Entrepreneurship and Small Business Management: Types of Ventures, Skills of Entrepreneurs, and Personality Aspects

This report discusses the different types of entrepreneurial ventures, including small business entrepreneurship, large company entrepreneurship, scalable startup entrepreneurship, and social entrepreneurship. It also covers the differences and similarities between these ventures, the importance of startups and small businesses to the growth of the social economy, and the skills and personality aspects of successful entrepreneurs like Bill Gates and Jeff Bezos.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship and Small Business Management refers to the way in which the
different types of Businesses are able to make sure that they can effectively and efficiently attain
the future goals and objectives in a proper manner (Abdullah, 2020). Thus, it becomes important
that the management of the particular level of needs and requirements can be be done in a right
way. The Entrepreneurs can make sure that they make its use to take their enterprise towards the
attainment of success in the future. Thus, it is quite important and necessary that the right
methods and techniques are used by the entrepreneurs. In this report, a detailed and specific
focus will be made on the ways in which the use of appropriate methods and techniques can be
made so that the Enterprise is able to make the right progress in the future in quite an appropriate
manner.
MAIN BODY
Types of Entrepreneurial Ventures-
There are different types of Entrepreneurial Ventures which are required to be assessed
by an Entrepreneur. This is quite important and crucial so that the Enterprises are able to manage
their own needs and requirements in the future quite effectively and efficiently in a proper
manner (Agarwal and et.al., 2020). The explanation of the different types of Entrepreneurial
Ventures can be done in the following way-
 Small Business Entrepreneurship- In this type of Entrepreneurship, Small Businesses
are considered. These type of Businesses are started with low amount of capital and
therefore have to manage their operations with a limited range of resources quite
effectively and efficiently in a proper manner.
 Large Company Entrepreneurship- In this type of Entrepreneurship, Large Companies
are considered. These type of Businesses are started with large amount of capital and thus
in this way can manage their work in a right way quite effectively and efficiently in a
proper manner.
 Scalable Startup Entrepreneurship- In this type of Entrepreneurship, the Enterprises
are started with an unique and innovative idea. Therefore, it can be stated that these
Enterprises are required to attain their goals and objectives by ensuring that the overall
satisfaction level of the customers can be enhanced.
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 Social Entrepreneurship- In this type of Entrepreneurship, the Enterprises are started
with an aim of providing the services to the society and not just earning profits.
Therefore, it is quite important that the entrepreneurs are able to identify the social issues
which are present and try to solve them through forming such type of enterprises so that
the social services can be provided in a proper manner in the society.
Relation with typology of entrepreneurship- The types of entrepreneurship can be
related with the typology of entrepreneurship (Ahadi and Kasraie, 2020). This is so because the
different types of enterprises are related with the different types of entrepreneurs who all have
their own set of traits. Therefore, in this manner the enterprises can make sure that the
attainment of the own goals and objectives can be done in a highly appropriate manner quite
effectively and efficiently.
Differences and Similarities between Entrepreneurial Ventures-
Differences-
Basis Small Business
Entrepreneurshi
p
Large Company
Entrepreneurshi
p
Scalable Startup
Entrepreneurshi
p
Social
Entrepreneurshi
p
Size of Business These Businesses
are small in size.
These Businesses
are large in size.
These Businesses
are generally
small in size.
These Businesses
are small in size.
Availability of
Funds
They have a
lower availability
of funds with
them.
They have a
higher availability
of funds with
them.
They have a
higher availability
of funds with
them.
They have higher
availability of
funds with them.
Resources
required
They require low
amount of
resources to start
their operations.
They require
higher amount of
resources to start
their operations.
They require
higher amount of
resources to start
their operations.
They require low
amount of
resources to start
their operations.
Focus Area To enhance the
overall level of
profits by making
To make sure that
the benefit of
Economies of
To make sure that
the benefit of
innovation can be
To ensure that the
social goals and
objectives can be
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a proper progress
in the market.
Scale can be
taken to increase
the overall level
of profits.
taken for the
purpose of
attaining the
future goals and
objectives.
attained in the
future in quite a
proper manner.
Similarities-
 All of these Enterprises are formed after taking a lot of risk by the Entrepreneur.
 Starting these enterprises require a higher-level of commitment, dedication and efforts on
the part of the entrepreneurs so that they are able to make sure that the management of
the work can be carried out quite appropriately.
 All of these enterprises have an aim of providing either products or services in different
forms to the customers in the society.
 All of these enterprises are required to focus on Innovation so that the new products and
services can be provided constantly to the different types of customers in the market quite
effectively and efficiently in a right way.
Thus, it becomes quite important that a thorough and detailed analysis of the Differences and
Similarities between the Entrepreneurial Ventures can be made which will be quite helpful and
useful in making a right progress in the future (Akpan, 2020).
Interpretation and Assessment of Data-
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From the above graph, the various types of conclusions can be derived (Alsafadi and
et.al., 2020). The interpretation and assessment of this graph provides the following conclusions-
 The Small Businesses account for 48% of the total employment. Medium Businesses
account for 12% of the total employment. Large Businesses account for the remaining
40% of the total employment.
 The Small Businesses account for 33% of the total turnover. Medium Businesses
account for 14% of the total turnover. Large Businesses account for the remaining 53%
of the total turnover.
 The Small Businesses account for 99.3% of the total businesses. Medium Businesses
account for 0.6% of the total businesses. Large Businesses for the remaining 0.1% of the
total businesses.
Therefore, it can be stated that the SMEs make a contribution to the UK economy quite
effectively and efficiently. The contribution of the SMEs to the UK economy can be assessed in
the following manner-
 Contribution to the employment generation- The SMEs are able to make sure that
they can contribute in a right manner towards the employment generation. Therefore, in
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this way they can help in ensuring that they can effectively and efficiently manage out
their own needs and requirements in a proper manner.
 Innovation- The SMEs are able to make sure that they can contribute towards bringing
of Innovation in the economy (Baker, Kumar and Pandey, 2021). Therefore, In this way
these SMEs can make sure that they are able to use the Innovation in the right manner to
make a significant impact on the society as a whole.
 Development of skills and competencies- The SMEs are able to make sure that the
development of skills and competencies can be done in a right manner. Therefore, this
can help them to be able to manage their own needs and requirements quite
appropriately in the future (Bruce, Gurley-Calvez and Norwood, 2020).
 Contribution to the economic growth- The SMEs are able to make sure that they
contribute to the economic growth. Therefore, in this way it can be stated that they are
able to manage the overall needs and requirements which are related with the attainment
of economic growth in the future.
Importance of startups and small businesses to the growth of the social economy-
 Identification of the social needs and requirements- The Startups and Small
Businesses are able to make sure that they can identify the social needs and
requirements which are present in the social economy. Thus, in this way it can be stated
that the management of these particular needs and requirements can be done quite
effectively and efficiently (Coda and et.al., 2021).
 Impact on society- The Startups and Small Businesses can create a particular level of
impact on the society quite effectively and efficiently. Therefore, in this way it can be
stated that these enterprises create an impact on society by identifying the way in which
the right level of contribution can be made to the society in a proper manner (Ishola,
Ityonzughul and Gbamwuan, 2021).
 Assessment of social contribution- It is necessary that the Startups and Small
Businesses are able to make a social contribution in a right way. Thus, in this way it can
be stated that these enterprises are able to make sure that the right level of social
contribution towards the society can be made which will be helpful for the attainment of
the goals and objectives in the future.
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 Providing value to the society- It is quite important that the appropriate value to the
society can be provided by these particular enterprises. Therefore, it can be stated that
the enterprises are required to make sure that the assessment of the value to the society
can be done and thus the right steps can be taken for the purpose of making a proper
contribution towards the society quite effectively and efficiently in a right manner
(Jo’rayevich, Baxritdinovich and Bulturbayevich, 2020).
 Working ethically- By working ethically, Startups and Small Businesses are able to
make sure that they can make an appropriate contribution towards the society.
Therefore, in this way it can be stated that by working ethically these enterprises are
able to make sure that the different types of goals and objectives are attained quite
effectively and efficiently in a proper manner. These enterprises can help by upholding
the ethics and ensuring that the overall level of efficiency and effectiveness can be
raised in the future. This will therefore help in ensuring that the ethics are maintained
and a social contribution is made in a right way.
Skills of an Entrepreneur in comparison to other Business Managers-
There are various types of skills of an entrepreneur in comparison to other Business
Managers. Therefore, it is quite important that the overall analysis of these particular skills can
be made highly effectively and efficiently. Therefore, it is necessary that the analysis of these
skills can be done in a proper manner. Bill Gates and Jeff Bezos are successful entrepreneurs
who have certain skills which differentiates them form other Business Managers. These skills are
explained as follows-
 Ambition- Entrepreneurs should be ambitious in nature (Kansheb, 2020). This can allow
them to be able to dream big and attain success in the future. Therefore, Both Bill Gates
and Jeff Bezos are successful entrepreneurs who are also ambitious in nature and thus in
this way they are able to set future goals for themselves and make sure that they take the
right track to attain these goals in a proper manner.
 Willingness to learn- Entrepreneurs should have a high-level of willingness to learn.
This can be highly helpful for them in ensuring that they are able to make sure that they
are able to appropriate actions for the particular purpose of attaining their own goals and
objectives. Both Bill Gates and Jeff Bezos have this skills which helps them in
succeeding in their particular role.
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 Creativity- Entrepreneurs should have a high-level of creativity which can help them to
be able to ensure that they can appropriately develop creative ideas to succeed in the
future. Both Bill Gates and Jeff Bezos have this skills which therefore helps them to be
able to succeed in their respective roles in a proper manner.
 Assertiveness and Confidence- This is an important skill for the entrepreneurs because
through this they are able to show their ideas to the world (Marlow, 2020). Therefore, this
can be quite useful for them to be able to make sure that they are able to manage their
particular needs and requirements in a highly appropriate manner. Thus, it can be stated
that the attainment of the goals and objectives in the future can be carried out in a proper
and appropriate way by the Entrepreneurs in this manner. Both Bill Gates and Jeff Bezos
have this skill which therefore is helpful in ensuring that they are able to present their
ideas to the world and thus take their enterprise towards new heights of success in the
future.
Aspects of Entrepreneurial Personality-
For the analysis of Entrepreneurial Personality, it is quite essential that a proper and detailed
assessment of a particular model can be done (Mongane Espoir, Smith-Hunter and Nolan, 2020).
Therefore, OCEAN model can be used for this particular purpose. Thus, it can be stated that the
appropriate understanding of this model is required to be developed. The application of this
model can be made in the following manner-
 Openness to Experience- This refers to a person's willingness to be open to experience.
This is quite important and essential because in this way an entrepreneur will be able to
become more creative and get new ideas which will help in taking of appropriate
decisions in a proper manner. Both Bill Gates and Jeff Bezos have this quality.
 Conscientiousness- This refers to the tendency to control impulses and act in socially
acceptable ways, behaviours which can facilitate goal-directed behaviour. Therefore, it
can be stated that this can be quite helpful. This is a quality which is possessed by both
Bill Gates and Jeff Bezos.
 Extroversion- This refers to the individual drawing their energy from and how they
interact with others. Therefore, it can be stated that both Bill Gates and Jeff Bezos have
this quality.
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 Agreeableness- This concerns how well the people can get along with others. Thus, it
can be stated that both Bill Gates and Jeff Bezos have this quality.
 Neuroticism- This is not a factor of meanness or incompetence but it is related with
confidence and being comfortable in one's own skin. Therefore, it can be stated that both
Bill Gates and Jeff Bezos have this particular quality.
Therefore, it can be stated that the application of this particular model is required to be done so
that the attainment of the goals and objectives can be carried out (Portovaras and et.al., 2020).
Therefore, in this way it can be stated that the this particular model is very useful so that the
appropriate needs and requirements can be managed quite effectively and efficiently. Thus, in
this way the identification of the way in which the different types of actions can be taken should
be done which will thus help a lot in ensuring that the enhancement in the efficiency and
effectiveness level can be done. Therefore, the entrepreneurs should make sure that they are able
to make the desired adjustments according to this particular model.
Examination of relevant examples how background and experience can hinder or foster
entrepreneurship-
Bill Gates-
Bill Gates was born on 28th October 1955 in Seattle, Washington, U.S. He is the co-founder of
Microsoft which he founded with his late childhood friend Paul Allen. He is a person who had
entrepreneurial mindset since the very beginning and therefore it can be stated that this
entrepreneurial mindset was quite helpful for him to be able to make sure that he founded
Microsoft successfully. He is a successful entrepreneur who has the right mindset to become
successful in the future since beginning.
Therefore, it can be stated that both background and experience of Bill Gates was quite helpful in
ensuring that he was able to manage the needs and requirements in a right way and was able to
take the right initiative to become successful in the future. Thus, it can be said that the
appropriate mindset is quite crucial for the entrepreneurs so that they are able to attain success in
a right way quite effectively and efficiently. This will thus be quite helpful for them in ensuring
that they are able to take the right decisions in the future which can help them a lot. Thus, it can
be said that in case of Bill Gates the background and experience has fostered entrepreneurship.
Jeff Bezos-
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Jeff Bezos was born on 12th January 1964 in Albuquerque, New Mexico, U.S. He is the founder
and executive chairman of Amazon where he has served as Chairman, President and CEO.
Therefore, he is a successful entrepreneur who has all the required skills and abilities to be able
to make sure that he can take his company towards the attainment of success in the future quite
effectively and efficiently in a right way.
The background and experience of Jeff Bezos has been quite helpful in ensuring that all the
relevant progress can be made by him in a proper manner quite effectively and efficiently as an
entrepreneur. Both the background and experience has helped Jeff Bezos to be able to ensure that
the right and appropriate entrepreneurial decisions can be taken for taking the organization
towards the attainment of new heights of success. Both the background and experience of Jeff
Bezos has helped him to be able to identify the steps to be taken to attain the goals and objectives
related with the organization in a right way. Thus, it can be stated that both background and
experience has helped in fostering entrepreneurship.
Therefore, it can be stated that both background and experience are crucial for the
entrepreneurs so that they are able to attain the desired level of success in the future. This will
thus be quite helpful for the purpose of ensuring that the management of the needs and
requirements can be carried out in a right way. In this way, the entrepreneur will be able to
become successful in the future and thus the enterprise will make the right progress (Sumiati,
2020).
CONCLUSION
From the above report, it can be concluded that Entrepreneurship and Small Business
Management refers to the way in which the Businesses are required to be managed quite
successfully. Therefore, in this way it can be stated that the entrepreneurs are required to take the
right approach which will help in ensuring that the management of the Businesses can be done in
a right way. It will be quite helpful so that the entrepreneurs are able to take the right route
towards the attainment of the desired success in the future which will help them a lot quite
effectively and efficiently.
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REFERENCES
Books and Journals:
Abdullah, N. M., 2020. Family entrepreneurship and banking support in Kuwait: conventional vs
Islamic banks. Journal of Family Business Management.
Agarwal, S. and et.al., 2020. Inclusivity of entrepreneurship education on entrepreneurial attitude
among young community: evidence from India. Journal of Enterprising Communities:
People and Places in the Global Economy.
Ahadi, S. and Kasraie, S., 2020. Contextual factors of entrepreneurship intention in
manufacturing SMEs: the case study of Iran. Journal of Small Business and Enterprise
Development.
Akpan, I. J., 2020. Scientometric evaluation and visual analytics of the scientific literature
production on entrepreneurship, small business ventures, and innovation. Journal of
Small Business & Entrepreneurship. pp.1-29.
Alsafadi, Y. and et.al., 2020. The mediating impact of entrepreneurs among administrative
entrepreneurship, imitative entrepreneurship and acquisitive entrepreneurship on
creativity. Management Science Letters. 10(15). pp.3571-3576.
Baker, H. K., Kumar, S. and Pandey, N., 2021. Thirty years of Small Business Economics: A
bibliometric overview. Small Business Economics. 56(1). pp.487-517.
Bruce, D., Gurley-Calvez, T. J. and Norwood, A., 2020. Taxes and entrepreneurship: A literature
review and research agenda. Foundations and Trends® in Entrepreneurship. 16(5).
pp.393-443.
Coda, R. and et.al., 2021. Entrepreneurship and gender: what do behavioural profiles have to do
with it?. International Journal of Entrepreneurship and Small Business. 43(1). pp.116-
141.
Ishola, J. A., Ityonzughul, T. T. and Gbamwuan, A., 2021. Entrepreneurship and Small Scale
Businesses in the Era of Coronavirus Pandemic in Oyo State, Nigeria. KIU Journal of
Social Sciences. 6(4). pp.229-241.
Jo’rayevich, M. B., Baxritdinovich, I. R. and Bulturbayevich, M., 2020. The Role Of Regional
Governance In The Development Of Small Business And Private Entrepreneurship.
European Journal of Molecular & Clinical Medicine. 7(7). pp.705-711.
Kansheba, J. M. P., 2020. Small business and entrepreneurship in Africa: the nexus of
entrepreneurial ecosystems and productive entrepreneurship. Small Enterprise
Research. 27(2). pp.110-124.
Marlow, S., 2020. Gender and entrepreneurship: past achievements and future possibilities.
International Journal of Gender and Entrepreneurship.
Mongane Espoir, C., Smith-Hunter, A. E. and Nolan, J., 2020. Female Entrepreneurship and
Small and Medium-Size Enterprise Growth: Evidence From Congo. International
Journal of Management and Marketing Research. 13(1). pp.35-50.
Portovaras, T. and et.al., 2020. Management of small business entities. Independent Journal of
Management & Production. 11(8). pp.680-694.
Sumiati, S., 2020. Improving small business performance: The role of entrepreneurial intensity
and innovation. The Journal of Asian Finance, Economics, and Business. 7(10). pp.211-
218.
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