Entrepreneurship and Small Business Management

This report covers various forms of entrepreneurial ventures, differences and similarities between them, impact of micro and small businesses on UK's economy, importance of start-ups and small businesses for development of social economy, characteristics of successful entrepreneurs and the difference of trait of entrepreneurs with business managers and the experience and background of chosen entrepreneurs.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
P1 Various forms of entrepreneurial ventures........................................................................1
P2 Differences and similarities of different kinds of entrepreneurial ventures......................2
P3 Micro and small businesses impact upon UK's economy.................................................2
P4 Small entrepreneurship and start-ups importance for social economical development....3
P5 Analyse characteristics, traits and skills of successful entrepreneurs that are different from
business managers..................................................................................................................4
P6 Analyse how entrepreneurial personality reflect entrepreneurial motivation and mindset5
P7- How background and experience can hinder or foster entrepreneurship.........................6
CONCLUSION................................................................................................................................7
References:.......................................................................................................................................8

INTRODUCTION
Entrepreneurship consist of all those activities which is required to build and business
and make it successful. In simple words it is developing and managing business and operational
activities of business (Pergelova and et. al., 2019). Whereas micro and small businesses are the
those businesses which has less number of employees and has less earning revenue than other
normal sized businesses. There are many factors which affects a small business like external
factors, internal factors, competitive factors and many others. The two famous entrepreneurs
which is taken for this report are James Dyson and Philip Green. The following report include
entrepreneurial venture and different types of their availability, differences and similarities
between different entrepreneurial ventures, impact of micro and small business on an economy,
importance of start-ups and small businesses for development of social economy, characteristics
of chosen entrepreneurs and the difference of trait of entrepreneurs with business managers and
the experience and background of chosen entrepreneurs.
MAIN BODY
P1 Various forms of entrepreneurial ventures
There are many form of entrepreneurial ventures and some of them are explained below-
Small business entrepreneurship- They are the businesses which has low earning aims
and they have small number of employees which consist less then 50 employees. Most of the
times the entrepreneur of small businesses has their family members as their employees (Pidduck
and Clark, 2021). Small businesses are conducted to fulfil the needs of family and the family
members by their small revenue earnings.
Large company entrepreneurship- These are the businesses which which has large
amount of earnings and have many employees. They survive because of their innovative ideas
and their main aim is to expand their business internationally.
Scalable start-up entrepreneurship- These are the businesses which analyse the need of
market and then produce those goods and services which will fulfil the needs and wants of
current marketing customers. They are best known for bringing the change in the market by
bringing the solution of missing opportunities for customers in the market.
Social entrepreneurship- The entrepreneurs of social entrepreneurship work for the
betterment of society. They recognize social problems and create a social value. Their customers
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are those people who are lacking behind in the society because of their low financial and
educational conditions (Mazzarol and Reboud, 2020). They work for both humans as well as to
protect the natural environment.
P2 Differences and similarities of different kinds of entrepreneurial ventures
Differences between scalable and social entrepreneurial ventures-
Basis of differences Scalable entrepreneurship Social entrepreneurship
Aim Their main aim is to fulfil the
current needs of market by
producing those goods which
are missing in the market.
Their main aim is to fulfil the
basic needs and wants of
customers who are lacking
behind in the society.
Earnings by business They work to earn profit for
them self.
They work to provide benefit
to society without seeing to
earn money by their work.
Similarities between small and large business entrepreneurship-
Basis of similarities Small entrepreneurship Large entrepreneurship
Working aim They work with the main aim
to earn money
(Sassmannshausen and
Volkmann, 2018).
They also work to earn a good
profit.
Employees These entrepreneurs have
some employees for the help in
business activities to make
their business successful.
These entrepreneurs also
assign employees for their
business success who work
together to achieve a single
aim.
P3 Micro and small businesses impact upon UK's economy
Micro and small businesses plays an important role in developing UK economy. They
provide employment to local people who are in search of work for their livelihood which
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contribute to increase the employment rate of their economy. Another benefit of micro and small
businesses on UK economy is that they work to fulfil the basic and traditional needs of the
customers like purchasing their traditional cloths, eating their famous food items and many more.
These needs can be fulfilled by small businesses. Hence, they help the economy to develop their
traditional values. Their are many SMEs in UK economy which contributed to increase in the
overall GDP of their economy. It is found that at least 48% GDP of UK economy is earned by
SMEs. Micro and small businesses also plays an important role in providing raw materials to
large companies (Akpan and Ibidunni, 2021). Hence, SMEs also plays an important role for
helping large businesses in the economy which directly contributed to increase the UK
infrastructure and living standards of their population.
From the above graph it is clear that UK is having more business types in small
businesses as compared to medium and large businesses. They provide 48% employment to their
population which is more then medium which provide 12% and large businesses which provide
40% employment.
P4 Small entrepreneurship and start-ups importance for social economical development
Start-ups and small businesses are very important for the growth of social economy in
UK. They provide employment to those people who are able to work but cannot find any
appropriate job for their career (Machmud and Hidayat, 2020) . This helps their social economy
to grow by financially. Growth of social economy also consist of influencing others to contribute
in the growth of country by socially. Hence, small businesses influence other large business
entrepreneurs to do something better for their social economy. Start-ups are famous for their
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Illustration 1: role of SMEs in UK

innovative ideas. Hence, most of the start-ups in UK are established to fulfil the needs and wants
of their customers by introducing new and advanced product or services which will help the
customers to enhance their standard of living and become knowledgeable about advancement of
market and its needs. Small businesses in the economy also inject more competition which helps
in forcing companies to survive in market by providing best services to their customers in low
cost which again provide their social economy to gain the opportunities to grow well. Corporate
social responsibility get emerged due to the increase in level of small businesses in an economy.
Small businesses are contributing well to their society, hence, for competing with them and gain
a good reputation in society large and medium sized companies also engage in CSR activities in
which they contribute a small proportion of their profit earning ratio to the society's betterment.
Hence, this is how SMEs influence large and medium sized companies to focus for the growth of
social economy (Shinnar and Zamantılı Nayır, 2019) .
P5 Analyse characteristics, traits and skills of successful entrepreneurs that are different from
business managers
Some of the skills and characteristics of successful businessman are given below which is
different from manager's skills and characteristics-
Characteristics-
James Dyson Philip Green
Curiosity is the main characteristics of James
Dyson which means seeking of new
opportunities in the business for its growth.
Here, Dyson and other entrepreneurs find
many new opportunities to learn new ways of
doing business. On the other hand, managers
stick to few known techniques of doing their
job (Bahodirovich, 2021).
Structured experimentation is the
characteristics of Green and many other
successful businessman where they analyse
whether the grabbing opportunities are
successful in their business or not before
applying in the companies. On the other hand,
business managers apply the new change
without analysing it's impact on their company.
Traits-
James Dyson Philip Green
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Strong leadership qualities is the trait of
Dyson and many other entrepreneurs which
helps them to influence their workforce to do
better to receive better. Here, they motivate
their employees and adopt those ways of doing
work which is flexible and beneficial for both
employees and the organisation. Whereas,
managers adopt those ways which is beneficial
of organisation only. There is the lack of
leadership qualities in managers.
Highly self motivation is another main trait of
many successful entrepreneurs including
Green. Here, they motivate themselves to
achieve something better and become famous.
In case of any mistake or any damageable
decision taken by them for their organisation
by mistake then they learn from them and tries
their best to make it correct as soon as possible
(Piñeiro-Chousa and et. al., 2020). On the other
hand managers blame others for taking wrong
decisions that their workforce is unable to
execute decisions that's why the decision goes
in wrong direction.
Skills-
James Dyson Philip Green
Risk taking skill is found in many successful
entrepreneurs where they take high risk for the
execution of their planned techniques and
procedure for future growth. On the other hand
managers are lacking behind to take risk
because they themselves are working under
some senior authorities (Rudenko and et. al.,
2018).
Networking skills is also found in many
entrepreneurs which consist of building good
relationship with others who are in same
profession so that when time comes they will
help them. On the other hand managers have
low networking skill with others.
P6 Analyse how entrepreneurial personality reflect entrepreneurial motivation and mindset
Upbringing and lifestyle of James Dyson is that he is very determinative from his
childhood when he run many kilometres to move from one place to another and he states that he
is able to do this not because of his good physical health but because of his good dedication level
to achieve at particular goal at anyhow.
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Upbringing and lifestyle of Philip Green is that he learnt how to take responsibilities from
his childhood. When his father died, he is 12 year old and has the responsibility to continue the
business of his father for their family. He had completed his schooling and dropout from college
and grows with responsibilities. Hence, this thing help him to become successful entrepreneur.
OCEAN model of personality traits are explained below-
Openness- This is the trait which consist to have open minded people who always think
broad and wide. Here, they explore the world and have excitement to learn something new in the
business (Dar and Mishra, 2019). People are more bold and creative if they have this trait. In
context of Dyson and Green, they both have this trait because they apply new strategies in their
business and always ready to new experiments. They are excited to learn new things from other
entrepreneurs.
Conscientiousness- This is the trait which covers to control the behaviour of one self by
thinking that how their behaviour will impact on others. They are disciplined and polite in
nature. Green and Dyson have this trait as their employees states that they both are corporative
and polite toward their workforce.
Extraversion- This is the trait which consist of having no shy to talk with others. Here,
people communicate openly with others and express their feelings and emotions openly.
Agreeableness- Here, people are more trustworthy and kind in nature (Zarhari and et. al.,
2020). They love to help others for others growth.
Neuroticism- Here people feel anxiety, sadness, unhappiness, mood swings and many
others. This should not be present in an entrepreneur.
P7- How background and experience can hinder or foster entrepreneurship
James Dyson was born in 1947 is an famous British businessman who is the owner of
Dyson Ltd. and he is more popular for his Dual Cyclone bag less vacuum cleaner. He has done
his education from engineering and at his early professional life he designed Sea Truck, Ball
barrow and many more. He is passionate to invent new things. He is so dedicated to his work that
he finishes his all engineering projects before the submission date. Hence, these are the skills
which others can learn from him. He has the main capability to invent new machines and modify
his previous inventions on regular basis.
Philip Green was born in 1952. He is the owner of Arcadia Group, Topshop, Topman
and Miss Selfridge. He is known for his responsiveness nature and risk taking abilities. He took
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risk for the experiments of his new strategies in his business. He has another best quality that he
grow step by step like when his one business get success then only he started new business. He
believe to put full focus on business till the business get success. His hard working nature,
dedication, responsiveness and many other characteristics help his to become famous
entrepreneur of UK and he can influence many other people from his life journey.
CONCLUSION
From the above information it is concluded that entrepreneurs are having many skills and
characteristics which is different from common person. These skills makes them successful in
heir business. It is also found that micro and small businesses are essential for the development
of social economy of a nation. It is also concluded that OCEAN model is used to analyse the
personality trait of individuals. The life experience and background of famous entrepreneurs help
many people to get influenced and motivated.
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References:
Books and Journals
Akpan, I.J. and Ibidunni, A.S., 2021. Digitization and technological transformation of small
business for sustainable development in the less developed and emerging economies: a
research note and call for papers. Journal of Small Business & Entrepreneurship, pp.1-
7.
Bahodirovich, G.S., 2021. Improving the Methodological Framework for Identifying and
Accounting For Green Jobs in Small Business and Private Entrepreneurship. Asian
Journal of Technology & Management Research (AJTMR) ISSN, 2249(0892).
Dar, I.A. and Mishra, M., 2019. Internationalisation of SMEs: development and validation of a
multi-dimensional measurement scale. International Journal of Entrepreneurship and
Small Business, 38(4), pp.507-520.
Machmud, A. and Hidayat, Y.M., 2020. Characteristics of Islamic entrepreneurship and the
business success of SMEs in Indonesia. Journal of Entrepreneurship Education. 23(2).
pp.1-16.
Mazzarol, T. and Reboud, S., 2020. Entrepreneurship as a Social and Economic Process.
In Entrepreneurship and Innovation (pp. 1-34). Springer, Singapore.
Pergelova, A. and et. al., 2019. Democratizing entrepreneurship? Digital technologies and the
internationalization of female‐led SMEs. Journal of Small Business Management. 57(1).
pp.14-39.
Pidduck, R.J. and Clark, D.R., 2021. Transitional entrepreneurship: Elevating research into
marginalized entrepreneurs. Journal of Small Business Management, pp.1-16.
Piñeiro-Chousa, J. and et. al., 2020. Innovation, entrepreneurship and knowledge in the business
scientific field: Mapping the research front. Journal of Business Research. 115. pp.475-
485.
Rudenko, L.G. and et. al., 2018. Conceptual model of training personnel for small business
services in the digital economy. Modern journal of language teaching methods. 8(5).
pp.281-294.
Sassmannshausen, S.P. and Volkmann, C., 2018. The scientometrics of social entrepreneurship
and its establishment as an academic field. Journal of Small Business
Management. 56(2). pp.251-273.
Shinnar, R.S. and Zamantılı Nayır, D., 2019. Immigrant entrepreneurship in an emerging
economy: The case of Turkey. Journal of Small Business Management. 57(2). pp.559-
575.
Zarhari, N.A.A. and et. al., 2020. Influence of internal factors and motivation on the decision to
enter entrepreneurship. International Journal of Innovation, Creativity and
Change. 13(5). pp.195-212.
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