Entrepreneurship and Small Business Management

This report explores the different types of entrepreneurial ventures and typology of entrepreneurship. It also discusses the impact of small businesses on the economy and the benefits of start-ups and small businesses for the growth of social economy. Additionally, it illustrates the skills and characteristics of Oprah Winfrey and Elon Musk as entrepreneurs.

Entrepreneurship and
Small business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
P1. Different types of entrepreneurial ventures and typology of entrepreneurship. .............1
P2. Difference between a small business and entrepreneur ventures. ...................................2
P3. Interpretation and assessment of data explaining about its impact small business upon
economy.................................................................................................................................4
P4. Discuss the benefits of start-ups & small businesses for the growth of social economy. 6
P5. Illustrate about skills and characteristic of any two entrepreneurial within comparison
towards other business managers. .......................................................................................7
P6. Illustrate about entrepreneurial personality reflect about entrepreneurial motivation. . .8
P7. Discuss the background and experience can hinder or foster of enterprenuer. ...............9
CONCLUSION..............................................................................................................................11
References:.....................................................................................................................................12

INTRODUCTION
Entrepreneurship is define a form of creation and implementation of new ideas that
enhance to reflect some unique business point of view. It is generally a risk involved which
states that how business is get started effectively (Coad and Storey., 2021). Entrepreneurs is an
individuals who have high competence to form a new business which is help to bear most of the
risk and enjoying most of rewards. The process which involves setting up business that is known
as entrepreneurship. In this following report, there is scenario regarding with Oldham angels
which is an investment firm and that helps to start a new business for specifically they need
secure their loan within angel investors. As per the topics are covers in this following report
examine different types of entrepreneurial ventures along with their typology, difference and
similarities between entrepreneurial venture. Highlight about any two specific entrepreneurs who
are creates benchmark in their professional field. And how experience and background makes
impact on their entrepreneurial careers.
MAIN BODY
P1. Different types of entrepreneurial ventures and typology of entrepreneurship.
The entrepreneur are the most innovative and having different mind set to implement
their vision. The reason of having this kind of mind set is because entrepreneurs are not only gain
profits but also creates impact on economic and society. Entrepreneurial ventures are the
business which is set up by the entrepreneurship venture are the business which is establish by
entrepreneurs to gain more profitability (de Gortari and Santos, 2020). According to the motive
of entrepreneurial venture have their own vision for which they are formed through
enterprenuers. These are various types of entrepreneurial ventures which are segments basis of
their services, size, scope and purpose.
Different types of entrepreneurs
Small entrepreneurship: In this type of business where firms are mainly generate funds
by the family members, friends, their personal savings or enhance small enterprise loans. For
example like stores, carpenters, travel agents, store fronts or others. As per the movement
towards their success is just to gain enough profit.
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Social entrepreneurship: It is the form hybrid and non profit link business organisation it
is the main emphasis is an development of new items or services based on to competitors which
better identification of social needs or problem.
Large company entrepreneurship: As per the large enterprises offers latest items or
services based on consumer preferences, laws and regulation along with new competitors etc.
They launches different types of variant which main offering creates new benchmark towards
business environment or competitive market.
Typologies of entrepreneurship's
In the areas of entrepreneurship where the concept of typology which considered where
different specification entrepreneurship (Ghafar, 2020). It is below mentioned about different
four typology of enterprenuers are as follows:
 Innovative Entrepreneurs: It is form of enterprenuers are the ones who invest their own
innovative ideas through, methods, process of manufacturing or design of new product
which would create high impact on market effectively (Ibouder, Fayolle and Louitri,
2021). For example: Tesla is one of most innovative firm where Elon Musk is a
personality of Innovative entrepreneur where he brings electric vehicles innovation for
reduce pollution with an economic perspective.
 Imitating Entrepreneur: This is define about those enterprenuers who are quickly copies
the new inventions which are being made by others. They can easily look into such areas
where there are resources not having full capacity due to which better new invention
introduced. For example: Jeff Bezoz creates E-commerce websites which consists better
platform where customer can buy their own product and services as per their own choice.
P2. Difference between a small business and entrepreneur ventures.
Basic of Difference Small Business Entrepreneurship
Venture
Meaning These type of venture consists to
arrange funds by entrepreneur
family member and they not invest
high rate of capital.
It is better recognise where
a new entrepreneurial
scope of within the market
effective market.
Objectives This is sole of objectives of On the basis of main
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establishing such types of business
is earn profit only.
objectives where it creates
or develop a new business
items or services.
Risk bearing capacity This is moderate level and having
low risk because of not high
amount investment.
There is high risk as they
introduce new ideas which
carries a threats of non
acceptance in market
(Lans, Seuneke and
Klerkx,, 2020). If the high
capital investment this
would be create major
acceptance in market.
Difference and Similarities between different entrepreneurship ventures. .
Similarities
Basic Small Business Large Business Social Enterprise
To satisfy
the needs of
people.
It major satisfies about the
major requirement of local
consumer only.
For better customer needs
at large level say at
national or international
level where they have
invested in domestic and
international level.
Provides support towards
regional customer so it
enhance better satisfaction
for making society issues
effective manner.
Participate
in Social
Developme
nt aspects
On the basis of local
people where livelihood
customised better business
through small scale jobs.
According to these
provide jobs creates better
job opportunities to
people along with better
wages or salaries (Li. and
Johansen, 2021). This
would provide better
employment opportunities
It better identifies about
social issues as well as
provide better solution on
which it way uplifts the
society where better
addressing such
problems.
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along with serving
innovative product and
services to satisfy
essential needs.
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Differences:
Basic Small Scale business Large scale Company Social
Entrepreneurship
Size and scope These operates at small level
as these are those business
who are having less funds.
It is have large amount
of funds which makes
more impact through
their size and high
revenue generates in
business economy.
This is majorly
channelise at regional
level for better solve
local societal issues.
Purpose Small business is having
main purpose to solve small
people livelihood as well as
provide less price product and
services along with
employment opportunities.
It is having main
purpose where it better
generate higher
revenues from major
innovative along with
clarity of thoughts.
To raise standard of
living through
addressing better and
effective social
problem.
P3. Interpretation and assessment of data explaining about its impact small business upon
economy.
Small business are type of business entity which are small in size and started by single
entrepreneur with relatively small amount of capital. Increasing number of small business largely
contribute to the enhancement and growth of the economy (Mason and et. al., 2020). These
business helps in brining new innovation in the marketplace satisfying needs of the local
community along with creating large number of employment opportunities for the local people.
This directly helps in development of overall economy.
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(Source: Start-up and Small businesses, 2019)
From the above figure it is analysed that small business are largely contributing the
growth and development of the economy. There are 99.3% small businesses as compared to the
medium with 0.6% and large businesses with only 0.1%. from the above it is also analysed that
small businesses are creating 48% employment as compared to medium size business with only
12% employment. But in comparison to medium-sized business large-scale business are creating
around 40% employment effectively. In addition to this it is also analysed that small business are
having turnover of 33% but in comparison to this large business are having more turnover of
around 53%. But the medium-sized business are only having turnover of 14%. With large
number of business and employment the small business are largely contributing the enhancement
and development of economy. Some of the impact of small business are discussed below:
Local impact: Restraining number of micro and small business are largely contributing to
the enhancement of local and regional economy through offering quality goods and services and
satisfying their needs also offering more number of employment opportunities to the local
community (O'Donnell, O'Gorman and Clinton, 2020). These types of businesses are also
contributing in the improving the standard of local community which will directly helps in
enhancing the overall local community. These business also helps in analysing the needs of local
people and then accordingly satisfying their needs and wants also offering them required
opportunities also. These business also helps in fulfilling the needs and wants of the local
customers through mostly producing goods as per their needs only. Large number of small
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business are started in the local community only in order to improve these areas with their
innovative and creative ideas effectively.
National impact: The small business are also creating huge impact on the enhancement
of the national economy also. With around 99.3% small business and still increasing and also
with 48% employment rate, small businesses are creating huge impact on development of the
national economy. Most of the small business starts with some creative and innovative ideas by
the entrepreneur in order to uplift the society or bring any kind of changes in the society. These
innovation of new ideas helps in uplifting the standards of the society and creating large number
of employment opportunities which automatically leads to enhancing the overall profitability and
productivity of the economy. It is analysed that around more than 15.7 millions people have
found the job opportunities through the small and medium size business which helps in creating
favourable impact on the national economy also.
P4. Discuss the benefits of start-ups & small businesses for the growth of social economy.
As the small business and start up they usually creates their product allows high quality
within less price which customer can easily afford. Such Small ventures gives rises to
employment opportunities and higher revenues that provides satisfactory to people (Sahut,
Iandoli and Teulon., 2021). Small business and start ups creates employment that makes wide
contribution towards economy. On the basis United Kingdom government also makes better
improves to facilitates investment opportunities on which they can expand their venture. In
following there are some benefits which are mentioned below in perspective of small business in
economic growth: Better creation of Jobs: The scenario of small business and start ups which brings huge
amount of employment where wide range of employment opportunities such small jobs.
This small jobs makes better contribution in specific Economy. For example: In United
Kingdom the increasing of GDP through having presence of small or start up business
rather than large organisation. Furthermore, furnishing where it prevails high quality of
product at cheaper prices that enhance the competition in the competitive market which
generate the positive way of outcomes of country people. Therefore, the entire growth
prevails by small and start ups business that enhance approximately towards 1.8 per cent
of the whole economy. The small enterprises which plays an important role in addressing
the development issues within better local society where they better driven better growth.
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Small enterprises to effectively contributes of the local economies through creation
innovation and growth towards the local society. Such as these enterprises where it
triggers the growth on the basis of economy growth effectively. Whereas, for new or
freshers candidates start ups would be better option to gain experience and knowledge to
better attain proper filed knowledge and the experience, hence by enhancing their option
of acquiring good jobs in the future (Sharma and Goyal, 2020). As the large enterprises
generally works on the basis small business in order to undertake consignment objectives
by the procedure of outsourcing. Raise standard of living: In perspective of small scale of business and start ups provides
high participation towards the development of living standards of common audience by
fulfilling their needs. The product and quality which provide by large company in higher
prices that similar traits of product and services generates by small and start-ups business
where it successfully accomplish peoples needs and wants.
 Economic growth: Small business and start up gives high rise revenue generation each
year by serving high quality of good and services where the better consumer to cheaper
prices. As small and start up business plays an important role in specific country's
economy where they generate high range of opportunities like employment, succession
etc. According to development encouragement to other business in motive to make better
encourage for better earning high price and profit that makes better result that develops
effective economic growth of nation.
P5. Illustrate about skills and characteristic of any two entrepreneurial within comparison
towards other business managers.
“Oprah Winfery”:
Skills Future Oriented: As per this skills, it reflect those enterprenuers who are make their
plans by assessing future outcomes which would raise either opportunities or challenges..
For example Oprah Winfrey she is a innovative and influence enterprenuers personality.
During her struggle she was having future oriented thought process where she was well
aware future uncertainties. Thus, by having future oriented skill help Oprah to being
successful enterprenuer personality.
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 Motivated: On the basis of this skills, it better defines about where individual
enterprenuer make themselves motivates towards with their goals or objectives.
Similarly. Oprah Winfrey knows about her goals and her struggling she motivates herself
towards being enterprenuer to bring some change in society.
Characteristics :
 Professionalism: According to this quality of which is all good enterprenuers must
behave as professionalism in their field. Self discipline allows professionalism in perfect
manner where individual set his or her own rules and regulation that makes him or her
leads towards better positive goals (Shrivastava, Ofstein and Golhar, 2021). For example:
Oprah Winfrey kept her professionalism attitude towards her Journalist career where she
want to become an true journalist. With that positive professionalism attitude helps to
make her successful.
“Bill Gates”
Skills Creative: It is every enterprenuer an creative in their behaviour on the basis of ideas that
generates uniqueness. For example: Bill Gates is having creativity skills that makes him
engage to develop new coding and software development practise.
 Passionate: According to this skills it better defines about how individual enterprenuers
devoted towards their goals and objectives effectively. For example: Bill Gates was very
passionate regarding with his goal as he wanted to establish his own technological
venture. Therefore his dedication makes him more successful within effective manner.
Characteristics:
 Empathy: As per this generation world is having empathy or having high emotional
intelligence. The empathy is define to individual perspective that what actually goes
into some one's other mind. In scenario of Bill Gates is having this empathy where he
well known about his vision and employees who worked in his Microsoft venture in
context of Strength and Weakness. This would helps to become a good and influence
enterprenuer.
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P6. Illustrate about entrepreneurial personality reflect about entrepreneurial motivation.
This is indicate about an individual enterprenuer that having different ways of
characteristics, traits and skills on which information which share and compare with employees
or managers at workplace. The individual enterprenuer must carry an influence personality
which make motivates other. It is also having directly impact of motivation and better mindset of
enterprenuer due to which they could not attain their desirable goals and objectives. Through
better Ocean six personality motivation mind set. There are 6 six types personality trait on which
Oprah Winfrey and Bill Gates sustainable in any one of them.
 Openness: According to this aspect, it addresses about emotions, adventure and ideas.
More about personality traits reflect of curiosity and creativity which is helpful for
enterprenuer motivation. This is very essential as well as useful about new learning which
is better flexible handle with good presence of mind.
 Conscientiousness: It is majorly aspect, within proper process the quality of reasonable
within systematic manner. On the basis of state of mind of enterprenuer which is
important that need to focus or those are goal oriented which involve unproductive
activities in order to accomplish their goals effectiveness.
 Extroversion: This is define about those entrepreneurs who are having make themselves
engage in outer world. In another term extrovert personality who express their thoughts
with other participate in different external activities for more explore new learning and
knowledge.
 Agreeableness: In this personality trait, defines that enterprenuer are make themselves
agree on other person which better helps to create perfection (Terán-Yépez and et. al.,
2020). This decision making and other level of suggestion essentials for maintain good
relationship with others.
 Neuroticism: On the basis of this personality traits, it encompasses about scarcity, fear,
anxiety type of behaviour carries by individual. As nervous and fear is common
behaviour if an individual not confident enough. Some of situation enterprenuer make
their decision in better manner in such complex situation.
Justification
As per above six Ocean personality traits which summarises that Oprah Winfrey which
is having personality of Openness kind of personality started from her childhood. As she has
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faced more struggle and opportunities in her Journalist career where she carries this personality
to being positive influence. Another Entrepreneur Bill Gates is counted his personality type in
Extrovert as because he like to make himself to share his thoughts and view point for generate
ideas within effective manner.
P7. Discuss the background and experience can hinder or foster of enterprenuer.
Oprah Winfrey : Background: Oprah Winfrey was born on January 29, 1954. After Winfrey got her birth
her family shift towards North and where Winfrey had faced her struggle life due to
poverty with her maternal grandmother. Her grandmother made her enough education,
but Winfrey wants to study more and she had completed from Lincoln High school at
Milwaukee.
 Experiences: As Winfrey first joined her job at the teenage where she was working in
grocery shop. At the age of 17 years, Winfrey was felicitated with an award of Miss
Black Tennessee beauty parade. She had also attended in local black radio station. After
spending some time in radio she started her career from television where she use to took
interviews of celebrities.
Bill Gates: Background: Bill was born on 28 October in 1955 at Seattle, Washington as he is a son
of William H Gates and Mary Maxwell Gates. The journey of Bill was very impressive as
he used to being very studious and also score higher marks. But always wanted to does
his own business or being enterprenuer. Thus Gates completed his education from
Lakeside school and Harvard Colleges.
 Experience: The journey of Bill enterprenuer as he started his first job to selling IBM
computers to companies but due to some financially issues gates drop this plan and
explore more opportunities. During his graduation days Bill gets high opportunities from
other big companies but he rejected. He further started his own venture which was
Microsoft Corporation. After exploring and hustle with his dream Bill finally ready with
his start up in 4 April in New Mexico, United States.
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CONCLUSION
From above Entreprenuer report is summarise where the enterprenuers are the ones who
invent their business where they convert the ideas for better satisfaction of customer needs and
requirements. It comprises that different types of ventures like small and social level of
organisation which better typology of enterprenuer. Small and start business plays an important
role to generate opportunities on which they can attain more business advancement effectively.
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References:
Books and Journals
Coad, A. and Storey, D.J., 2021. Taking the entrepreneur out of entrepreneurship. International
Journal of Management Reviews.
de Gortari, R. and Santos, M.J., 2020. Rural Entrepreneurship and Small Businesses in Mexico.
In The History of Entrepreneurship in Mexico. Emerald Publishing Limited.
Ghafar, A., 2020. Convergence between 21st century skills and entrepreneurship education in
higher education institutes. International Journal of Higher Education, 9(1), pp.218-229.
Ibouder, W., Fayolle, A.J.C. and Louitri, A., 2021. Exploring the next generation socialisation to
entrepreneurship in family businesses: insights from the Moroccan community. Journal
of Enterprising Communities: People and Places in the Global Economy.
Lans, T., Seuneke, P. and Klerkx, L., 2020. Agricultural entrepreneurship. Encyclopedia of
creativity, invention, innovation and entrepreneurship, pp.43-49.
Li, Z. and Johansen, D., 2021. Does family involvement help small migrant businesses survive?
A closer examination of family in migrant entrepreneurship. Journal of Enterprising
Communities: People and Places in the Global Economy.
Mason and et. al., 2020. Promoting student enterprise: Reflections on a university start-up
programme. Local Economy, 35(1), pp.68-79.
O'Donnell, P., O'Gorman, C. and Clinton, E., 2020. Rethinking the'Necessity'in Necessity
Entrepreneurship. Academy of Management Review, (ja).
Oranburg, S.C., 2020. Start-up financing. In Start-Up Creation (pp. 59-79). Woodhead
Publishing.
Sahut, J.M., Iandoli, L. and Teulon, F., 2021. The age of digital entrepreneurship. Small Business
Economics, 56(3), pp.1159-1169.
Sharma, S. and Goyal, D.P., 2020. Entrepreneurial marketing strategies for small businesses: An
exploratory study of start-up companies in India. Indian Journal of Marketing, 50(8-9),
pp.48-65.
Shrivastava, U., Ofstein, L. and Golhar, D., 2021. Direct and Indirect Effects of ICT
Infrastructure, Skills, and Use on Entrepreneurship: A Cross-Country Empirical
Investigation. Journal of Global Information Management (JGIM), 29(6), pp.1-25.
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Terán-Yépez and et. al., 2020. Sustainable entrepreneurship: Review of its evolution and new
trends. Journal of Cleaner Production, 252, p.119742.
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