Entrepreneurship and Small Business Management - Desklib

This report covers various ventures and typologies regarding entrepreneurial venture, interpretation of relevant statistics to analyze the impact of micro and small business over the economy, importance of small business and start-ups which leads towards growth of social economy, and characteristics traits and skills of successful entrepreneurs. It also explains how small businesses and business start-ups contribute to the growth of social economy. Subject: Entrepreneurship and Small Business Management, Course Code: BUSN20019, College/University: University of Central Lancashire.

Entrepreneurship and small
business management

Contents
INTRODUCTION...........................................................................................................................3
Task 1...............................................................................................................................................3
P1 Different types of entrepreneurial ventures and typology of entrepreneurship................3
P2 Similarities and differences between entrepreneurial ventures.........................................5
Task 2...............................................................................................................................................6
P3 Interpretation of statistics for showing impact of micro and small business on the economy
................................................................................................................................................6
P4 Importance of small businesses and business starts-ups in growth of social economy....7
Task 3...............................................................................................................................................8
P5. Determine the characteristics traits and skills of successful entrepreneur that differentiate
them from other business manager.........................................................................................8
P6. Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
mind set................................................................................................................................10
Task 4.............................................................................................................................................11
P7. Examine by using relevant examples how background and experiences can hinder or
foster entrepreneurship.........................................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurs means those persons which are known over inventing and implementing
different ideas in order to makes satisfaction attained over the demand presented by population
that leads over earning profit in more effective manner. Entrepreneurs are considered as
backbone of economy that leads towards generating of revue and jobs in relation to make
business operations possible. Also they contributes towards making local people improve there
living standards which impacts structure within society. The report is covering about various
ventures and typologies regarding entrepreneurial venture is been discussed with there
similarities. Then interpretation of relevant statistics is done in order to analyse the impact of
micro and small business over economy. Further the report explains about importance of small
business and start-ups which leads towards growth of social economy. Also characteristics traits
and skills of successful entrepreneurs is been explained. In the end of the report aspects in
relation over entrepreneurial aspect is reflected with motivation and mind – set is dicussed.
Task 1
P1 Different types of entrepreneurial ventures and typology of entrepreneurship
Entrepreneurship is that kind of mentality that allows an opportunity to be identified. This
opportunity can be an business idea which seeks possible chance making growth of particular
business possible(Baker, Kumar and Pandey, 2021). Further it relates to those options leading
upon understanding the critical importance of an unending change for testing sustainability of
new business idea. Entrepreneurs helps in managing business form top to bottom for making its
growth possible within market. There are various kinds of Entrepreneurial Ventures that is
dependent over scale and has been discussed as follows:
Small Scale Enterprise
Large Scale Enterprise
Scalable Enterprise
Social Enterprise
Small Scale Enterprise: This includes small level businesses that is been owned by single which
are termed as sole proprietor. Such business entrepreneurs only engross with one or two workers

that mainly includes family member or a staff for conducting small activities. Examples of these
types of business are grocery stores, carpenters, brokers, etc. These organizations are mainly
focused towards innovative or creative idea which helps in making entrepreneurial vision to be
justified through business activities.
Large Scale Enterprise: These organizations are known for raking multiple operations which is
required to be completed as per time allotted to it. Under large scale enterprises huge
infrastructure is there with lot of job opportunities. Examples of large scale enterprises can be
Apple, Samsung, etc(Baker, Kumar and Pandey, 2021).
Scalable Enterprise: These are those enterprises which makes innovation developed by
entrepreneur with the help of new and creative ideas that leads over customers demand to be
fulfilled. Owner of such enterprises works with needs of customers example of these
organizations are Amazon, Facebook, etc.
Social Enterprise: In this enterprises work is been created over satisfying customer needs
over earning profit. Profit earn form the operations is utilized for the purpose of providing
facilities to people. Example of these organizations are Cafédirect, Hill Holt Wood, etc.
These enterprises work regarding business environment and has one of the most important role
over establishing an business enterprise.
Typologies of entrepreneurship
Different kinds of typologies is involved within entrepreneurship ventures that is related
with the development of business for making enterprises more effective in nature. Typologies
has been explained as follows:
Growth firms: These businesses is been formed through earning maximum profit which
makes generation of high revenue possible. Enterprises in this category is mainly focused upon
brining inactivation with the help of new ideas which eventually improves company's
profitability. Such ideas is mainly used for creating satisfaction upon requirements of customers
over improving results from the product and services of its customers. Its is covered within mall
and large enterprises.
Lifestyle Enterprise: These entrepreneurs is been formed in order to make improvise
lifestyle of local persons living within a country through its projects. Also they provide jibs
opportunities with its functions well as their products and services to those people. It comes
under social ventures.

Typologies and entrepreneurial ventures go hand in hand since there maximum functions
is based upon improving standard and lifestyle of the people. Further they make development
and growth of economy possible through its business activities(Bandera, 2021).
P2 Similarities and differences between entrepreneurial ventures
Basis Small business Large company Social
entrepreneurship
Scale These are those kinds of
small businesses which
makes operations perform
at small level with less
investment. Such
organization has low
investment capacity.
The business operations of
such organizations is
based upon high scale
which makes amounts
invested to be more. This
makes smooth running of
business possible. .
These organization
operates at local
level in order to
satisfy needs of local
people and society.
Purpose Main purpose of these
businesses makes earning
of livelihood possible in
order to live life in
comfortable manner.
Large scale organizations
has been formed over
earning huge amount of
money with the help of
innovative ideas with
product innovation.
Social entrepreneur
makes upliftment of
local people which
enhances there
standard of living
and increases high
lifestyle.
Characteristics Resources required by
these entrepreneurs are
very less or limited. Also
in the working of these
organizations interfacer
of government is low.
In such businesses higher
amount of money is to be
invested which makes
interference of
government reduced with
large operations that is
been performed by them.
These firms requires
money which is
provided by the
government as they
are operating for the
welfare of people

Task 2
P3 Interpretation of statistics for showing impact of micro and small business on the economy
Britain’s technology start-up sector is booming- It has been growing from very long time
and signs making British develop greater professionalism within entrepreneurship is slowing. In
this new business launched last year then in 2016. This makes new research suggests more new
technology within the firm that plays an important role in trade relation. The numbers of new
technology companies launched in UK has increased last year with 60 percent as per analysis
which is been made by accounting and audit firm RSM. After studying the data of Companies
House data it is been suggested that total of 10,016 software development and programming
businesses were incorporated in the UK in they year 2017. Further in previous year there was 59
percent increase within organizations set up. This shows that London has been dominating tech
sector and has become host to more than 40 percent of start-up of the industry last year. RSM has
said that Companies House data has helped in levering growth within the technological sector
and also its contribution toward economy of UK(Coad and Storey, 2021).
Small business turnover helps shape the UK economy- As the measurement of economic
contribution of small businesses it has been marked out that first things which strikes within the
mind is that these organizations work with 250 employee and turnover is less than 50 million.
About 99% of SMEs is operating within and has made employment generated in more effective
manner. So this has helped in making economy more successful in nature and has makes
economy boost.
Small business growth affects the UK economy- In relation to business growth in UK
small business has performed pre-employment rates with highest record. 50% of small business
enterprises in UK has expanded there operations which made positive impact over business and
has helped economic sustainability achieved.
Impact of micro and small business organizations in UK has lead over making:
 Expansion and innovation within the global market possible which acts as key drive in
order to uplift productivity within UK. Also it has suggested improvements in exporting
plans.

 Global activities of small business enterprises is more innovative when talking regarding
products and services with those having focus on domestic business.
 Out of every five exporter one is an small business enterprises within this estimation is
done over nine and twelve percent generated from non-exporting firms of UK and
become peterman in nature.
 Small Business Enterprises are very flexible in adapting the economy structure since they
know upon dealing with needs put forward by customers and also needs of local
community is been analysed. They are able to survive recession period of economy also.
 Small businesses helps in making competitive advantage generated with new innovation
across various industries. SMEs provide health and supportive skills which makes ideas
of market to be dynamic in nature(Dana and et. al., 2021).
P4 Importance of small businesses and business starts-ups in growth of social economy
Small business and start-ups these are one of the most important part of social economic
growth which is based upon social economy, This is related as the backbone of an countries
economy. They helps in making lot of opportunities generated which has been explained as
follows:
Employment opportunities: The contribution of Small businesses and business start-ups is
related over providing job to local employees. These organizations has been helping in making
contributions with by making work to be given to people. It has makes stimulation of economy
since various aspects is dependent over small businesses. Also they leads towards increasing
skills and knowledge of an individual which enhances efficiency by making better business
environment formed with lot of job issues solved within the each segment of market.
Contributing to local government: Customers purchasing from local or small businesses
gives money back to there community. This makes high amount of revenue to be generated with
paying high percentage of tax. Then these taxes which is been paid makes improvement of GDP
possible in more effective manner. These organization pay lot of tax in the form of GST,
property taxes, income taxes etc. And leads over increasing tax bases. Further all this leads upon
making over development of country possible by making it attain recognition within global
market(H amzah and et. al., 2021).
Innovation: In this main factor of economic development is based upon all kinds of ideas
and innovation which is been used by both small businesses and business start-ups for making

mechanism developed regarding continuous development. This help in mainly developing new
technologies through imp[roving manufacturing for these organizations. Innovation helps in
making productivity improved within small businesses and start-ups. It is helpful in making
objectives and goals set by an organization achieved with more effectiveness. Also through this
quality of products is improved as per customers demand. Innovation mainly contributes within
organizations farmworker which make leaders and management attain more strength in there
working.
Living standards: Small businesses and business start-ups generates lot of job opportunities
which makes job security for local and community people develop. As there earning capacity
increases leading towards making living standards improvized as they spend more within
luxurious items. Also flow of money increases which make supply and demand to be fulfilled it
eventually makes individual buy more new product that ease down profit in positive manner.
Also small businesses and satrt-ups provides living standards improve with the help of salary
given by them due to this there dreams is been fulfilled.
Task 3.
P5. Determine the characteristics traits and skills of successful entrepreneur that differentiate
them from other business manager.
Every business entrepreneurship makes business regulate with the help of entrepreneur and
success is attained with different sets of skill and characteristics possessed by them. This makes
professionalism attained within business entrepreneur. In this section two entrepreneur is been
considered from United Kingdom on the basis of there skills, traits and characteristics that is
explained as follows:
Philip Green : Is known as one of the most successful entrepreneur and CEO of Arcadia Group
which is an retaile organization and covers various sub brands within it these brands are
Selfridge, Topshop, Topman, Evans, Wallis. Further the organization has been founded within
the year 1998. It has its headquarters in London, UK(Islas-Moreno, Muñoz-Rodríguez and
Morris, 2021).
Richard Branson: He is an English business magnate and former philanthropist. Also known as
the founder of Virgin media groups and currently have 400 companies in different businesses.

Traits and Characteristics
Philip Green:
Traits: Vision: All successful entrepreneurs should be having clarity within its vision that makes
enhancement of all activities which is related with the purpose, goal and market position.
Philip Green had same vision to attain success within market. Passion: This trait depicts about individual passion that is based over business related
activities. In relation to Philip Green he is tend to be an hard worker and gave sufficient
time that made vision achieved.
Characteristics: Being Motivated: An entrepreneur requires to be motivated in nature and should invests
time by making schedule for business activities for regulating business with more
efficiency. This characteristic is possessed by Philip Green that made his business
journey to be more successful in nature(Liu, Qian and Haynes, 2021). Decision making: In this better decision making should be there which makes complex
situation of business to be deal with. Also making business achieve better startegies to
deal with its various aspects. Philip Green has made best decisions that has helped in
making business investment done with effectiveness.
Skills: Effective Communication: In order to be an successful entrepreneur different skills is
been enhanced which makes communication stronger in nature. Example is that Philip
Green is both entrepreneur and famous celebrity in UK and has hosted various shows
also which shows communication capability.
 Focus: Journey of entrepreneur faces lot of ups and down but an entrepreneur should be
goal oriented mus have focus over accomplishing business goals. Philip Green is focused
over terminology which made him better entrepreneur.
Richard Branson
Traits: Willingness to work hard: In order to make satisfaction achieved success of
entrepreneur is dependent over those approaches which makes better strategies
developed by making more effective outcomes generated. Further Richard has been

understanding about complexity of business and act over them. This made him
influential business personality(McElwee and Atherton, 2021). Confidence: In order to become an successful entrepreneur which is required to have
confidence over approach making better business opportunity developed. Such trait is
present within Richard which has helped in making innovation of technology developed
in better manner making through better decision.
Characteristic: Passion: This is one of the most important characteristics which is been possessed by an
entrepreneur making business characteristics develop ability to make good motivation
done which makes passion leading towards success. Richard Branson has enthusiasm
over technology which makes passion developed in more effective manner. Decision making : This is helpful in increasing capacity to work which makes decision
making more quick in relation over approaching business related situation. Richard
Branson is having better decision making ability in effective manner
Skills
 Adaptability or ability of learning: It is considered to be one of the most important
factor and skills which makes possession developed by an entrepreneur. Also Richard
developed learning capability within its employees that helped in amkiing learning
possible.
P6. Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation mind
set.
` Entrepreneurial personality is one of the most important measure that takes an individual
carry better motivation with proper mind set. Ocean personality is an multi dimensional and has
certain personality explained as follows:
 Openness: It takes place when an individual is curious and open minded with new
source of knowledge(Pidduck and Clark, 2021).
 Conscientiousness: This explains about things in organized manner which makes
tendency of developed, managed and always been goal oriented personality
 Agreeableness: This is described over work along with persons which makes
management through coordination achieved. They are inter connected with ability to
approach work in better manner.

 Extroversion: In this traits of personality and energy is been involved which makes
energy generated within themselves.
 Neuroticism: According to this trait emotional aspect makes feeling and mutual
understanding developed. It makes entrepreneur develop personality with ability to
control emotional instability.
Task 4
P7. Examine by using relevant examples how background and experiences can hinder or foster
entrepreneurship.
Three main examples are there which is based upon background and experience over
approach in detail as follows: Domestic Entrepreneurship: It is that entrepreneurship that makes driven over own
business regulated upon domicile of region and example for this is Philip Green
Background: Sir Philip Nigel Ross Green is a British businessman born on 15th march 1952 in
Croydon , United Kingdom.
Experiences: At the age of 21 he started his own business with loan of £20,000. The business
was of importing and selling jeans. Then he brought bankrupt stock from ten design label brands
and sold clothes in his own name(Tantau and Frăţilă, 2021). International Entrepreneurship: According to this entrepreneurship is derived over
business entrepreneur which makes expansion possible over having greater market share .
For example Bill Gates:
Background: Bill was born on 28 October, 1955 and is an famous American business magnate
in the software industry. He is the co-founder of Microsoft Corporation and has rejected job in
IBM to open his own venture.
Experience: In the year 1975 Bill gates developed vision over issues which is popular that
makes Microsoft corporation developed in the year 1976 within United States of America. Social Entrepreneurship: In relation to this entrepreneurship comprises of business that
is mainly focused over welfare of state and makes developing of society possible in
effective manner. For Example: Nick Hurd :
Background : Nick Richard Hurd has born within 13th May 1962 and is an British social
politician. He has also served for government by being minister within London and United
Kingdom from 2018-2019.

Experience : Hurd pursue has been dealing with climatic change which tends to make
development possible within United Kingdom Environmental society.
CONCLUSION
In the discussion over the report it can be marked out that entrepreneur are the persons
that makes business activities performed in more effective way. They deals with the idea making
business expansion possible in more effective manner. The venture which is to be start by them
is based upon small, large or social enterprise. Also in this topologies within entrepreneur is been
explained. Further the report deals with impact of micro and small business on the economy.
Then standards in relation to society with firms and start-up is covered. Then in the end skills
with characteristics and traits is explained.

REFERENCES
Books and Journals
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.
Bandera, C., 2021. Teaching STEM Entrepreneurship With Societal Significance: Building on
the Small Business Innovation Research Program. Entrepreneurship Education and
Pedagogy, p.2515127421994785.
Coad, A. and Storey, D.J., 2021. Taking the entrepreneur out of entrepreneurship. International
Journal of Management Reviews.
Dana, L.P and et. al., 2021. The journal of small business management: A bibliometric overview
of 1996–2019. Journal of Small Business Management, pp.1-22.
Hamzah, M.I and et. al., 2021. The nature of the relationship between an entrepreneurial
marketing orientation small business growth: Evidence from Malaysia
Islas-Moreno, A., Muñoz-Rodríguez, M. and Morris, W., 2021. Understanding the rural
entrepreneurship process: a systematic review of literature. World Review of
Entrepreneurship, Management and Sustainable Development, 17(4), pp.453-470.
Liu, S., Qian, H. and Haynes, K.E., 2021. Entrepreneurship in small cities: evidence from US
micropolitan areas. Economic Development Quarterly, 35(1), pp.3-21.
McElwee, G. and Atherton, A., 2021. Rural entrepreneurship. In World encyclopedia of
entrepreneurship. Edward Elgar Publishing.
Pidduck, R.J. and Clark, D.R., 2021. Transitional entrepreneurship: Elevating research into
marginalized entrepreneurs. Journal of Small Business Management, pp.1-16.
Tantau, A.D. and Frăţilă, L.C., 2021. Entrepreneurship, Start Up, and Corporate
Entrepreneurship in the Renewable Energy Industry. In Research Anthology on Small
Business Strategies for Success and Survival (pp. 132-155). IGI Global
ONLINE:UK Technology Start-ups Hit All-Time
High:<https://www.forbes.com/sites/davidprosser/2018/04/06/uk-technology-start-ups-hit-all-
time-high/?sh=5d6491325d85>
ONLINE: 5 Marketers Reveal How They Understand & Influence Consumer
Behaviour:<https://blog.hubspot.com/blog/tabid/6307/bid/20028/10-consumer-behavior-secrets-
to-grow-your-sales.aspx>