Entrepreneurship and Small Business Management

This report covers the different type of entrepreneurial ventures, impact of small business on the economy, importance of start-ups and small businesses to the growth of social economy, skills an entrepreneur has in comparison to other business managers and more. The chosen entrepreneur is Richard Branson, founder of the Virgin Group. The report explores the different types of entrepreneurship, their typology, and the skills required to be a successful entrepreneur.

Entrepreneurship and small
business management
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Table of Contents
Introduction .....................................................................................................................................3
Main Body.......................................................................................................................................3
Different types of entrepreneurial ventures and explain their typology of entrepreneurship.3
Explore the differences and similarities of different entrepreneurial ventures......................5
Interpret and assess relevant data explaining how small businesses impact the economy....5
Explain the importance of start-ups and small businesses to the growth of social economy.7
Determine the skills an entrepreneur has in comparison to other business managers............9
Assess how aspects of entrepreneurial personality reflect mindset and motivation............10
Examine using relevant examples how background and experience can hinder or foster
entrepreneurship...................................................................................................................11
Conclusion.....................................................................................................................................12
References .....................................................................................................................................13
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Introduction
Entrepreneur is the one who look forward for the growth of economy and manage
development of the economic activities. Many of the small businesses usually deals with the
known and established products with the motivational approaches. There are different type of
entrepreneurship that are related to the growth of business with right motivational approach
(Liguori, El Tarabishy and Passerini, 2021). The chosen entrepreneur is Richard Branson, he is
founder of the virgin group. He is one of the most successful entrepreneur due to the innovation
in their products and services (Richard Branson’s story, 2021). This report covers the different
type of entrepreneurial ventures, impact of small business on the economy. Furthermore, the
major importance for the growth of social economy in the company to deal with different sector
in the market. In last the skills, personal mindset and background of the different entrepreneur is
covers under this project.
Main Body
Different types of entrepreneurial ventures and explain their typology of entrepreneurship
Entrepreneurship is seeing as an opportunities and gathering information for using
resources and turn that possibilities into the reality aspects. This may include the different risk
factors, but it also provides the rewards to create a legacy within the market.
Type of entrepreneurial venture
There are different type of ventures like sole proprietorship, Limited liability company,
Partnership, LLP, Corporation, MNC and many more. Here, Richard Branson is working in an
established multinational company (Liu, Qian and Haynes, 2021). He is working as the serial
entrepreneur who are looking for the growth of their multiple business from virgin group that can
be related to banks to hotels and many more. Richard Branson, is using different motivating and
inspirational approaches to work in the company and gain systematic changes in the market as
per the need of their customers.
 Small business entrepreneurship: Idea of opening a business without making the large
conglomerate the chains in an effective manner. To make small and lack to make
innovative factors, for smoothing running. For example; grocery, plumber and small
boutiques are the example of small business entrepreneurship.
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 Scalable Start-ups: This starts with the new idea and bring a change within the
organisation. This business recognize the missing thing in market and create the value for
the organisational growth.
 Social Entrepreneurship: This is related to recognize the social problems and tailor the
situation for creating new and initiative values. These entrepreneurs development
strategies and solution for the growth of the business.
Type of entrepreneurs
Serial Entrepreneur: These are the one who is related to make continuous growthh that
comes with the new ideas and start-up of new businesses. These entrepreneur are the one who
start up with an thought, start the business and play an important role in day to day activities of
the new company (Bendickson, 2021).
Social Entrepreneur: These are the entrepreneur who are associated with the social
services and makes creation for different products and services to solve the problems. Their
motivation helps the beneficial services for the society as it is the part of the corporate social
responsibilities. Unlike the scalable start-ups their main goal is to make a better world with non-
profits, for-profit and hybrid situations.
Difference between the entrepreneurship and small business
Basis Entrepreneurship Small Business
Meaning Exploring the new business
opportunities in the market.
A business that is owned and
controlled by the individual.
Objectives Creating new idea and
innovation.
Making profit
Business expansion The growth and development of
the experience within the market.
Does not involve the growth.
Owner The owner has the energetic
attitude.
They are satisfied with the situation
and do not urge growth in their
business.
Innovation High degree of innovation They are not innovative
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Market share High market share Low market share
Explore the differences and similarities of different entrepreneurial ventures
After analysing the different type of entrepreneurship, similarities and differences are
analyse that are related to major factors and aspects.
Differences:
Small businesses Scalable businesses
Venture creates the value is just for earning
profits and complete their basic demand.
This is meant for make a better world to their
customers.
Small business need less fund to start the
business.
Scalable business requires a lot funds from
their specified venture capitalists.
Small business can use funds from their
relatives or friends.
Scalable business require money from the large
institutional factors.
Small business have no or less risk for the
future use.
Large or scalable business have more risks.
Similarities:
 They all have the purpose of creating values that means to create something new for their
own sake or for the society.
 Another similarity is that they are related to having elements of innovation, to provide
more values and benefits to think outside the box and make systematic changes that will
remains limited sources.
Interpret and assess relevant data explaining how small businesses impact the economy
The importance of the small businesses is helpful for the impact of economy and society
as well. Many of the small business are contributing to the economy by providing different
benefits and methods (Lee and et.al., 2021). With the help of innovation small and large
businesses are able to analyse the systematic changes for the financial dependencies in
organisational context:
Small business: These are different businesses that privately owned to make an impact
on the growth of economy in UK. Most of the small businesses are able to contribute in
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employment as most of small organisation are provided to 15.6 million of jobs that is 60% of the
total employment jobs. Further, most of the entrepreneur are work for the start-ups as many of
the individual lost their jobs due to pandemic. There were more than 6 million SME in UK as per
the record of 2020. UK based SME's increased their employment rate by 73% as they are helpful
for generating income for the different economic groups (Small Business Statistics, 2020). As per
the records, 20% of the small business of UK are fail in their very first year (Toerien, 2021).
Illustration 1: Small Business Statistics, 2020
Illustration 2: Small Business Statistics, 2020
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Large business: The large organisations of the UK is able to work in different sectors to
perform the very efficient work in the economy for earn profits. These businesses are helpful for
generating sources and make systematic growth for providing education, more employment
opportunities and increased standard of living. Further, UK's level of productivity enhances as
per the growth and management of the company in significant manner.
Explain the importance of start-ups and small businesses to the growth of social economy
The significance of the start-ups and different small businesses are related to work with
social economy and make significant growth in major challenges. While, working for the social
economy, it is considered that company should attain the goals and objectives for make
systematic growth in specified period. In order to complete this, the small businesses make the
development in social economy of the UK (Chebo and Wubatie, 2021). These two businesses
includes other business in themselves and occurs the differentiate the major challenges through
Brexit and threat for the company to overcome the challenge in significant manner. The use of
Brexit is beneficial for the companies to make complexities, productive and manage data for the
use of decision making approach in the organisation. It will be helpful for different start-ups and
small businesses to make significant growth in the social economy of the country and achieve
their innovative and significant aspect on the basis of UK (Ways that start-ups are important to
the UK economy, 2018).
After analysing the information and impact of the economy, it is evaluated that small
businesses are more powerful and effective for the economy of country. The experience and
background both affect the nature to accomplish to being rejected and provide the suitable
growth in the management system. For addressing all the challenges the company is needed to be
considered and make systematic growth for analysing the situation in an effective manner
(O’hUigin, 2021). These organisations plays a significant role in addressing the issues and
provide employment to the other people that help in growing the economy (Bager, 2021). All is
helpful for generating the sources and make demonstration for number of employment. The
successful entrepreneur is the one who use the bright side of the employees and try to become
the constant dreamer. An Entrepreneur must always try to make a better place and decline the
negative impact. That help in analysing the marketing condition and make benefits to the social
economy. When the entrepreneur confronted the challenges, an entrepreneur start to work and
make systematic changes as per their own opportunities in significant manner. All is related to
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work and provide a better place with the optimistic approach in market. This make the growth in
the social economy to considering the values and manage the suitability to work with significant
perspectives. This is basically related to the growth and significant aspects of moving forward
and always towards the future-oriented success. These are related to make goals oriented to
know for analysing the situation for setting goals and aimed for achieving those goals in
appropriate manner.
There are different large market sectors for the growth of key areas in the world to
complete the need of the market in an significant manner. This will leads to the bigger business
performance and growth to work on millions of people to provide the organisational growth for
the people and management process. With the help of government policies and procedure the
companies needed to be work hard and provide the growth in their social economy. Richard
Branson, is the one who have the future-oriented goals for enlarging their market space in the
industry through serving on different platform. And he work on the large based organisation that
will be helpful for analysing the market and achieve systematic process to the nature of social
economy. As these small business run the economy efficiently and becomes larger in future that
make different perspective for the growth in approaching activities. These companies improve
the employment rate to work in an effective manner and operated for the governed by the
individual to help and attain the process for formulating the major changes to get success. The
two main importance of the SME in social economy are:
 Adopt the use of innovation: This is important to gain overall objectives for gaining the
start-ups. In addition to this, forming innovation to work with advance technologies to
updated with the advance technologies and growth. Moreover, the use of technologies
and effective number of people are useful for gaining effective changes to adopt different
functions and make systematic changes in the entity.
 Opportunities for local individual: With the use of small businesses are able to make
effective opportunities for generating economic growth. In order to achieve effective
targets and goals, the company is needed to be work and recruit skilled and workforces to
attain the need within the organisational changes. All of this is helpful for gaining more
profit and success in the social economy (Belousova, Groen and Krueger, 2021).
 Promoting the research system: This is related to make growth in well knowledge
based services that is closely connected to the knowledge and institutions. With the help
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of appropriate knowledge and basic ideas are helpful for considering the situation and
development for the research contribution and their challenges.
 Bringing value of proactivity into the society: This is referred to work and make
changes to across the values and bring proactivity for making mind-set for the
organisational growth and based on the basic knowledge and creativity. The need to work
and make systematic changes are helpful for generalising the statement and use a career
development progress.
Determine the skills an entrepreneur has in comparison to other business managers
There are different skills that are used by an entrepreneur to grow their businesses in
market. In order to achieve the market awing challenges and appropriate combination for the
traits and skills for getting success in market.
 Creativity: An entrepreneur starts an idea with their creativity and to become successful
in the market, they are needed to be analyse effective thinking approaches to get better
ideas for doing well. For example, the founder of the virgin airlines Richard Branson to
doing finer businesses and work in different ways from the others (Burova, Seredkina and
Ganina, 2021). As the entrepreneur is not satisfied with the start-ups and think outside the
box for looking better opportunities.
 Passionate: This skill is helpful for generating the characteristics for getting effective
analysis and passionate services and manage the professional success. It would be helpful
for company to make reason for not so driving challenges and make essential success in
the impulsive facilities. It will be helpful for the entrepreneur to be confident in their
invention and practices for the growth and activities they are doing. For example; Steve
Jobs, the entrepreneur who is more passionate about his work and provide quality to their
customers by serving best products. He tries to make suitable challenges to gain effective
growth in their products and achieve appropriate plan for completing the need of
innovation in market.
 Motivated: It is considered that the entrepreneur must found the motivated to work on
the major challenges in systematic world. The founder of Apple, tries to convinced their
employees for doing work and get monetary benefits and become the successful
entrepreneur (Borges and Enoque, 2021). This is very important skill that is used by the
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different entrepreneur for analysing the major challenges to compile and manage their
team to motivate them and manage systematic growth.
 Persuasive: To become more successful in the company, the entrepreneur use successful
strategies to gain the bid idea. It will be helpful for generating the different platform and
analyse typical behaviour for managing data and investing money (Dvorakova and
Polents, 2021). An entrepreneur must have the ability to listen others and challenging
them to use their persuasive nature and get effective ideas for analysing the situation in
efficient manner.
 Flexible: The successful entrepreneur must have the knowledge of different unfamiliar
situations and require the businesses for getting appropriate website to complete the
work. This is the approach that is helpful for getting more effective for changing need
within the market. Richard Branson, provide the relevant growth for managing their data
and wearing several challenges to accomplishment and become open minded to change
the course for the growth he is needed.
All of these skills are helpful to make a good image profile and possess to make their
skills so effective and grateful as per the need of the company. From the above discussed skills,
it is considered that Richard Branson, use the different type of skills like he is an innovator,
optimistic, persuasive and flexible in the nature. These skills are helpful for him and also for The
Virgin Group to use different platform for growing nature in market.
Assess how aspects of entrepreneurial personality reflect mindset and motivation
This is very important to manage entrepreneurial personality to reflect the mindset and
make different motivational personalities encourage the mindset for the growth of organisational
aspects. For this most of the companies are able to analyse with OCEAN Model. Openness: This is related to make imaginative power and use high level insights to
developing the major businesses. This will be helpful for personalities to make
significant and dynamic in the nature to use wide range personalities in the creative
mindsets. Richard Branson, have this personality to work and being a nature in creativity
work style. He always tries to make a quick response and analyse the concepts related to
different management profile (Pounder, 2021). Conscientiousness: This feature is related to the high level of unprompted control, goals
directed behaviour and make union nature. It will be helpful for spends time, finish the
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task on time, different attention for getting in details in an effective manner. There is
some major reflection for getting appropriate mindset and achieve growth in the period of
time. Extraversion: This is characteristics by having excitability, sociability and assertiveness
for getting emotional expressiveness. The entrepreneur has major concern about the
company that is related to provide suitable abilities and make excellent nature for
analysing their behaviour in effective manner. Agreeableness: This is related to providing appropriate personality challenges and being
affectionate the sympathy, kind and trustworthy profile with the management spirit and
ideas (Kosmynin and Ljunggren, 2021). There are different challenges which provides
suitable growth and being politely interact with people. Furthermore it will be helpful for
managing social behaviour for getting appropriate challenges in the company and
accomplishing the sources in an easy manner.
 Neuroticism: It is related to the mindset which is related to analysing the situation for
challenging the nature and can't hide the emotions. It is associated to make a helpful
personality for generalising the introverts and not suitable for the entrepreneurs
development.
Examine using relevant examples how background and experience can hinder or foster
entrepreneurship
Richard Branson
Background and experiences: His full name is Sir Richard Charles Nicholas Branson, a
British entrepreneur and adventurer, head of the Virgin Group Ltd. He was a school dropout and
his first business was in a teenager with the magazine. Afterwards, in 1960's he formed the
Virgin Mail Order Records to raise the funds. In 2004 he established the Virgin Unite, the non-
profit foundation of the different Virgin Group (Carraher and et.al., 2021). The major experience
that Richard Branson, experience that is related to make a lifetime approaches and work for their
customers within the market. It will be helpful for become a millionaire and make systematic
changes for analysing the challenge for encountered the atmosphere. Furthermore the use of
flexible wings and glided to back and make effective runway for the growth of their personal and
professional development. Furthermore, All of these are helpful for the entrepreneur for
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managing and analysing the techniques to consider the successful growth within the owner at
their personal or professional level.
Bill Gates
Background and experience: Bills gate was born in October 28, 1955 and belongs to the
middle class family that support him to accomplishing his dream to become an entrepreneur. His
family support the company to work and gain the supportive knowledge to accomplish the goals
and considering the founder of biggest brand that names comes Microsoft. Since childhood, he
enhanced by the different possibilities and make such permittivity for the growth of machines. It
will be helpful for generating the source and accomplish the nature for getting effective
possibilities for managing the time and launch the period for development to measure the area of
Seattle. His experience in the environment make hinder and foster his entrepreneurship to work
appropriately and needs to fight with their own goals. Above discussion is disclosed that the
background is not able to stop someone form being a successful entrepreneur.
Conclusion
From the above report, it is concluded that entrepreneurship is one of the basic activity
that is related to work and adopted on the basis for running the business in an effective manner.
This is very important to work on different ventures and explored the activities to work and
manage the similarities for their natural growth and working style. Additionally, the work culture
of SME's is related to make an immense growth and impact on the economy of UK. That
actually help the market and different entrepreneur to work effectively in external environment
and provide the best services to their customers.
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References
Books and Journals
Bager, T.E., 2021. The short-term bias in policy programs for small business: exploring
discontinuation of a successful growth program. Journal of Small Business and
Enterprise Development.
Belousova, O., Groen, A. and Krueger, N., 2021. Corporate entrepreneurship: new insights. In
World Encyclopedia of Entrepreneurship. Edward Elgar Publishing.
Bendickson, J., 2021. Building entrepreneurship research for impact: Scope, phenomenon, and
translation.
Borges, A.F. and Enoque, A.G., 2021. Entrepreneurship research: the French literature in
perspective. Cadernos EBAPE. BR, 18, pp.906-923.
Burova, O., Seredkina, E. and Ganina, O., 2021. Women Entrepreneurship in the Time of
COVID-19 Pandemic. JWEE, (1-2), pp.70-83.
Carraher, S.C., Carraher, S.M. and Welsh, D.H., 2021. Social entrepreneurship. In World
Encyclopedia of Entrepreneurship. Edward Elgar Publishing.
Chebo, A.K. and Wubatie, Y.F., 2021. Commercialisation of technology through technology
entrepreneurship: the role of strategic flexibility and strategic alliance. Technology
Analysis & Strategic Management, 33(4), pp.414-425.
Dvorakova, Z. and Polents, I., 2021. Entrepreneurship Education and Digital Literacy as Element
of Innovative Learning. In Digital Transformation and New Challenges (pp. 253-263).
Springer, Cham.
Kosmynin, M. and Ljunggren, E.C., 2021. Social Innovation and Social Entrepreneurship:
Useful Theories for Sport?. Social innovation in sport, pp.19-35.
Lee, C.K., Wiklund, J., Amezcua, A., Bae, T.J. and Palubinskas, A., 2021. Business failure and
institutions in entrepreneurship: a systematic review and research agenda. Small
Business Economics, pp.1-27.
Liguori, E.W., El Tarabishy, A. and Passerini, K., 2021. Publishing entrepreneurship research:
Strategies for success distilled from a review of over 3,500 submissions. Journal of
Small Business Management, 59(1), pp.1-12.
Liu, S., Qian, H. and Haynes, K.E., 2021. Entrepreneurship in small cities: evidence from US
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O’hUigin, D., 2021. Moving forward by looking inwards: The need for reflexive awareness in
the entrepreneurship educator’s classroom. Industry and Higher Education,
p.09504222211026213.
Pounder, P.A., 2021. Social entrepreneurship and cultural contextualization: a review.
International Journal of Development Issues.
Toerien, D.F., 2021. Linking microeconomic characteristics, entrepreneurship and community
prosperity/poverty of South African towns. Development Southern Africa, pp.1-27.
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family/richard-branson>.
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5 ways that startups are important to the UK economy, 2018. [Online]. Available through:
<https://www.formationsdirect.com/blog/5-ways-that-start-ups-are-important-to-the-uk-
economy/>.
Top Small Business Statistics, 2020. [Online]. Available through:
<https://thecircularboard.com/small-business-statistics/>.
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