Entrepreneurship & Small Business Management

This document discusses the different types of entrepreneurial ventures and typology of entrepreneurship, the impact of micro and small businesses on the economy, and the characteristics and skills of successful entrepreneurs. It also explores the similarities and differences between entrepreneurial ventures and the importance of small businesses and business start-ups in the growth of the social economy.

Entrepreneurship & 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...............................................................................................................................................6
P3 Interpretation of statistics for showing impact of micro and small business on the economy
.....................................................................................................................................................6
P4 Importance of small businesses and business starts-ups in growth of social economy.........7
Task 3...............................................................................................................................................8
P5. Determine the characteristics traits and skills of successful entrepreneur that differentiate
them from other business manager.............................................................................................8
P6. Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
mind set.....................................................................................................................................10
Task 4.............................................................................................................................................11
P7. Examine by using relevant examples how background and experiences can hinder or
foster entrepreneurship..............................................................................................................11
Conclusion.....................................................................................................................................12
REFRENCES.................................................................................................................................14

INTRODUCTION
Entrepreneurs are the person’s helps in forming of new ideas which makes new business
opportunity developed. Their main focus is upon demands and needs of customer with profit
generating sources. They are known as backbone of economy of an country as there contribution
is towards economy. Also in the report explanation upon importance in small businesses with
start ups growth of social economy is been discussed with skills and traits of an successful
entrepreneurs. In the end of report different aspects in relation to entrepreneurial aspects
personality reflect entrepreneurial motivation and mind-set along with how background and
experience can hinder or foster entrepreneurship has to be explained.
Task 1
P1 Different types of entrepreneurial ventures and typology of entrepreneurship
Entrepreneurship considered to be that kind of process which makes establishment through
accepting risk in relation over generating profit(Ratten, 2016). In this main motive is to earn
profit. Different kinds of Entrepreneurial Ventures has been discussed as follows:
Small Scale Entrepreneurship
Large Scale Entrepreneurship
Scalable Entrepreneurship
Social Entrepreneurship
Small Scale Entrepreneurship: In this small scale businesses is been run that is owned by
only one person who is known as Sole proprietor. In this kind of enterprise scales of operations is
smaller in nature. Examples of such businesses are small stores, agents of property dealing and
daily wage labours. Small businesses make innovation through creativity to be formed with the
aim to perform welfare of society.
Large Scale Entrepreneurship: These kinds of businesses have different operations
performed at the same time. There is increase in infrastructure and work in relation to job
creation opportunity. Further large scale organizations perform various kinds of small projects
that grow for making huge profits. Main focus is upon developing of new product or service
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within market to develop strong customer’s base with growth and evolution on time. Examples
of these businesses are Apple, Samsung, etc.
Scalable Entrepreneurship: This is basically those enterprises which bring in innovation by
idea of entrepreneur. Such organization develops innovative thoughts which bring satisfaction to
be attained in relation to customers demand. Owner of such organization makes business
enterprise over large organization through making new ideas. Example has been given a follows
Amazon and flipkart .(Ramadani and et. al., 2017).
Social Entrepreneurship: This is considered as that enterprise which mainly works upon
needs of customer and earns profit out of it. These businesses earn profit by performing
operations and using it to provide better facilities in need to carry out operations related to
enterprise. Examples of these business are Cafédirect, Hill Holt Wood, etc
All these enterprises work in a business environment which plays major role for
establishing various typologies which may affects the decision making of entrepreneur and work
for the establishment of enterprise. Some of the typologies are:
Typologies of entrepreneurship
Different kinds of typologies are included within entrepreneurship ventures in relation to
developing business in relation to make effectiveness developed. Certain typologies have been
given as follows:
Growth firms: Such kind of business has been formed for earning of maximum profit and
high revenue. Entrepreneurs in such firms makes new ideas formed which makes profit attained
by improving profit within market. Ideas majorly helps in making satisfaction achieved over
needs and requirements of customers in improving results over product and services which is
given to customers. They are covered in the category of small and large enterprises.
Lifestyle Enterprise: Under such enterprise that has been formed in improving of
standards of living at local level within an organization through functions performed. Such
enterprises lead over job opportunities for an individual of particular area. Such businesses are
covered under social venture (Pham, 2018).
Also these topologies helps entrepreneurial venture to analyse market which makes
customers needs and living style understood in more effective manner. Further the topologies
have made entrepreneurial ventures to put maximum effort which makes profit with revenue
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generation possible. It makes operations and process of different venture conducted in smooth
manner.
P2 Similarities and differences between entrepreneurial ventures
Basis Small business Large company Social
entrepreneurship
Scale In this all the operations
is been done over
operating small scale
activities related to small
level. Investment made
is also small. Under it
low investment capacity
is there.
Business do operations at
large scale and investment
is large which makes higher
money to be attained for
smooth running of business.
Organization of this
kind works at local
level and maintains
safety of people in
particular society.
Purpose Major focus is upon
earning bread and butter
for increasing its
popularity in particular
market (Niosi, 2018).
These organization is been
formed over earning lot of
money which makes
innovative ideas and
innovation to be formed.
These are formed for
the upliftment of
local people so that
the living standard
of the local people
can be improved.
Characteristics Under the business
resource requirement is
very less to run a
business. Government
interference is also very
low.
This business involves high
amount of investment to be
made within it. Interference
is there of government by
making operations
performed more easily.
Such firm is
required when
money is been
provided by
government through
welfare and
operation to be
done.
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M1: Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding of
entrepreneurship in both the public and corporate sector
Both public and corporate sectors is filled with various kinds of organization that is
small, medium and large. Entrepreneurs helps both corporate and public sector to search for
innovative ideas and new ways to do business
D1: Critically examine the scope, development and growth of entrepreneurial ventures.
Entrepreneurial ventures has been developing itself at faster rate and covers wider scope in
market. They have contributed towards development and of economy by generating profit and
revenue for it. These organization develop with the fluctuations existing in an economy and
knows economy better than other organization. It has formed a framework to provide base for a
business to grow.
Task 2
P3 Interpretation of statistics for showing impact of micro and small business on the economy
Small businesses has helped UK's economy shaped: While economy has to be shaped
small business makes contribution, Ration is first metrics which strikes within mind. Small
businesses is been defined in UK as those 250 employees has turnover that is less then 50
million. In today's scenario 99% of SMEs operates operating in UK is been suffering from both
success and failure within the economy. Small business growth affects the UK economy- The
growth of small businesses makes expansion over enterprises through well-employment rates
and higher records. In this 50% of small business enterprises, expand their operations.
Businesses are positively responding in the economy.
 Expanding with innovation within global market through uplifting productivity within
UK. This is mainly based over exporting plans.
 Global activities and small enterprises develop innovation in its product and services by
focusing over domestic plan (Ndoro, Louw and Kanyangale, 2019).
 Its has been observed that from one business organization form five is exporter in small
businesses. This made estimation that non -exporters in UK is nine and twelve percent
can become exporters.
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 In UK small business enterprise has less growth which is mentioned in economy.
Entrepreneurship at global level monitors growth of SMEs which is 17% to 27% percent
within UK in comparison with US.
 Small Business Enterprises adopts with ease in economy due to its enterprises deals with
the demands of customer which is present within local authority. Small businesses is able
to survive recession period.
 Small Business Enterprises makes competition healthy in market through its innovative
ideas across various industries,. This increases skill and capability through its dynamic
nature. Entrepreneur makes identification and setting up new SMEs in new market
possible.
 Such businesses has been facing problem of bankruptcy only when product and services
of SME is not going up to mark which makes them leave market.
 These organization also faces taxation issues as policies related to tax formed by
government impacts profit and revenue generation.
 SMEs requires supportive environment to grow within market. Due to instability which is
related to strict rules and regulation leads upon making market survival possible in
market.
 These enterprises is dependent over making innovation upon surviving through making
focus which involves both uncertainty and confusion. At times innovation lead upon
making survival possible in market.
 Small business enterprise has important role over making services to be provided within
trade industry (Nassif, Armando and Lopes La Falce, 2020).
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P4 Importance of small businesses and business starts-ups in growth of social economy
Small businesses and business start-ups is very important for making growth in relation
to economy possible. They are backbone of economy in small businesses and start-up has
important role to play within economy for its growth. Also it makes opportunities in relation to
employment generated.
Employment opportunities: Small businesses and start-ups makes job creation possible by
hiring people to work. Small businesses has made lot of contribution within economy which
brings employment growth and innovation possible. Different corporations is dependent over
small business which makes job opportunities by reduction within percentage of unemployment.
Due to this skills and knowledge enhancement through efficiency. It makes better environment to
be formed which makes job opportunities generated in each department.
Contributing to local government: These organization sell its product to customers which
make purchase of its products and in return gives money to community. In this small business
start-ups generate high revenue with profit over tax percentage. It helps in improvising of GDP
by paying taxes to government in the form of GST, property taxes, income taxes etc.
Innovation: This is main factor which makes development of economy possible. Small
businesses and start-ups with the help of innovative ideas through making commercialization of
technology possible. Under its contribution is been made over developing different technologies.
Innovation has helped in enhancing productivity for making start-ups development possible.
Also it made economy growth over new techniques with new ideas. Further important role
within economy of state through making product produced with quality possible.
Living standards: Small business and job -creation helps in improving of living standards
through making growth with innovation possible. This makes money objectives to be fulfilled
with needs. Money fluctuation within market through dealing in positive manner. Job
opportunities increasing the living standards.
Small businesses and start-ups increases salary which makes living standards to be improved in
more efficient way(McKeown, 2017).
D2: Critically examine how small businesses have an impact on different levels of the economy
(local, regional, national) and in an international context.
Small businesses has been affecting various levels of economy in both positive and negative
manner. Local level these organizations helps in forming base and generating jobs. Regional
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context it makes upliftimnet of job opportunities. At national level it boosts economy of a
country by making it stable
Task 3.
P5. Determine the characteristics traits and skills of successful entrepreneur that differentiate
them from other business manager.
All business entrepreneurship is been regulated through making entrepreneur and
attaining success with the help of skills and characteristics developed in creating innovation
professionalism for an business entrepreneur. This makes implementing of various kinds of
attributes through measuring for making them enhanced within difference form business
manager.
Further in the following discussion two entrepreneur from United Kingdom is been discussed in
relation to skills, traits and characteristic as follows:
Elizabeth Gooch: She is an British entrepreneur and is related to television personally that
makes better interest with new technology and different services. She is one of the most
popular entrepreneur who has provided consultation for various kinds of problems that made
Physiological solutions found for mental problems.
Tom Mercer: He is related to business management and is and philanthropist. Also founder of
Virgin group which has 400 companies under it which is related to different fields. The
organization was found in the year 1970. He is one of the most successful entrepreneur that
is existing in UK.
Traits and Characteristics
Tom Mercer:
Traits:
Vision: Successful entrepreneur which includes clarity over vision for enhancing activities which
makes activities in easy manner. In this main focus is upon achieving of goals and objectives
through increasing of market position. So, Tom Mercerdevelop vision which makes success
to be attained in relation to business environment.
Passion: The trait of an individual in relation to business activities should be positive. Tom
Mercermakes hard work and contribution over working. This has made visions to be
achieved through its accomplishment.
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Characteristics:
Being Motivated: Various entrepreneur makes motivation to be em banded within there nature
for which long investment is been done for making business activities regulated in
successful way. Such characteristics is there within due to his motivation level as an
television entrepreneur (Kuratko and Morris, 2018).
Decision making: In this ability should be adopted for creating of various strategies when the re
is any kind of complex situation occurred in an organization. This enhance decision making
in relation to individual entrepreneur. Perter is always keen for following effectiveness in
taking decision in relation to investment with related activities.
Skills:
Effective Communication: As one persons wants to become successful entrepreneur should
develop skills which enhances communication that has to be focused over. For example
Tom Merceris one of the most successful entrepreneur n United Kingdom. This has been
achieved through communication.
Focus: According to this path of entrepreneurship is faces ups and down in which effective
entrepreneur is always goal oriented as well as having high focuses towards their business to
accomplishment. Similarly, Tom Merceris always in focuses terminology to become one of
better entrepreneur.
Elizabeth Gooch
Traits:
Willingness to work hard: In order to become effective entrepreneur lot of hard work is required
to be done. This makes strategies formed in a way that it leads towards growth of an
organization positive manner. Richards has been able to take various decisions which made
dealing with difficult situation possible. It has influenced business in more successful
manner.
Confidence: As to being successful entrepreneur it must have confidence to approach better
business opportunity. They enhance to believe in the ability on the idea which they
implement.
Characteristic:
Passion: This is one of the most important characteristics of an entrepreneur upon business
characteristics which has made ability upon making motivation which makes success to be
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attained in more effective way. It has been followed by Elizabeth Goochthat has made
technology, business and purpose with passion followed which made effectiveness attained.
Decision making : The ability has been making capacity over developing quick decision making
in relation to solution that is attained. Elizabeth Goochmakes better decision in effective
way developed (Jena, 2020).
Skills
Adaptability or ability of learning: It is one of the most important skill which makes knowledge
to be developed with new and latest trends in an entrepreneurship. Gooch has made
business advance through learning various new things in relation to it.
P6. Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation mind
set.
In this entrepreneurial personality that is important for measuring which leads over developing of
motivation with correct mind set. Entrepreneur personality is one of the most important
thing which develop multidimensionality within an entrepreneur that leads over making
goals and objectives achieved. It contains 5 major personality which reflect one of two
personality of above two entrepreneurs such as :
Openness: This is the result of curiosity and anxiety with pen mindedness that makes new
experiences through knowledge. For example: Tom Mercerhas very open minded
personality which has made viewpoint adopted over aspects with both personal and
professional development
Conscientiousness: This has made various things to be explained which makes corporate
tendency to be developed which makes goals accomplished in proper manner.
Agreeableness: In this persons manage work by making coordination done with better approach
to be developed (Ferreira and et. al. 2017).
Extroversion: In this traits of Personality is been involved which makes interaction possible to
get positivity gained. Under it example of Elizabeth Goochis been given and has been
proven most influential personality through experiences and business related quote. This
made him extroverts develop in his personality.
Neuroticism: As per this emotions, feelings and mutual understanding is developed. This is one
of the most important term within entrepreneurship by making emotional stability destoryed
that makes negativity developed.
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M3. Explore and examine different lines of argument relating to entrepreneurial characteristics.
Through different line of argument in both entrepreneurial which enables that shows their
quality of approach their target enhanced in better outcomes and having desire to become
effective entrepreneurial. Different entrepreneurial personality having different skills and traits
that propounded individual goals and objectives highlight which helps to successfully achieve
their vision in effective manner.
D3. Analyse the characteristic traits, skills and motivational drivers of successful entrepreneurs,
supported by specific examples.
To having significant skills, characteristic, motivational drivers becomes to successful
entrepreneur. For example: Elizabeth Gooch and Tom Mercerare two different personality where
they adopted like Peter Jones is having creativity and vision that makes him more influence
personality.
Task 4
P7. Examine by using relevant examples how background and experiences can hinder or foster
entrepreneurship.
There are various kinds of examples that has been given in relation to approach upon
entrepreneurship information:
Domestic Entrepreneurship: Entrepreneurship makes business which has been regulated over
making residence within local area. For example: Background: Tom Mercerwas born on 18
March 1966, he completed his schooling from Desbourg School. His spouse name is
Caroline (Dana, 2017).
Experiences: He has his own business which is related to make personal computers of his own
brand at the age of 16. Also faced a loss of 200,000 pounds which has decided for
developing of venture like IBM. In this mid- twenties has opened bar and become famous
through doing promotion within Hollywood moveis. Jones Tries has founded to make
ventures developed named as Wine4Business.com. This is related over making online
retailing through delivery by making it collapse over financial reasons.
International Entrepreneurship: According to it various business entrepreneurs makes
expansion upon making market share developed. For Example: Bill Gates:
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Background: Bill gates was born on 28 October, 1955. He is one of the most important pillar in
the lien of software developer and philanthropis. Also he founded Microsoft Corporation
for this lot of struggle has been done by him for years and days. He was having vision for
become a successfully entrepreneur in software industry. During his starting time he
obsessed with software and technology it was achieved by exploring and innovation formed
within it.
Experience: Gates was able to achieve vision on January 1975 with the help of popular
electronic by making demonstration of Altair 8800. After one year Microsoft was found n
United States of America. Also he has got offer from various big organizations in area of
research but because of his vision he was not accepted.
Social Entrepreneurship: As per this entrepreneurship business makes motivation and money
which helps in gaining motivation through development towards society in more effective
manner. For Example: Nick Hurd : Background : Nick GoochHurd was born on 13th May
1962, he is an British social and politician who served as Minister for London in United
Kingdom till from 2018-2019 (Collins and et. al., 2017)
Experience : Nick presumed his working as a climatic change Convenor for making
development in UK environmental society. He was participating in making social cause
achieved through non -profit motive. He got success to be attained after election and when
he become social cause minister in year of 2011-2015.
M4 Analyse the link between entrepreneurial characteristics and the influence of personal
background and experience to specific successful entrepreneurs.
By analysing between two entrepreneurs adopted for measuring their ability and journey
of Elizabeth Gooch and Tom Mercer. As per these two entrepreneur characteristic and skills
with experience along with background creates an impact in their career..
D4. Critically evaluate how background and experience influences entrepreneurs, both positively
and negatively, by comparing and contrasting examples.
The Background and experiences that influences to entrepreneurs in various situational
based manner. For Example: As above Elizabeth Gooch and Tom Mercerwere two different
entities in entrepreneurship which involves their background in terms of family and school
education related.
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Conclusion
From the above discussion it can be marked out that entrepreneur are the persons which
has capacity to use innovation in there ideas over satisfaction on customers achieved. There are
different type of ventures that is small, large or social enterprise. It is dependent upon topological
area, geography for developing entrepreneurship. In this small business and start-ups is been
making job generation, profit, revenue and various other things. This has helped in uplifting of
standards in life of people within society. Various firms and start-up made skills, characteristics
and traits developed of entrepreneur to make success and growth attained within business.
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