Entrepreneurship and Small Business Management: Types of Ventures, Importance of Small Businesses, and Characteristics of Successful Entrepreneurs

This report covers various types of entrepreneurial ventures and typologies of entrepreneurship, interpretation of statistics regarding the impact of micro and small businesses on the economy, and the importance of small businesses and startups in social economy growth. It also discusses the characteristics, traits, and skills of successful entrepreneurs that differentiate them from other business managers.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial ventures and typology of entrepreneurship......................1
P2 Similarities and differences between entrepreneurial ventures..............................................3
TASK 2............................................................................................................................................4
P3 Interpretation of statistics for showing impact of micro and small business on the economy
......................................................................................................................................................4
P4 Importance of small businesses and business starts-ups in growth of social economy..........5
P5. Determine the characteristics traits and skills of successful entrepreneur that differentiate
them from other business manager..............................................................................................6
P6. Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
mind set........................................................................................................................................9
P7. Examine by using relevant examples how background and experiences can hinder or foster
entrepreneurship...........................................................................................................................9
CONCLUSION..............................................................................................................................12
REFRENCES.................................................................................................................................13

INTRODUCTION
Entrepreneurs means the person which are are known for inventing and implementing
various ideas for creating satisfaction towards increasing demand of population. This makes
profit and revenue generated. Further, entrepreneur acts as backbone for existing economy which
makes operations of business conducted in terms of generating jobs that leads towards improving
lifestyle of an individual. Entrepreneurship helps upon improving business and living standards
of society by generating growth opportunities. The entrepreneurship are divided within small,
medium and large business that support economic development within a country. In the context
of report various kinds of ventures and typologies of entrepreneurial ventures with different
ventures has been covered. Interpretation of statistics is done regarding impact of micro and
small business within economy. Also, report shows explanation with importance towards small
businesses and start-ups-growth of social economy with characteristics traits and skills of
successful entrepreneurs. In the end discussion is done over perspectives related to
entrepreneurial aspects which reflects motivation and mind set with background and experience
for fostering entrepreneurship.
TASK 1
P1 Different types of entrepreneurial ventures and typology of entrepreneurship
Entrepreneurship relates with the procedure of organising and enterprise which leads
upon generating profit. Entrepreneur is that person talking about duties that leads towards
development of business within particular market(Ratten, Ferreira and Fernades, 2017). It helps
upon forming structure important to enhance business operations. This is based upon accepting
risks involved while running particular business. There are many types of Entrepreneurial
Ventures relying upon the dimensions which can be mentioned below-
Small Scale Enterprise
Large Scale Enterprise
Scalable Enterprise
Social Enterprise
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Small Scale Enterprise: These are small scale business organizations that are owned by single
owner which makes cost met. Under this form of firms, the size of operations are very small.
Example of companies below this could be grocery stores, carpenters, brokers, etc. These firms
paintings on an progressive or innovative concept that's aimed to expand the society with the
entrepreneurial vision.
Large Scale Enterprise: those are the huge corporations which undertakes a couple of operations
which is going on on the identical time(Ratten, Ferreira and Fernades, 2017). They paintings on
bringing new services or products into the marketplace in order that dependable purchaser base is
maintained and grown with the evolution of time. Examples of huge scale firms may be Apple,
Samsung, etc .
Scalable Enterprise: It is essentially that business enterprise which brings innovation with the
aid of using the entrepreneur. The proprietor of those firms quit those commercial enterprise to a
huge company after which paintings directly to create some thing new. Examples of scalable
firms are Amazon, Facebook, etc.
Social Enterprise: it refers to the ones firms who paintings for pleasurable the purchaser wishes
and now no longer to earn profits. These companies earn the make the most of their operations
and utilise it to offer higher centers to those who are in want however after the usage of the sum
had to perform the operations of business enterprise. Examples of social firms may be
Cafédirect, Hill Holt Wood, etc.
Some of the typologies are: Typologies of entrepreneurship There are numerous form of
typologies concerned in entrepreneurship ventures that are related to the improvement of a
commercial enterprise that allows you to make business enterprise extra effective. Some
typologies are mentioned below-
 Growth firms: These sorts of companies are formed for incomes the most income and
producing excessive revenues. The marketers of such firms try and innovate of new ideas
which makes organization progress in particular marketplace. This leads towards making
necessities developed while offering operations related to small and huge firms.
 Lifestyle Enterprise: These are the sorts of firms that are formed for enhancing the usual
of dwelling of the area people wherein the organization is running its functions. These
firms offer process possibilities to the area people of that region in addition to their
services and products to the ones people. These fall below the social ventures.
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These typologies and entrepreneurial ventures are interconnected with each other that
leads upon enhancing lifestyle of an individual. It leads upon making important contribution
done within financial system of organizations operations within working.
P2 Similarities and differences between entrepreneurial ventures
Basis Small business Large company Social
entrepreneurship
Scale They are known as small
business which makes
operations conducted at
small scale(Sozuer,
Altuntas and Semercioz,
2017).. The money to be
used in small amounts.
These business operates
over high scale since large
investment is involved
within it. This makes
smooth running of money
done effectively.
These organization
operating local
organization on local
level which makes
satisfaction of needs
possible within
society.
Purpose Main purpose over
business that makes
earning of livelihood in
order to live life
comfortably.
Such organization formed
with large amount of
money by innovative ideas
and product innovation.
These are made over
uplifting local people
for making people
improve their social
work.
Characteristics The business is based
over limited resources for
running business making
interference of
government is low.
In this business high range
of money is required for
making development.
Interface of government is
due upon different
operations that makes
business performed with
high intentions.
The firm is required
to make money that
has been provided by
government as they
operate regarding
welfare of an
individual.
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TASK 2
P3 Interpretation of statistics for showing impact of micro and small business on the economy
 Small commercial enterprise turnover allows form the United Kingdom economy- When
measuring the financial contribution of the small commercial enterprise, Turnover is the
primary metrics that strike in the the mind(Saseendran and Salman, 2019). Small
commercial enterprise outline by way of means of the United Kingdom are the ones
which can be fewer than 250 worker and turnover is much less than 50 million. 99% of
the SMEs are presently working in UK. business enterprise is giving employment, So this
a aggregate of fulfillment and failure in the the economy.
 Small commercial enterprise increase impacts the United Kingdom economy- When it
involves commercial enterprise increase; small commercial enterprise firms are acting
well-employment charges are at excessive record. With 50% of small commercial
enterprise firms, enlarge their operations. Businesses are undoubtedly responding in the
the economy.
 Expansion and innovation to international marketplace are the important thing drivers of
boasting productiveness amongst UK. estimate advocate to development of exporting
plans.
 Globally energetic small commercial enterprise firms are greater revolutionary while
speaking approximately services and products than people who all are specializing in
home commercial enterprise.
 There are one out of 5 is the exporter in small commercial enterprise firms. It is expected
that among 9 and twelve percentage of non-exporting companies in the the UK ought to
emerge as exporters.
 UK small commercial enterprise firms are much less increase willing in the the
economy. The international Entrepreneurship display that SMEs grown as much as 17%
in UK as compared to 27% in the the US.
 Small Business Enterprises without problems adapts and reaction in the the economy,
due to the fact those firms are regarded to address the consumer wishes in their
neighborhood community.
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 Small commercial enterprise additionally adjusts in the the rescission length of the
economy. Small Business Enterprises generate opposition and inspire new innovation
throughout quite a number industries(Ratten, V and et. al., 2017). SMEs offer a
wholesome deliver of recent capabilities and thoughts and make the marketplace greater
dynamic. Entrepreneurs are figuring out new marketplace and putting in place SMEs to
open up those new marketplace.
 These commercial enterprise employer has been confronted for his or her bankruptcy, If
the product and offerings of SMEs do now no longer promote then business enterprise
ought to depart the marketplace very soon.
 These businesses additionally ought to face taxation issues, If authorities isn't giving
interest in making guidelines which can be commercial enterprise-pleasant and simplicity
of financing options.
 SMEs want a encouraging and supportive running surroundings to continue to exist.
Government instability or making of strict guidelines and law results in hard survival
within the marketplace. These employer relies upon on innovation so that it will continue
to exist, however whole consciousness on innovation will results in bring about
uncertainty and confusion.
P4 Importance of small businesses and business starts-ups in growth of social economy
Small agencies and enterprise start- up's is essential to the increase of the social financial
system. It is the spine of financial system. Small agencies and enterprise start- up's plays the
massive function in financial system increase. Small agencies and enterprise start- up's also gift
new employment possibilities .
 Employment possibilities: Small agencies and enterprise start- up's presents task to
nearby employee. Due to small agencies and enterprise start- up's humans get works.
Small agencies make a contribution in economies by way of means of bringing
employment increase and innovation. It additionally facilitates stimulation of financial
increase. Many companies are relying on small agencies. This creates task possibilities
which facilitates in decreasing percent of unemployment. Due to this abilities and know-
how of an character is better with efficiency. Also higher surroundings is created by way
of means of making task possibilities to be generated inside every phase of marketplace.
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Both small agencies and start- up's makes use of techniques to draw character for running
inside respective organisation.
 Contributing to nearby authorities: When the clients are buy from nearby small
agencies, then they may be giving mo0ney again to their community. The small agencies
and enterprise start- up's generate excessive quantity of sales meaning they pay better
percent of taxes(Ramadani and et. al., 2017). These taxes are facilitates in enhancing the
GDP. Small agencies and enterprise start-up's will pay many taxes to authorities like
GST, assets taxes, profits taxes etc. It facilitates in growing the tax bases.
 Innovation: It is primary component of financial improvement. The small agencies and
enterprise Star-up sin force the modern thoughts and quality mechanism for
commercialising technology. It is contributing in brief improvement of latest
technologies. Innovation is useful in improving the productiveness of small agencies and
start-ups. It contributes in financial system increase by way of means of growing new
strategies or new thoughts or product. These form of setup facilitates authorities in fulfil
their targets and goals. As they play essential function in financial system of a state.
Innovation facilitates in ensuring that the product produce by way of means of them as
pleasant in it.
 Living requirements: Small agencies and enterprise start- up'sare task creators. They
offer jobs to peoples and by way of means of bringing employment increase or
innovation. When peoples have become task then they have got cash for fulfil their
personal needs. When cash range in marketplace the enterprise dealing can be going on in
effective manner. Job possibilities growing the dwelling requirements. Small agencies
and start- up's improves dwelling requirements by way of means of offering revenue to
an character that facilitates in fulfil their dreams.
P5. Determine the characteristics traits and skills of successful entrepreneur that differentiate
them from other business manager.
Every enterprise entrepreneurship enterprise is alter by an entrepreneur and that they end
up a hit with diverse powerful abilities and function enables to create modern and expert
enterprise entrepreneur(Mishra, Mishra and Mishra, 2018). Through put into effect extraordinary
shape of attributes degree in character marketers as the way it leads them to end up powerful
enterprise entrepreneurship and that beautify to make distinction among from enterprise
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manager. In following segment entrepreneur is don't forget from United Kingdom on the premise
in their abilities, tendencies and function are elaborates in details:
Peter Jones: He is a British entrepreneur businessmen and fact tv character with having
higher hobby in new technology and different services. He is one in all ultimate last of proudly
owning tv suggests known as Dragon Den and on American tv collection American Inventor.
Richard Branson: He is an English enterprise magnate, author, investor and previous
philanthropist. In the Seventies he based the Virgin organization which in cutting-edge time he
controls greater than four hundred businesses in diverse field.
Traits and Characteristics Peter Jones:
 Vision: A a hit marketers have to includes readability of imaginative and prescient which
beautify to without problems presumes sports of attainment of purpose, dreams and
marketplace position. Similarly Peter Jones having a imaginative and prescient to end up
a a hit character in enterprise environment.
 Passion: This trait depicts approximately character ardour in the direction of enterprise
associated sports. As for Peter Jones is generally tend to maximum tough employee and
make contributions their paintings into long time hours to preserve drives them for higher
accomplish their imaginative and prescient.
 Characteristics: Being Motivated: As many marketers are continually remains in inspire
nature , consequently they invests their long term schedules of their enterprise sports to
alter in a hit manner(Doktor and Bui, 2018). This is one in all function is have in Peter
Jones in which his stage of motivation is one in all purpose his a hit adventure to end up
an tv entrepreneur Decision making: To have to have capacity to undertake and create techniques in the
direction of complexity scenario in enterprise or entrepreneurial associated sports in
which character entrepreneur have to have higher selection making. Similarly, Peter is
continually eager to regarded for powerful selection making in phrases of investments or
different enterprise associated sports.
Skills: Effective Communication: As being or desired to a hit entrepreneur diverse abilities is
beautify in the direction of character entrepreneur that undertakes or having higher
powerful conversation. For example: Peter Jones is an entrepreneur however additionally
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well-known movie star in United Kingdom and he hosted his many suggests together
along with his excellence character in addition to conversation abilities. Focus: According to this direction of entrepreneurship is faces ups and down wherein
powerful entrepreneur is continually intention orientated in addition to having excessive
focuses in the direction of their enterprise to accomplishment(Collins and et. al. 2017).
Similarly, Peter Jones is continually in focuses terminology to end up one in all higher
entrepreneur.
Richard Branson Traits: Willingness to paintings tough: For being an powerful
entrepreneur is vert tuff task to crack than being as an employee. To will become maximum a hit
entrepreneur, it have to require willingness to technique higher techniques for obtain powerful
outcomes. As Richard has continually functionality to undertakes all complexity enterprise
associated scenario and will become one in all maximum have an impact on enterprise character.
 Confidence: As to being a hit entrepreneur it have to have faith to technique higher
enterprise opportunity. They beautify to trust in the the capacity at the concept which
they put into effect. This sort of trait is having in Richard in which his innovation in
technology in addition to his selection making attributes are so efficient which growth his
self belief and there's purpose that he believes in his strength.
Characteristic: Passion: It is one in all essential function of an entrepreneur, this enterprise function
having capacity to technique suitable motivation entrepreneur generally tend to greater
pushed by powerful ardour which leads them in a hit(Brush and et. al., 2019). This
generally tend of ardour is follows with the aid of using Richard Branson in which could
be very enthusiastic in the direction of era primarily based totally sources enterprise, and
he pursue to follows the ardour to creating them powerful nature. Decision making : The capacity to growth the capability of creating short selection
making in context of drawing near any enterprise associated scenario. As Richard
Branson is having higher selection making capacity in powerful manner.
 Skills Adaptability or capacity of studying: This is one in all essential abilities that is
generally tend to having in private life or letting by myself in entrepreneurship. As if
someone like Richard is making enterprise there have to have character who's having
studying functionality.
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P6. Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation mind
set.
As in entrepreneurial persona may be very essential to degree approximately what kind of
character consists of higher motivation thoughts set. As Ocean Personality is certainly
considered one among complex and multi-dimensional that is primarily based over abilities. It
includes five primary persona which replicate certainly considered one among persona of above
marketers along with :
 Openness: It is take place whilst character is having interest and having open minded
with new reports at the side of knowledge(Boohene and Agyapong, 2017). For Example:
Peter Jones is having open minded persona wherein though and think about factors he
continually undertake the component associated with non-public and expert in very open
minded manner.
 Conscientiousness: It explains approximately how matters are been organised or having
non-public tendency to be nicely developed, controlled and continually been intention
orientated persona.
 Agreeableness: As it describes approximately how paintings at the side of individual
who manipulate or coordinate the paintings at the side of interplay to humans that assess
for higher potential to upcoming paintings.
 Extroversion: This tendencies of Personality includes the strength which interacting with
others, even as introvert get to their strength amongst with themselves. For example:
Richard Branson is certainly considered one among maximum affect and maximum have
interaction to proportion his reports and enterprise associated quote inside peoples or
friends that makes him greater extrovert type of persona .
 Neuroticism: According to this trait is called to manipulate in emotional component
along with emotions and mutual understanding. This is counts as maximum essential time
period in entrepreneurship wherein an character persona ought to have potential to
manipulate emotional instability which prevails bad emotions.
P7. Examine by using relevant examples how background and experiences can hinder or foster
entrepreneurship.
There are three principal examples of heritage and reviews to technique in element
statistics entrepreneurship:
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Domestic Entrepreneurship: This entrepreneurship is derives approximately while very
own commercial enterprise is regulated by abode up's region. For Example: Peter Jones:
 Background: Peter Jones become born on 18 March 1966, he finished his training from
Desbourg School. His partner call is Caroline.
 Experiences: He installation a commercial enterprise wherein he made non-public
computer systems below of its very own logo while he become sixteen years old.
Meanwhile he misplaced 200,000 kilos then he makes a decision to promote his task to
IBM. In mid-twenties he opened cocktail bar and will become well-known while
Hollywood actor promotes his film in that unique bar. Jones attempts to based his some
other commercial enterprise task known as Wine four Business.com, this become on-line
retailing wine product supply however it collapsed because of monetary reasons.
International Entrepreneurship: As in line with this entrepreneurship it derives
approximately the commercial enterprise in which entrepreneur improved that task across the
world for having more marketplace proportion attainment.
For Example: Bill Gates: Background: Bill become born on 28 October, 1955 and he's
global well-known American commercial enterprise tycoon in addition to additionally called
software program developer and philanthropist(Anggadwita, 2017). He is first-class called co-
founding father of Microsoft Corporation. Gates has struggled loads in his training days as after
few years he drop out as his imaginative and prescient become clean to emerge as a efficaciously
entrepreneur in software program industry. In starting age he enthusiastic about software
program and era which makes him pushed extra interest and excited in the direction of discover
extra innovation. Experience: Gates has technique his imaginative and prescient in January 1975 trouble
of famous digital which show the Altair 8800. Microsoft become based in 1976 in up's of
America. Before he were given provide from massive software program businesses like
IBM, technology studies businesses however because of his imaginative and prescient he
did now no longer take delivery of the provide and after that efficaciously presumes his
Microsoft Corporation company.
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Social Entrepreneurship: According to this entrepreneurship, it accommodates approximately in
the direction of the ones commercial enterprise who've now no longer cash attainment cause
however having preference to improvement in the direction of society in powerful manner.
For Example: Nick Hurd :
 Background : Nick Richard Hurd become born on thirteenth May 1962, he's an British
social and flesh presser who served as Minister for London in United Kingdom until from
2018-2019.
 Experience : Hurd pursue because the Convenor of the climatic in which is pursue to
have a tendency for higher improvement in United Kingdom Environmental society in
addition to in which he continually take part in the direction of extraordinary social
reasons for now no longer earnings cause however for higher awareness in society(Turner
and Gianiodis, 2018). After efficaciously get recognized social motive, he went for
election and additionally elected for social motive minister in 12 months of 2011-2015 .
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CONCLUSION
From the above discussion it can be marked out that entrepreneur are the individuals that
leads upon making capability of implementing ideas which makes customer satisfaction attained
more effectively. There are different kinds of ventures like small, large or social enterprise exists
in association with various kinds of typologies within entrepreneurship. In this both small
business and start-up's requires by country over generating job, profit, revenue and other
important things. This has helped in making life standards which enhances people living in
society. There are various firms and start-ups required for involving skills, characteristics and
traits which leads towards making business successful within business.
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REFRENCES
Books and Journals
Turner, T. and Gianiodis, P., 2018. Entrepreneurship unleashed: Understanding entrepreneurial
education outside of the business school. Journal of Small Business Management, 56(1),
pp.131-149.
Anggadwita, G., 2017. Socio-cultural environments and emerging economy
entrepreneurship. Journal of Entrepreneurship in Emerging Economies.
Boohene, R. and Agyapong, D., 2017. Centre for Entrepreneurship and Small Enterprises
Development, University of Cape Coast (Ghana). In Entrepreneurship Centres (pp. 125-
139).
Brush, C and et. al., 2019. A gendered look at entrepreneurship ecosystems. Small Business
Economics, 53(2), pp.393-408.
Collins, J and et. al. 2017. Indigenous culture and entrepreneurship in small businesses in
Australia. Small Enterprise Research, 24(1), pp.36-48.
Doktor, R. and Bui, T., 2018. The symbiotic relationship of entrepreneurship and information
technology. Int. J. Entrepreneurship and Small Business, 33(4), p.467.
Mishra, G.P., Mishra, K.L. and Mishra, R., 2018. Leadership, Organizational Effectiveness and
Entrepreneurship in Small and Medium Enterprises-A Study in Indian
Context. Academy of Entrepreneurship Journal, 24(2), pp.1-12.
Ramadani, V and et. al., 2017. An introduction to entrepreneurship and management in an
Islamic context. In Entrepreneurship and Management in an Islamic Context (pp. 1-5).
Ratten, V., Ferreira, J.J. and Fernades, C., 2017. Cross-border entrepreneurship: A multilevel
perspective. International Journal Entrepreneurship and Small Business, 32(3), p.281.
Ratten, V., Ramadani, V., Dana, L.P. and Gerguri-Rashiti, S., 2017. Islamic entrepreneurship and
management: Culture, religion and society. In Entrepreneurship and management in an
Islamic context (pp. 7-17).
Saseendran, H. and Salman, S., 2019. Influence of Entrepreneurship Psychology on Small
Business Creation and Organisational Success. SEDME (Small Enterprises
Development, Management & Extension Journal), 46(3), pp.205-216.
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Sozuer, A., Altuntas, G. and Semercioz, F., 2017. International entrepreneurship of small firms
and their export market performance. European Journal of International
Management. 11(3). pp.365-382.
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