Entrepreneurship & Small Business Management

This report discusses different types of entrepreneurial ventures, their relation to the typology of entrepreneurship, the impact of micro and small businesses on the economy, and the importance of small businesses to the growth of the social economy. It also explores the characteristic traits and skills of successful entrepreneurs. The subject is Entrepreneurship & Small Business Management.

Entrepreneurship & Small
Business Management

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK...............................................................................................................................................3
P1: Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship......................................................................................................3
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.............................................................................................6
P4: Explain the importance of small businesses and business start-ups to the growth of the
social economy............................................................................................................................7
P5: Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers............................................................................................7
CONCLUSION .............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
The report is concerned with entrepreneurship and small business administration that is
an essential feature of economy. Every business whether it is large or small depends on
entrepreneurial just to survive in the market. Innovative creativity and idea of thought has
planned to build entrepreneurial ability as step by step. Entrepreneurs are the one in the market
who risk and expend their own assets into the business concern and other individual venture. In
this report there are two parts, part one consist the different range of ventures that considered as
the entrepreneurial and the impact of small business on the economy( Burns, 2016) . Hence, the
other part consist the key aspects of an entrepreneurial mind set and the different environment
that foster or hinder entrepreneurship. It also consist the entrepreneurs that is Elizabeth Gooch
and EG solution plc and Tom mercer and MOMA foods (“MOMA”). As it mentioned as
anything about the related opportunities or resources that are allocated to achieve the target
orientated goals.
TASK
P1: Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship
Entrepreneurship is the concept or activity of values that is viewed as the procedure of
designing, unveiling and running a fresh enterprise that is frequently at first to a small business.
There are opportunities and situations to recombines the points that is to generate profit that
requires the deviation between people as such preferential way as approach to definite respective
individual or the skills to credit and enhance the information related to possibilities. It may also a
content of taking a action of risk that is necessary for the individual. As the entrepreneurial
procedure requires the social control of people, assets and services.
There are management that relates to the various sections that ensures the safe and
sufficient knowledge to run the business at adequately(Burns, Dewhurst, 2016). There are
followings quora that relates to the business and its potentiality:
 Serial entrepreneurs: Serial entrepreneur is an individual who is particular skilful and
creative in follows the new business thoughts and work hard on the set up of ideas of

thought as per new venture. It is not about the numbers that relates to companies as it
created but it is up to mentality and values.
 Entrepreneurs: Entrepreneurship is the skill and state to grow that is set up and run a
fresh business with any of its quality in respect to sort a profit. It may also ensures the
market with appropriate example of entrepreneur that are frequently relates to starting of
a new business venture.
 Owner-managers: The owner is an individual who has control of belongings as real or
private. Almost of every small businesses the owner manager is the impulsive unit as it
control the enterprise and its issues that cause for occurrence in the business that fall out
through it (Chowdhury, 2018) . As in some businesses the positions of owner and manger
are separated as few of their reasons.
The Small scale industry sector plays an essential part in contemporary economical growth as it
provides the most fascinating and enormous progressive methods. In these conditions the small
and medium- sized enterprises management is influenced by utmost factors in the competitive
marketplace. It also regulates the condition of Tom Mercer and MOMA Foods (“MOMA”)
in the entrepreneurship.
 Micro organisation: A micro organisation is broadly refers as a small scale management
where legal business concern that is not supported by micro approval and here is what
micro businesses frequently termed. They only grows their enterprise when something in
their lives has varied and it may bring forth a larger source of earning,
 Small organisation: It is defined as a privately owned business firm, business
organization or exclusive ownership that has numbers of individuals and less annual
receipts than a business firm or lawful sized commercial enterprise. The another upper
management commits and availability has the valid point in a small business or intrinsic
subject that can be more consecutive progressive to it(Dana, 2018) .
 Medium- size organisation: Small and medium sized enterprises or small and medium
scale management are businesses that involves a staff office and numbers of fall below
certain limitation.
P2: Explore the similarities and differences between entrepreneurial ventures
Small and large industries are as frequent essential to the performance of the economical term. It
is beneficial to draw a distinction between entrepreneurial venture that an individual and

corporate may affect the entrepreneurship and serve them various economic sections and their
potential for innovation and development as differently(Dvouletý, 2017) . It is projected that it
may taken up to entrepreneurial manner that is implemented in arranging and executing new
substitute of ventures.
There are many formulation of starting and running the enterprise as per the management
considered it in a positive way, some of are as follows:
 Small business: It represents the immense sectors that majors the entrepreneurship
ventures. A small business refer to any company, restaurant or retail shop that is
orientated and launched by a founder as per without any legal or illegal intention of
growing and developing it into a serial chain or aggregates. It also involves small
managerial businesses as usually it invest their time and money to get it as per their
enterprise settled it and also it may take only profit as per their further deals.
 Scalable Start- up: It represents the least average term which is preferable for the small
businesses that is incline to draw a lot of media basic cognitive process. There are a lot of
businesses that set up on a small scale that is frequently as per quora of an effective
source of idea. It may also enhance the main nurtured and scaled source involvement of
maintaining out source of visitors and investors. It may also involves in the larger source
of industrial manner in a management.
 Large company: It works towards the subject content of a larger outcome of the
industries that may ensures at every level of approaches and recognition. It may also
evaluates the demand and supply of the management that accumulates the fix ratio of
general term that is termed it as the annual profit. This may refers to the process of
funding that is evaluates the launching of new brand or something fresh in the market
through which is may approved it as the model of entrepreneurship.
 Social Entrepreneurship: The main and last section that is concerned to
entrepreneurship that visualise the innovative issues and their solutions that related to
community and their decisions that are based on problems related queries(Gill, 2017) . As
per this the social entrepreneur are definite and willing to take risk and efforts to have
related and create positive dynamical changes as they arrange it and evaluate it as per the
execution task. The social change in the quora that ascertain the given factor that may
pervasive the activities in an economical system.

P3: Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy
It is apparently that SME plays an essential role in economical system that ensures the
terms as over 95 per cent that initially determine the management for 60 to 70 per cent of most
information that varied at between 40 to 80 per cent of analysed section(Halberstadt, 2020) . It
Concerned as the high ratio of employment turn over rates that lead to required notice.
Category Headcount Turnover Balance sheet total
Medium <350 £ 42 mill £ 35.2 mill
small <60 £ 9.3 mill £ 8.2 mill
Micro organisation <20 £ 2.8 mill £ 1.7 mill
The efforts are on towards the individuals as a common link that defines the SME and
also it would evaluate the total as the general time interval. SME also plays a very momentous
function in the rapid industrial enterprise and evolution of respective and hence, it lies
approximately 99 per cent of the total business venture that evaluates the business quora and also
it keep it together and bring forth it approximately 60 per cent of the gross overall industrial
section. The SME are a large magnitude of all businesses concern activities that initialise the
development of the section economical termed on the ratio of over 90 per cent of SME that
improve the rate of employment in the fictional action.
As bringing virtual sections and new competitive managerial administration that lies
within the set up of companies that are foremost and dynamic economical organisation that
ensures it in a specific way. As its regards the U.S. Small business administration structured that
the small business represents 99.9 per cent of U.S. businesses and hence, it also created 1.9
million employment in the period of interval that is a scale division of firms and as it is also
mentioned of individuals or less adding over fractional importance of the orientation as it with a
1.1 million increase in the virtualise(Julien, 2018) .
The impact of general economic system and its growth and development that retrieves the
sort of form and it present it as the main component that possessed it to grew it and become
major players in the market place as the backbone of special taxation district focused on the main
and it addition to those 36 million units over of using even additionally resources like land,

labour and capital to enhance the development of product, goods and services that is also termed
to national income, national product and per capita finance that relates to the respective country
and its profitability services(Katz, Green, 2018) . As another major profit ratio to enhance the
enlarged ratio that ends up in a lot of stable form to revive the situation that embark the total
values.
P4: Explain the importance of small businesses and business start-ups to the growth of the social
economy
Small business provides opportunities for entrepreneurs and it also ensures the jobs foe
needed that is rooted the landscape which is enhanced the development and abilities which they
give back as the vitality and sustenance role. It may also visualise the outcome that it runs the
small businesses which should also involves as risk to be involved that regards the working for a
larger scale of businesses that had established the company that untitled the profits and
individual rewards as per their nature of work that relates to both methods like quantitative and
qualitative records as it manageable to broadly that receive the dependent relationship.
Throughout the small businesses ownership is a virtual long standing and a traditional
way to follows the on- going trend as it retrieves the businesses. As that are important because
they provide opportunities for an individual and it create the meaningful jobs with greater
perspective and positioned with larger term that comprehensive the greater effect as on the
employment that it kept it to the satisfaction level as it also pretends it in the virtual situation.
As per being an entrepreneur that also requires it as on taking a particular respective
company that is also approachable to enhance the pursuit of social and personal values that is
much more includes it in the social changes in the innovation sections and that is also relevant to
it by distinct method of main skills and ability(Kaufman, 2017). It may evaluates the segment of
on going sections and many terminology may set it or not but it depends on it.
P5: Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers.
As per studies entrepreneur characteristics are the qualities that help entrepreneur to achieve their
goals , peoples who organizes or runs their business is known as entrepreneur.
Online business owners – The person or any business owner who performs commercial activities
online for e.g e-commerce , bloggers are called online business owners.

Home – based business owners - Those peoples who runs their business from home as opposed
to office.
 Accept failure: This is the main piece of the existence everybody need to acknowledge it
and move further. Nobody get achievement in the main go each business person get
thriving in the wake of going through this stage. Chief doesn't gain from disappointments.
 Risk taking: Risk is the fundamental piece of the business, individual who take it go far.
Pioneers never delay in his life and transporter to face challenge. Supervisor never
embrace the danger since he is simply salaried representative. Administrator never starts
the danger in the association since he is simply salaried worker.
 Self assessment: Person should understand what they have or what they need to improve
to go long way.
Inventors – are those entrepreneur who builds their own idea and sell it in the market.
Small business owners - are employ less than 500 employees (Kreiser, 2019).
In most of cases entrepreneur creates their own new ideas and then bring them into actions and
preserving through challenges, all the characteristic can be cultivated through practice. To
become a successful entrepreneur these are the skills which are needed most includes, ability to
network ,self- confidence , optimism, goal mindset , persuasiveness. There are 8 traits of
successful entrepreneurs.
Strong leadership qualities – Leaders are those who values their goals over any unpleasantness.
Tom mercer company employee have a quality of good leadership, because of a its good
leadership quality it earns positive work quality and confidence among its team members.
Highly self motivated – In the context of company there employees are highly self motivated.
Which enhance their productivity and efficiency towards their work. There employees are
very passionate about their ideas and goals.
Strong sense of basic ethics and integrity - Business is sustainable, peoples do maintain their
highest standards of integrity to achieve a successful sustainable business. In context
company their employees have good ethical values and integrity which makes them more
passionate towards the company.
Competitive spirit – always entrepreneur enjoys challenges and they likes to win, starting a
business is the biggest challenge for them. In the relevance of tom mercer their employees
have competitive spirit to win and grow their business in a effective manner.

The major skills that are founded in any entrepreneur is willing to learn. As entrepreneur is the
one who is always eager to learn new skills and knowledge (Manimala, Thomas, 2017).
Education is more important I modern days as it helps the person in keeping positive attitude
towards other person. Then next ability is to be creative. Entrepreneur must be creative and bring
new ideas and techniques. Another is assertiveness and confidence, person should have
confidence in him to perform business activities and at the time of making decisions. While
communicating with any other person, entrepreneur must know when to stop and assert his
opinions and beliefs. He should listen to other as well (Petrakis, 2020) . Then another skills that
needs to be in him is that he should be observer. Entrepreneur should observe what all employees
are doing what not. So mangers are different from entrepreneur because their responsibility is to
manage and recruit employees but entrepreneur needs to be a risk taker and innovative. Tom
mercer has following such qualities as he is innovative and risk taken and also take feedback
from other employees and workers working in the organisation.
P6: Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mindset.
Entrepreneurs are goal driven, they focus on goals which they need to achieve and they
are confident, passionate enough for their work .They developed the skills what makes them
different from other managers in the organisation. Some personal traits and skills are illustrated
below what makes them different and feel them motivated to focus on their work :
 Creative: Entrepreneurs are quite creative as they have innovative and unique
ideas to use in their business. New experience and facing them can give
opportunity to entrepreneurs to expand and grow their business more.
 Risk-taker: High risk leads to high reward,. This motivates entrepreneur to take
risk to earn.
Entrepreneurs are goal driven, they focus on goals which they need to achieve and they are
confident, passionate enough for their work .They developed the skills what makes them
different from other managers in the organisation. Some personal traits and skills are illustrated
below what makes them different and feel them motivated to focus on their work :

 Creative: Enough rearwards or profit for the same. If an entrepreneur has a great
idea which benefits them, then for that they need to first research on it measure all
its aspects and then bear risk by taking a step forward to implement for the
success(Rey-Martí, 2016).
 Focused: Entrepreneurs are focused to all the responsibilities they have. They
have the ability to focus on each and every situation and avoid distractions, so that
they may focus to the current scenario which the organisation is facing and try to
resolve it,have focus to their mission and vision and they always struck on the
track they are moving (Wang, Liu, eds., 2016) .
 Open minded: Entrepreneur are open minded as they consider all the perspective
they listen to everyone's idea which help them to reach at next level of success.
Though entrepreneurs are flexible enough that they can work according to their
preferences. But apart from this there are several consequences like background, lifestyle, caste
religion, education etc. on which growth and downfall of entrepreneurship usually depends on
can foster or hinder the entrepreneurship. Some of the important factors are listed below:
 National Culture: If a nation does not allow entrepreneurs to carry on
entrepreneurial activity and does not provide them supporting condition than,it
can affect and became a hindrance for entrepreneurship.
 Character traits: It is necessary in entrepreneurship to have some traits and
characteristics of entrepreneur in an individual for successful entrepreneur. If
someone lacks in such skills and abilities,then motivation can be provided to them
so that they can develop the required skills and traits is them and that can give
them an opportunity to became entrepreneurs in near future who are capable to
face difficult situations.
 Economic condition: An entrepreneurship can be fostered, if the nation helps
them by providing them better infrastructure,manpower, provide funds for capital
and other required resources so that they can start their new business.
 Education: In respect to entrepreneurship,providing entrepreneurship education
can lead to better understanding of both the benefit and significances of
entrepreneurship so this can help an individual to gain more knowledge and

experience regarding and found valuable to became a successful
entrepreneur(Welter, Gartner,eds, 2016) .
P7: Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship
There are various factors which influence the decision to start up the new business. Factors
like idea, culture, locality, technology, staff, capital etc. are kept in consideration before
starting a business do that an entrepreneur first analyse all the factors and take proper
decision so that it may not hinder the working of the business later on.
Business visionary's experience impedes and encourages the business execution from
multiple points of view. What's more, better capability assists financial specialist with having all
hypothetical ideas that he can execute in the changing environmental factors of the business.
Moreover, aside from training, relationship building abilities, and so on cultivated the business
visionary to work adequately. On the opposite side, neediness, absence of information, and so on
prevented the money manager to snatch openings accessible in the business because of absence
of capital. Besides, it additionally stops business visionary to handle with dangers from
contenders. So here are some factors listed below, which entrepreneur needs to consider before
starting a new business:
 Business idea: Idea is a thought about how to do something . So this is the major
factor that influences the decision(Zacca, Dayan, 2017). An entrepreneur need to
have some innovative unique idea to start a business which could be practically
possible to do and make them capable to to stay in the competition and survive in
the competitive market. An innovative idea helps entrepreneur to offer that
product or quality service to others which is never done before and can gain
market attention.
 Knowledge and Expertise: Knowledge and expertise in the required sector is
necessary to start a new business, so that entrepreneur can understand the positive
and negative aspects of everything relate to business plan. Before starting an
entrepreneur needs to gain as much knowledge and expertise so that it can be used
when there is necessity. This required a lot of research & planning so that up to

date knowledge should be there and at last all these efforts can lead to the
conclusion and help to make corrective decision.
 Market demand: An entrepreneur needs to explore the market,analyse what trend
is going on or what customers are demanding for, so that they get an opportunity
to provide that required services or product to them and it can help the business to
grow faster. For this,they also need to analyse their competitors. understand what
they are producing which makes them different from other understanding their
marketing and pricing strategies, unique selling prepositions, their strength and
weakness too. For all these,an entrepreneur need to do market study and market
surveys to check if this business idea is suitable and can help to gain market share
growth.
 Location: Selecting a good location to operate the business is the major decision
which can influence the decision. It may differs from the size and type of business
Like, if an entrepreneur wants to start a retail business then a porch area will be
best suited as it is accessible to reach to the potential customers.
Similarly, offices can be established in areas where corporate surrounding is more, and can get
required facility like transportation, security etc.
 Capital and finance: Money is the main source on which business can operate.
Financing is the important and biggest factor that can influence new business For this an
entrepreneur need to required fund as per the size of business. For large size entrepreneurs needs
to borrow fund from different sources at to buy fixed assets, at medium and small size l loans
and personal savings can be sufficient at initial stages to invest and carry on the business
activity.

CONCLUSION
From the above report it has been determined that to be adequately sustainable with
business that practices as per the frequent ratio that manages the management. The importance of
entrepreneurship and innovation that are also mentioned in the companies that are frequently
changes as how it deal with services and products that relates their goods. The small or large
scale enterprise can also innovative and creative as it may established their brand's goodwill by
investing their time and money as to ensures it the companies values. To contribute the changes
in the form of practices to their innovation in the small or larger scale of industry.

REFERENCES
Books and Journals
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