Entrepreneurship and Small Business Management INTRODUCTION 3 Task 3 P1 Characteristics, traits and skills of successful entrepreneurs

Entrepreneurship and Small Business Management INTRODUCTION 3 TASK 1 3 P1 Different types of entrepreneurial ventures and typology of entrepreneurship .3 P2 Similarities and differences between entrepreneurial ventures .5 TASK 2 7 P3 Interpretation of statistics for showing impact of micro and small business on the economy .7 P4 Importance of small businesses and business starts-ups in growth of social economy .8 Task 3 .9 P5 Characteristic, traits and skills of successful entrepreneurs .

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Different types of entrepreneurial ventures and typology of entrepreneurship.....................3
P2 Similarities and differences between entrepreneurial ventures.............................................5
TASK 2............................................................................................................................................7
P3 Interpretation of statistics for showing impact of micro and small business on the economy
.....................................................................................................................................................7
P4 Importance of small businesses and business starts-ups in growth of social economy.........8
Task 3...............................................................................................................................................9
P5 Characteristic, traits and skills of successful entrepreneurs...................................................9
P6 Aspects of the entrepreneurial aspects personality reflect entrepreneurial motivation.......10
Task 4.............................................................................................................................................11
P7 Background and experience can hinder or foster entrepreneurship.....................................11
CONCLUSION .............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurs are the backbone of an economy as they are the one who invent and create
new ideas into reality so that they can take the right decision in order to implement change in the
business operations. Small business and starts-ups help the society enhance their living standard
and also invite young generation to get high job opportunities in order to get success in their
career (Zucchella, 2021). Young entrepreneur are the one who make the best use of various
resources with their innovative ideas and lift the country towards growth. These are the business
which use the several technology and venture in order to implement the new techniques and
differences. This report will analyse the different types of of ventures and explain how they
relate to the typology of entrepreneurship. It also explore the similarities and the differences
between entrepreneurial ventures. Furthermore, It also assess the related data and statics to
evaluate the impact of micro and macro businesses on economy and analyse the importance of
small businesses and business start-ups to the growth of the social economy. This report will
determine the characteristic traits and skills of successful entrepreneurs that differentiate them
from other business managers and assess how aspects of the entrepreneurial personality reflect
entrepreneurial motivation and mindset.
TASK 1
P1 Different types of entrepreneurial ventures and typology of entrepreneurship
Entrepreneurs are the one who think and implement the innovative idea and establish a
new business venture with their idea so that they can offer the various good and services in
return of money wit the consideration of generating higher profitability(Wiedeler and
Kammerlander, 2019). Each business have their own aim in order to sustain in the large market
and each organisation is performing well with the consideration of establishing good brand
image in the market. There are different types of entrepreneurial ventures which are divided on
the basis of size, scope, purpose and services.
Entrepreneurial activity
These are the activities which refers to the process of businesses by which firms generate
higher profitability and growth in order to manage their all ten business operation so that they
can establish a good brand image in the marketplace. These activities are performed with the
unique ideas by which they can establish a good market position in order to meet the current

trends of the market. Innovative ideas can be generated when an enterprises focuses on creating
the employment opportunities for the local people.
Different types of ventures
Small businesses: These are the type of firm which do not have huge amount of
employees, capital, size and operations. These are the businesses which is meant with the
purpose of earning higher profitability in return of goods and services that are manufactured by
the firm(Syam and et. al., 2018). These are the small scale business which generally work by
forming the partnership or sole proprietorship and the basic purpose is to earn the profit so that
they can live in an smooth manner can fulfil their needs. Such ventures work with less than 50
employees and the net worth of million. Fourex, Imaginera, LovetheSales.com are some small
scale industry in the UK.
Large company: These are the type of business venture which operates their business on
the larger scale with the ample amount of funds, employees and capital in order to run their
business in an effective manner and attain higher profitability. Company also need the huge
investment and capital for purchase the raw material and other resources so that they can make
the sale the large market. These firm sustains in the market by having the good experience in
various operations. Some examples of large scale firms are Morrisons, Tesco and Sainsbury.
Social enterprises:These are the firm which are formed with the consideration of doing
social welfare and development in the society. It helps the society to get the new techniques that
will help in development and growth of the company(Squicciarini, 2017). These business have
the huge scope as they directly contribute in the development of the society and also enhance the
living standard of the individuals. These firms are not aim to generate higher profit as their main
consideration is to serve the society.
Typologies of entrepreneurship
There are various types of topologies that are associated with the development of the
business so that they can work in an more effective manner and these typologies are explained as
follows:
Life style enterprise: These are the type of enterprise which are meant with the
consideration of enhancing the living standard of the individual for the local public so that they
can have the better lives. These ventures also provides job opportunities for the local people and

also ensure supply of goods and services with the consideration of serving them as social
venture.
Growth firms: These are the firm which are meant with the aim of earning maximum
profit out of available resources and they just focuses on develop some innovative ideas so that
they can launch the new products in order to meet the competitive advantages and also help in
meeting the current trends of the market so that it will leads to serve the satisfy the needs and
requirements of their potential customers. They comes under small and large
organisation(Richter and et. al., 2017).
These are the main concern of the any business to satisfy the various needs and different
typologies and ventures are related to each other as they contribute in proving the strong lifestyle
and enhanced living standard of the society so that they can contribute in the growth and
development of the economy.
P2 Similarities and differences between entrepreneurial ventures
There are various differences in the entrepreneurial ventures that are explained as
follows:
Differences
Basis Small business Large company Social
entrepreneurship
Scale These types of business
generally involves less
amount of investment
with fewer resources in
order to run their business
operations (Rezazadeh
and Nobari, 2018).
These are the type of
business which are
operating their business on
the larger scale and require
huge amount of money in
order to run their business
operation in an systematic
manner.
These are the
business which
perform their
business operation
with the
consideration of
doing social welfare
in the society.
Purpose The main purpose of such
firms is to earn the higher
These are the business
which are meant with the
These are the
business which are

profitability so that they
can live their life with
easy going.
main consideration of
generating higher
profitability and revenue.
formed to enhance
and improve the
living standard of the
individuals.
Characteristics These types of business
have the limited resources
and having low
interference of the
government in their
business operations.
These are business which
require huge amount of
workforce in order each
task in an appropriate
manner. Government have
eye on these ventures as it
involve large scale
operations.
These are the firm
which requires
money to help the
society as they are
operating their
business for the
welfare of the
society.
Similarities
Basis Small business Large business Social enterprise
Meeting the needs These are the business
which are formed in
order to satisfy the
various needs of the
local customer.
These are the business
which are formed with
the consideration of
fulfilling various needs
at larger scale.
These are the
enterprises which re
formed in order to
satisfy the various
needs of customer by
satisfying their needs
and demand.
Society upliftment These businesses helps
in providing job
opportunities to the
local people so that
they can live a good
life.
These firms provides
the job opportunities
as well as the offer the
innovative products in
order to satisfy the
needs and demand of
These are the business
which provide the
services in order to
improve the living
standard of the
individuals as well as

the potential customer. the society.
TASK 2
P3 Interpretation of statistics for showing impact of micro and small business on the economy
Every organisation operates their business operation in such a manner that they
contribute in the enhancement and improvement of the economy. They play an important role in
the development of the economy. There are three types of business which are explained as
follows:
Small business: These are the type of business which conduct their operation with less
than 50 employees in order to attain the organisational goal. Revenue generated by the firm is
less then £5 million. These are the firm which impact the economic development at a low scale
so that they will contribute in revenue and employment at low scale.
Medium business: These are the type of business which operates their functions with
less than 250 employees and generate a revenue of £5m and less than £22m. This helps in
providing employment opportunities to satisfy the needs and demand of the local people in order
to satisfy the various needs of the customers(Ratten, 2019).
Large Business: These are the business which operates their business on the large scale
with more than 250 employees and generate revenue more than £22 million. These types of
firms majorly impact on the business as they contribute a big share of profit in the economy. It
also give large number of job opportunities and operates their business on national as well as
international level.

Illustration 1: Business, Employment and Turnover of SME's on UK economy, 2019
Regional impact: Small medium enterprises majorly impact on the economy as these
firms provides the employment opportunities to the firm and eliminates the problems like
unemployment in the region as they positively impact on the growth of the economy. Having the
sufficient employment rate leads to contribute in the profitability of the business as well as leads
to expand the business operations by having the talented employees.
National impact: SME impact the economy at large scale and impact the business as
they perform various operations with in the sufficient resources or money. These firms also
focuses on innovation and invention so that new idea can be used in the various business
operations in order to enhance the productivity and profitability of an organisation. It is analysed
that more than 15.7 million people have got job with the effect of SME's in the United Kingdom
that is positively impact the economy of the country.
P4 Importance of small businesses and business starts-ups in growth of social economy.
Small business and starts-ups maximum revenue generating sector as these are the
backbone of the growing countries. It gives large number of employment opportunities so that
country can move towards development as well as help in raising the living standard of the

individual(Ratten and Dana, 2017). There are many small firms which are operating their
business in the United Kingdom and positively impacting the growth of the business on the
larger scale. These small scale industry is rapidly growing the UK and such businesses are
launched by the young entrepreneurs by generating their new ideas that are positively meeting
the various demands of the target market and small business is generating good revenue. These
firms are very important in order to increase the growth of the country and also supporting by the
UK government in order to generate higher profitability and leads the country to grow. There are
several factors which enlist the importance of small business are describe below:
Economic growth: Small scale firm and starts-ups are the important aspect as it
contribute in the success of the country by inviting various job opportunities for people who can
get commenced their career with new start in order to get success(Pindado and Sánchez, 2017) .
These innovation helps in delivering the required resources in order to improve the growth rate
of the company. These firms are producing the quality products and services which are rendered
to the potential customers.
Job creation: Small scale and starts-ups business helps in giving the various job
opportunities to the young generation so that they can get the desired job in order to enhance
their career and move towards growth. These job opportunities helps in generating new ideas by
enhancing their skills and knowledge so that they can also contribute in opening their own
venture. This eliminates the unemployment from the country and take the country towards
growth.
Improve living standard: Small scale industry and the start-ups are play an important
role in enhancing the living standard of the individual by offering the high quality products at
affordable prices so that every can buy the products and services. In such way they full fill the
various needs and demand of the potentials buyers and enhance their living standards.
It is analysed from the above discussion that small scale and starts-ups contribute in the
growth and development of the country as it provides the innovative ideas so they are enhancing
their living standard. These firms also contributing in providing the employment opportunities to
the large population and eliminating the unemployment from the country.

Task 3
P5 Characteristic, traits and skills of successful entrepreneurs.
A successful entrepreneur in bounded with several characteristics, skills and traits which
make them differ net from other in the large industry. The characteristics , skills and traits helps
in generating new ideas in order to open their new venture to contribute in the large market.
Successful entrepreneurs helps in enhancing the productivity and profitability of the venture.
Two entrepreneurs are chosen for this report which are Elizabeth Gooch
Characteristic
 Self belief and hard work: when an individual is doing their job or performing a
specific task. It is necessary to have the self confidence while performing specific task so
that that task would be complete in an appropriate manner(Mthanti and Ojah, 2017) .
Elizabeth Gooch and Tom Mercer can perform their task in an appropriate manner by
having self confidence and have the willing to complete the task so that they can
implement their different ideas in to reality and opens their own venture in order to
generate higher profitability.
 Passion: This is the characteristics which must be inbound within an entrepreneur that
give the insight of performing the specific task in an appropriate manner so that all the
operations can be run in an approached manner with the consideration of achieving the
organisational goal. Passion gives the courage to do some work in a more effective
manner and also differentiate the entrepreneur from others in the large industry.
Skills
 Leadership: A leader is the one who influence the others to follow their actions in order
to attain the common objective of the business (Morris, 2021). It is the essential skills
that must be within the entrepreneur so that they can rallies their subordinates in order to
complete the various task with the consideration of attaining the common objective of the
business.
 Innovative thinking: It is the foundation for any starts-ups and small scale business in
order to match the current market trends so that company can generate the higher
revenue. This includes the innovation ideas of the entrepreneur so that they can
implement in their business in order to enhance the productivity and profitability.

Elizabeth Gooch and Tom Mercer are successful as to solve their problems by thinking
dynamically in order to get the desired success.
Traits
 Disciplined: To become a successful entrepreneur, there must be discipline with the
organisation and it can be done when the entrepreneur is having the discipline as they
perform their several task in an systematic manner with the strict code of conduct so that
each operation in the business enterprise can be run in an approached manner(Liedong,
2017). It helps in establishing the harmony among the subordinates with the
consideration of completing specific task.
 Confident: It is the basic traits that is not simply found in everyone and it is the main
trait that must be within the entrepreneur so that they can perform the various task at their
own risk by having faith in themselves in order to complete the specific task. It give the
inner power for conducting the various activities in order to complete them in an
appropriate manner.
P6 Aspects of the entrepreneurial aspects personality reflect entrepreneurial motivation
There are various characteristics, skills and traits that represent the unique entrepreneur
and make different from the other person. All the actors are represent by the individual also show
the mind set and perception of the individual in order to perform a specific task and all these
factors make the successful entrepreneurs (Leung and et. al., 2019). For analysing the reflective
entrepreneurial motivation and mind set OCEAN model can be used which have the five aspects
that is explained as follows:
Openness: This is the factors that is related with the emotion, adventure and ideas. When
the individual is having some mindset or wants to achieve a specific objective then It would
leads to have the curiosity and interest in knowing somethings. Such people keep explore new
things in order to innovate or implement.
Conscientiousness: when the individual is working on extensively important personality
that means an individual is having the certain goals which they have to attain in order to become
successful.
Extroversion: When the individual is working on the large scale is order to attain the
specific goal then the person happens to be an extrovert who tends to talk to everyone and having
a courage to do the business with having social connections.

Agreeableness: They are the type of individual who is having the affection, kind and full
of empathy and highly trust worthy(Leshilo and Lethoko, 2017). Moreover, they are vary
helpful, considerate who compromise their own interest in context to achieve what they want.
Neuroticism: These are the type of individual who have emotional instability,
unhappiness and sulkiness. They tends to have the mood swings, sadness and anxiety. This will
leads to have the various factors which make successful entrepreneur by over coming their fear.
Task 4
P7 Background and experience can hinder or foster entrepreneurship
Every entrepreneur operate their business in order to generate higher profitability and
growth. These entrepreneur have faced many obstacles in order to get success in their life as their
backgrounds and experience help in getting more innovative ideas which take them towards
growth and success. Background and the experience of the Elizabeth Gooch and Tom Mercer
that take them to get growth and success is explained as follows:
Elizabeth Gooch
Background: He has started their career at the age of 18 working at the HSBC bank and
after one year she left the job and get employed in a consultancy firm. Later on, she left that job
and collect the small amount of money in order to open their venture with the amount of £1,000
with the help of their relatives and friends(Alvarez and Barney, 2020). She started working in
their own company and providing consultancy and various training services to the financial
service company then she realize and identify the lack of skills and knowledge then she gathered
information in order to improve herself. Moreover she contact to Rodney Baker-Bates and recruit
him as the chairman of the company and get success in their business.
Experience: She started their business but also faced many problems like lack of money,
moral support from family and friends and many more. She manages all the issues and collect
funds in order to run their business. Later on she meet the Rodney Baker-Bates who help in idea
generation for their business and gradually she attached potential investors for the business and
run their business in smooth approach.
Tom Mercer

Background:He had completed their graduation from the Cambridge University and have
the experience of working in management consultant in the Bain and co. In their working career,
he has worked in different companies also think about new ideas. When he was working in an
firm, he realised that there are many options for having lunch and dinner but there is few options
of having good menu for breakfast then he started the business in 2006 in which he offered
various drinks and smoothies and in their business in an appropriate manner.
Experience: He has working as the city worker as he knows the struggles of not getting
the healthy breakfast as he often goes late for their job and realise the new idea and for that
initially he cut all the fruits and put them in a bootless for the further sale to their customers. He
also sell the products at railway station for analysing the various needs and requirements of the
prospective customers.
CONCLUSION
It is concluded from the above report that entrepreneur are becoming the important
individuals that are contributing a large share of profit in the development of the economy. There
are various types of ventures like small, large and social. These small starts-ups contribute in
providing employment opportunities so that individual can enhance their living standard. There
are various skills, characteristics and traits of the entrepreneur like it must be deciplane self
motivated and goal oriented.

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