesses helps the economy
to increase the chances of employment because every new organisation requires a labours
or staff to run their business activities same ways if small business wants to perform well
in the economy they hire more employees to achieve their targets by providing the best
services to the customers. It also helps in reducing the unemployment from the economy.
 Helps the buyers to get goods and services easily: small businesses and business start-up
helps the customer to get their required products easily by their nearby available shops.
Grocery shop is one of the best example it helps the customer to buy their daily required
products.
 Development of entrepreneurship: It helps in the development of the entrepreneur
because today grocery shop owner can be retail manufacturer tomorrow because if they
are providing the good quality of product and services to the customers and earning more
profit then their growth in the market can easily increased. Because if the quality of their
will attract the customer then market share of the organisation will also increased which
will help in the development entrepreneur and the organisation (Brush and Welter,
2020).
 Perfect competition: In the market there are some companies which have high amount of
capital as compared to other business. Due to which their services also differ from other
which can affect the growth of other companies in the market. To avoid this organisation
should plan their strategies according to the market situation so that there demand in the
market cannot get affected in the market.
P5: Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers.
To achieve success in the business entrepreneur should utilise its resources effectively so
that revenue of the business can be generated. A successful leader is the one who guides and
motivates it employees so that their performance can be improved and goals of the organisation

can be achieved successful. Entrepreneur of the organisation should be creative so that
employees can also enhance their performance and achieve the goals of the business effectively.
In this report there are two successful entrepreneur Elizabeth Gooch and Tom Mercer.
Elizabeth Gooch is the founder of EG solutions which is a small company that sells the operation
management software so that performance of the operations can be improved Elizabeth Gooch is
the seventh most successful female entrepreneur in UK. Because it helps the organisation to
improve its services so that more profit can be achieved in the organisation. Elizabeth has used it
skills and knowledge so that goals can be achieved effectively.
Tom Mercer is the successful male entrepreneur of MOMA foods. He develop the ideas of
providing healthy foods to the people who are working so that their performance can be
enhanced reason behind the success of Tom Mercer is the hard work which he has done. He
distributed the sample of his products so that his demand in the market and be increased and
customer can also get satisfied his strategy of starting a business was to earn more profit by
fulling the requirement of the customer. A successful entrepreneur should always maintain
discipline in the organisation and analyse the competition in the market so that they plan their
strategies accordingly and achieve their goals. He uses new and innovative ideas so that his
business can generate more revenue as compared to other business in the market. Elizabeth and
Tom mercer are the best example of successful entrepreneur because they have the ability to
grow their business in the market by their skills and knowledge which will also helps in the
growth of the economy (Landström and Harirchi, 2018).
P6: Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mindset.
To analyse the personality of Elizabeth and Tom Mercer ocean model has been used
which will help in analysing their concept and strategies which they have used to achieve their
goals.
In Ocean model there are five stages:
 Openness to experience: This is the first stage of ocean model which help the individual
in experiencing new thing so that their power of imagination can be improved and new
and innovative ideas and take place in the business.
 Conscientiousness: This is the second stage of ocean model which helps the individual in
controlling their behaviour so that proper working environment can take place in the

organisation it helps the entrepreneur to avoid conflicts in the organisation In order to
become successful in life control on behaviour is very important (Mahadea, 2018).
 Extroversion: It is the third stage of ocean model which signifies the capacity of the
individual to interact with the people. These type of individual are fond of interacting
with the people which helps them to attract the attention of the people. In this world
there are two people one is extroversion and introversion. Introversion people are less
liked by the society because they get tired easily by talking with the people.
 Agreeableness: This is the fourth stage of ocean model which helps in analysing how
comfortable an individual is while interacting. If an entrepreneur is not confident while
interacting with the people then their growth of the business can be effected.
 Neuroticism: This is the fifth stage of ocean model It focuses on how emotionally stable a
person is. To achieve success in life a person needs to be emotionally stable so that
growth of the individual cannot get affected.

P7: Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship.
Background and experience plays an important role in the life of an entrepreneur because
career of an individual is based on the experiences which a person have. If the individual have
not received proper knowledgable and skills in his childhood then it can affect the growth of an
individual. There are few examples can effect the life the entrepreneurship in negative and
positive way.
 Education: It plays an vital role in the life of an entrepreneur because education helps in
the overall development of the individual so that goals can be achieved effectively can
career can be developed. Elizabeth and Tom Mercer have utilised their time properly in
their studies so that their target in the future can be achieved effectively. Proper education
helps in developing the personality of an individual which makes a person confident and
knowledgable which attract the attention of the people.
 Nationality: In order to achieve success in the market following the nationality is very
important Elizabeth and Tom Mercer has followed its culture properly so that they can
understand the needs and requirement of the customer properly can earn profit.
Entrepreneur profit can be effected if it is not nation is not satisfied by the services of the
business because business provides the goods and services so that development in the
country can take place (Singh and Gaur, 2018).
 Characteristic traits: In order to achieve success entrepreneur should have some traits and
characteristics which can motivate a individual to achieve their goals. Traits of an
individuals helps them to face difficult situations in life so that a person a become
confident and handled can handled the situation accordingly.
 Economic condition: It plays an important role in the success of the business because
economy condition helps the business in providing resources so that business can perform
its activities and entrepreneur can achieve its goals. When an entrepreneur starts its
business it requires proper labour can infrastructure to run its business effectively.
Elizabeth was not from an entrepreneur background she worked inn many financial
companies but never job satisfaction because her main motive to earn money she didn't gone to
any universities for study because she wanted to earn money. Later she adapted a production
management and become a entrepreneur of EG solution which produces operational software so

that company can achieve its target Elizabeth family supported her in his aim which she wants
to achieve sue which she is the top female entrepreneur of UK (Soundararajan and Spence,
2018).
Tom Mercer was from a middle class family he is a farmer's son who used to work on the farm
with his farther he never thought that he will be a successful entrepreneur one day. He was from
a forward thinking family which made him an owner of a successful business.
CONCLUSION
From the above report it has been observed that successful entrepreneur helps in the
economic growth of the country because they provide the best quality of goods and services to
the customer so that needs and requirement of the business can be satisfied. If the entrepreneur of
the business is using its skills and knowledge properly then he can achieve success easily in the
market and will also eliminate unemployment from the economy which will helps in increasing
the employment rate in the economy.

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