Entrepreneurship Small Business Management : Sample Assignment

Entrepreneurship Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1: Entrepreneurial venture and their relation to the typology of entrepreneurship...................1
P2. Distinction with similarities among ventures of entrepreneurship.......................................3
M1. Distinct entrepreneurial venture ranges for understanding entrepreneurship in various
sectors..........................................................................................................................................6
D1. Growth, development addition to scope of ventures of entrepreneurs. ...............................6
TASK 2............................................................................................................................................6
P3. Data interpretation showing impacts of small businesses on economy. ..............................6
P4. Importance of business start ups with small businesses on social economic growth...........8
M2. Differences between various businesses..............................................................................9
D2. Small businesses impacts on distinct economic levels.........................................................9
TASK 3............................................................................................................................................9
P5:Determine the characteristic traits and skills of successful entrepreneurs.............................9
P6:Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mindset...............................................................................................................................10
TASK 4..........................................................................................................................................12
P7: Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship........................................................................................................................12
CONCLUSION..............................................................................................................................13
.......................................................................................................................................................14

INTRODUCTION
Entrepreneurship is the term which is refers to as the willingness of a person to start a
new firms by bearing all the risks associate with the operating of the association so that the profit
can be earned in a increased manner. This is also coined as the process which examines how the
new ventures are created and exact procedure to initiate the firm. The factor of entrepreneurship
plays a crucial role in the matter of economic development at all level considering national,
regional and local market. This written document will focus on the covering of different topics
such as different entrepreneurial ventures and its typologies along with the impact of all the
small business on the development of the economy. Furthermore different factors of the
environment which influences the performance of the entrepreneurship will also be mentioned
here(Sahut and Peris-Ortiz, 2014).
TASK 1
P1: Entrepreneurial venture and their relation to the typology of entrepreneurship.
Entrepreneurs: Entrepreneurs are the person who takes initiate to starts their own new
venture by grasping the opportunity prevailing in the market so that sufficient amount of profit
can be earned.
Enterprise: An enterprise is refers to as the business or a new venture where all the
activities like production , manufacturing and other operation are performed in regard to gain
monetary value.
Entrepreneurial venture: these are those which are owned and managed by diverse
entrepreneurs who are engaged in the business to render their customers with the valuable
products as per their requirements. Below mentioned are the different entrepreneurial
ventures:
Small businesses entrepreneurship: This entrepreneurial ventures is the one where the
business is carried out at small scale by the involvement of the personnel who has been hired
from the local market . So that the operation can be performed in the best possible manner
through the scare resources available within. Some form of these small business are plumbers,
grocery stores, carpenters etc(Shaw, 2014).
Scale start-up entrepreneurship: This type of the entrepreneurial venture is the one
which operates business with the objective to alter the country. In this, the entrepreneurs are

required to have a great amount of finance for which they try to influence investors to invest
within the business. In order to perform the business activity the hiring of most suitable
candidate with required skill is done. Example of the scale start up business is e-commerce
business which is online shopping.
Large company entrepreneurship: These business are those which achieves
development through encouraging advancement and innovation together with supplying new
offerings which have variations of prime products. The size along with culture of big ventures
brings about difficult innovations that are hard to actualize. For instance, in present market
different huge organization business are Zappos, Yahoo, SquareSpace, Google, Facebook and
Adobe.
Social business entrepreneurship: Enterprises that have focus on the production of the
items and commodities which resolve issues along with their expectation and demands. Rather
than achieving the higher revenue these business have focused mainly on the level of creativity
which gives the business with better results. For instance: Bill drayton, Scott Harrison, Shiza
Shahid etc. are some entrepreneurs in the social businesses(Smallbone, Welter and Ateljevic,
2014).
Entrepreneurial venture typologies
In straightforward terms, typologies are those which focuses on the investigation of
models, images expansion to logos. It is likewise said to gathering of material belonging
according to structure, style and plan. There are different enterprising typologies having
interrelation to entrepreneurs business. Some of them are as talked about:
Serial entrepreneur typology: This typology of the entrepreneurs is one where the
business person come up with certain new way, creativity and thought in order to initiate a new
business venture. These entrepreneurs fosters amount of capability I regard to develop new
venture by posing different skills such as time management, communication so that targeted
goals can be achieve. Scale start-up business falls under such typology as the business people
have new developments and energy to change the topographic focuses with new creations.
Social entrepreneur typology: In this, business persons runs and oversees ventures for
resolving social issues addition to get rid of errors affecting social changes. Social business
enterprise adventure is firmly related with particular typology as these business person have

abilities to understand social issues and produces those commodities which reduces the social
issues related to social changes.
Female entrepreneur typology: These businesses are managed and controlled wholly by
the females entrepreneurs. In context to this, Social entrepreneurship venture is
interconnected to these typology as this is seem that females are more solitaires in examining the
requirement of the public and solving of issues. They decently understands all issues and form
conclusion accordingly that provide advantageous results from the solution of the
issues(Thomason, Simendinger and Kiernan, 2013).
Male entrepreneur typology: these entrepreneurs typology is the one which does not
give emphasis on the involvement of the female as here power to perform all the business
activity is in hands of the male entrepreneurs. Both the type of business such as small and large
considers these typology as they believe that male entrepreneurs are more responsible in
comparison to female and can form better ways to perform the task .
P2. Distinction with similarities among ventures of entrepreneurship.
Differences among various entrepreneurial ventures:
Basis of
differences
Small businesses
entrepreneurship
Scale startup
entrepreneurship
Large company
entrepreneurship
Social
entrepreneurship
ventures
Meaning Herein this
entrepreneurship
ventures, the new
business is
operated with the
scarce amount of
resources and
technology.
In scale startup
entrepreneurship,
execution of the
diverse form of
tactics, plans and
skills along with
different
programmes are
performed in
regard to enhance
the position of the
world to extreme
Large company
entrepreneurial
ventures are those
which are more
focused about
dealing with the
situation related to
the rapid
fluctuation in the
customers demand
and desire in
related to their
In social
entrepreneurship
ventures, the
activities are
performed in such
a manner so that it
can lead to the
ultimate
enhancement of the
society along with
the members
within the society.

typographic point. taste and the trends
which is prevailing
in the market
place.
Purpose of
existence
The main purpose
behind operating
of these business
ventures is
achieve as
sustainable
livelihood.
The purpose of
existence of scale
start-ups ventures
is to pool large
amount of
investors who can
invest within the
business.
Large company
ventures survive
with intent to gain
much amount of
profits by
delivering the
customers with the
expected quality of
products and
technology so that
their ultimate
needs get fulfilled.
Social
entrepreneurship
ventures are those
which operates
business in regard
to overcome all the
issues and
challenges related
social changes.
Key
attributes
 Operates
well with
the limited
resources.
 Mainly
improve
their
business
performan
ce in small
areas(Van
evenhoven
and
Liguori,
 Pull
undertakin
g superiors.
 The main
concern
within this
is to
enhance
the
performanc
e of nation
so that it
can be
easily
 Perform
business
operations
with
restricted
procedures.
 Production
of the
products
are done
with the
large and
bulk
quantity.
 Requires
sufficient
amount of
personnel
who can
carry out
business
operation.
 Mainly
focuses on
the
resolution
of all social
challenges.

2013). transform
to a
universe.
Similarities among distinct entrepreneurial ventures:
 Each undertaking under the business environment have to undergo an issue related to the
fluctuation in the taste and preferences, trends, investment requirements along with the
uncertainty in the business situations.
 Every entrepreneurs operates their firm with the purpose. Each entrepreneurial venture operates their business in regard to develop and enhanced
the economy of the nations.
Differences and similarities among lifestyle with serial entrepreneur ventures
Differences:
 Lifestyle entrepreneurial ventures are operating their association with the aim to
enhance the lifestyle regardless earning of the revenues where as the social of
serial entrepreneurs are operating with the aim to establish a new enterprise with
the aim of earning a profit(Down, 2010).
Similarities:
Lifestyle and serial entrepreneurs are those which work with the similar purpose to
enhance the economic condition and position so that they contribution towards the enhancement
of nation can be done in a appropriate manner.
Differences addition to similarities between male with female entrepreneur ventures
Differences:
Make entrepreneurs are the one which is wholly controlled and managed by the male
where there is no involvement of the female staff whereas the female entrepreneurs are the one
who control and form decision regarding their business of own. Male entrepreneurs are the one
who can control the business in a effective manner but in the female entrepreneurs they foster
better patience level as compared to male.
Similarities:

The main focus of both the entrepreneurs is to earn more livelihood and increase their
own brand image.
M1. Distinct entrepreneurial venture ranges for understanding entrepreneurship in various
sectors.
The term enterprise is additionally bifurcated into various areas as indicated by business
purposes. For all business person , it is extremely important to dispatch advancements together
with looking after gainfulness. For example, open part includes public endeavours that capacities
to convey various open administrations. On other hand, corporate or private part incorporates
uncountable private undertakings together with business houses. A portion of the business that
capacities inside enterprising undertaking are said to enormous organization, independent
venture and social business. These enterprise executes functionalities inside public alongside
private sectors so to create offices including framework and business that outcomes in generally
development of the country(Galloway, Kapasi and Sang, 2015).
D1. Growth, development addition to scope of ventures of entrepreneurs.
All these entrepreneurial business are executing standard tasks according to the set angles
which advantages them to accomplishing development. Because of creating interest of
individuals in making more finance in organizations just as getting opportunities to introduce
new business in spite of working for others brings about development and advancement of scale
new companies together with independent company adventures. Both the businesses covers
interminable business exercises and requires restricted assets in execution upgrading their
extension. What's more, these organizations records estimated 55% incomes which deciphers
their improvement right way. In opposite, social business adventures likewise gives work offices
to around 1.44 million possibility for explaining social necessities which brought about
improving expectations for everyday comforts just as improved framework offices that shows the
development of adventure with broadened scope so to achieve huge development.
TASK 2
P3. Data interpretation showing impacts of small businesses on economy.
Small and micro business within the economy has their own importance in the enhancement of
the economy as both of these businesses operate their operations by rendering the certain
opportunities in front of the growth of the nation such as providing the opportunity to the public

for jobs, encouraging creativity and innovation,creating financial independence. In regard to
understand this in detail some major key points are as written under:
Small business: Small business are those which are operating their firm with the
employing of 5o employees. These business generally earn the annual income up to the amount
of £5 million. Due to the lsee amount of capital investment within the business , small
entrepreneurs covers very less section of the market share(George and Bock, 2011).
Medium business: These business are operating their firm with the earning of the annual
income of £22 million with the support of their employees who are approximately 250 in number
which much more in comparison to the small business so that a greater amount of the market
share can be covered within a short duration of time.
Large business: large businesses are the type of the ventures which cover large market
share and operates their business across the world so that easily the target standrd to gain a more
success position in the market place in comparison to other multinational firms can be achieve.
As per the above mentioned graph in can easily inferred that small business are
successfully covering and contributing much more than towards the enhancement of the
economy in comparison to the medium and large businesses. This can be clearly seen from the
above graph that the percentage which the small business hold if 48% in providing the economy
with job opportunity, 99.3% in rendering services to the nations. On the other hand, the medium

and large ventures contributing 12% and 40% in job opportunities and 0.6% and 0.1% in
business(Kuratko, 2016).
Characteristics of various businesses:
Private: These are those ventures which are run in a private manner by the single person
withiout any control of the higher authority. These firm are operating their business with the
purpose og earning higher revenues. This comprises of various characteristics such as limited
liablility, seperate legal entity and many other.
Sole properitorship: Herein the business is run, managed and is controlled by a single
entity who operates the business in regard to earn profit and bear all the risks associated with the
operating of the firm. Different characteristics of these are sole management, unlimited liablity,
freedom etc.
Partnership: Partnership is the firm in which two or more individual come together with
the purpose to operate business and share their all the liabilities and profits.characteristic of these
ventures are profit sharing, aggrements.
P4. Importance of business start ups with small businesses on social economic growth.
Social economy are those which comprises of the various forms of the business. For
example: For example, mutuals as well as asssociations. In order for the developement of the
social economy small and start up business plays their essential role. Brexit is known as British
Exit which lefts the economy with the situation where their were no involvement of the
European Union. This effect of the Brexit has rnder a beneficial and certain amount of the
chances to small and medium size entreprises in sustaining and running their business with
proper growth and developement. These business also have got the most advantageous benefits
from the BREXIT as this has reduce their subsidies due to which the company can easily enjoy
the taxation benefits(Rauch and Hulsink, 2015) . On the other side certain disadvantage and
threat which occurs in front of the business due to Brexit were huge competition from the
international firms which affected the firm operating domestically.As it reduced finances and
shaken budget along with status quo within UK economy which result in less amount of growth
and developement of such businesses.
Small businesses are owned and managed by single entity in an independent manner so
that daily livelihood can be earned but the start up businesses are the type of temporary firm

which operates with the purpose to earn higher profit margin. Below mentioned are the
importance of these businesses:
Contributes in innovation: both these form amalli and start up are those which operates
their business with the new ideas so that due to this large customers towards the business
products get attracted and their ultimate need can be served in the full manner. Innovation within
the busines and its products can lead to the increment of the living standard of the society.in
regard to this contribution of innovation bring various international business to investe and
operates businesses within the economy so that it can indirectly lead to social economic growth.
M2. Differences between various businesses.
According to the above mentioned chart it can easily summarised that the businesses such
as small, medium and large contribute significantly towards the social economic growth.
Looking at the graph it can be seen that small business contribute 48% in employement,
generates 33% turnover and 99.3% in other ventures. On the other side medium sized entrprises
contributes 12 in job opportunities,generates 14% turnover and delivers 0.6% in other
entreprises. In contary, large businesses contributes 40% in employment and 53% turnover so to
accomplish the urpose of the growth and enhancement of the economy(Fatoki, 2014).
D2. Small businesses impacts on distinct economic levels.
Small business enterprise are those which poster their importance in each and every
market either it be a local, regional or national level. In the case of the local level they reneder
their 48% towards the employess job opportunities and healtheir life. As forming entrisprises at
local areas are very quick and easy which enables the public to established these business in rural
of the backward areas. This also renders the economy with providing job opportunities to the
various individual which will indirectly leads to the increment in the level of the nartional
income. At regional level these provides various job opportunity which indirectly leads to the
economy growth and developement. As these businesses only earns restricted revenues, so they
makes minimal or low contributions on national level development of economy(Akehurst,
Simarro and Mas‐Tur, 2012).

TASK 3
P5:Determine the characteristic traits and skills of successful entrepreneurs.
P6:Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mindset
(Covered in PPT)
TASK 4
P7: Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship
(COVERED IN PPT)
CONCLUSION
From the above mentioned report it can be concluded that entrepreneurship with the
creative mindset are very must essential for the development of the economy at all the levels
weather it be a national or a international level. There are various form of entrepreneurs which
leads the economy to the stage of a sustainable growth. These analytical data of the small and
medium sized organisation also operates the business which directly contribute to the overall
development of the economy in the competitive market.

REFERENCES
Books and journals
Sahut, J. M. and Peris-Ortiz, M., 2014. Small business, innovation, and entrepreneurship. Small
Business Economics. 42(4). pp.663-668.
Shaw, G., 2014. Entrepreneurial cultures and small business enterprises in tourism. The Wiley
Blackwell companion to tourism. pp.120-131.
Smallbone, D., Welter, F. and Ateljevic, J., 2014. Entrepreneurship in emerging market
economies: Contemporary issues and perspectives. International Small Business
Journal. 32(2). pp.113-116.
Thomason, S. J., Simendinger, E. and Kiernan, D., 2013. Several determinants of successful
coopetition in small business. Journal of Small Business & Entrepreneurship. 26(1).
pp.15-28.
Vanevenhoven, J. and Liguori, E., 2013. The Impact of Entrepreneurship Education: Introducing
the E ntrepreneurship E ducation P roject. Journal of small business management. 51(3).
pp.315-328.
Down, S., 2010. Enterprise, Entrepreneurship and Small Business. London: Sage.
Galloway, L., Kapasi, I. and Sang, K., 2015. Entrepreneurship, leadership, and the value of
feminist approaches to understanding them. Journal of Small Business Management.
53(3). pp.683-692.
George, G. and Bock, A. J., 2011. The business model in practice and its implications for
entrepreneurship research. Entrepreneurship theory and practice. 35(1). pp.83-111.
Kuratko, D. F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Rauch, A. and Hulsink, W., 2015. Putting entrepreneurship education where the intention to act
lies: An investigation into the impact of entrepreneurship education on entrepreneurial
behavior. Academy of management learning & education. 14(2). pp.187-204.
Fatoki, O., 2014. The entrepreneurial intention of undergraduate students in South Africa: The
influences of entrepreneurship education and previous work experience. Mediterranean
Journal of Social Sciences. 5(7). p.294.

Akehurst, G., Simarro, E. and Mas‐Tur, A., 2012. Women entrepreneurship in small service
firms: motivations, barriers and performance. The Service Industries Journal. 32(15).
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Audretsch, D., 2012. Entrepreneurship research. Management decision. 50(5). pp.755-764.
Online:
Various entrepreneurial ventures types. 2019. [Online]. Available through:
<https://www.efe.ph/blog/4-types-of-entrepreneurship/ >
Social entrepreneurial venture growth. 2019. [Online]. Available through:
<https://www.redbull.com/my-en/social-enterprise-stats>
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