Entrepreneurship and Small Business Management

This report covers types of entrepreneurs with the differences of entrepreneurial ventures and the importance of start-ups with the aspect and the motivation. Further it covers skills of the business manager. It also explains the impact of small businesses on the economy and the traits, skills, and characteristics of entrepreneurs that differentiate them from managers.

Entrepreneurship and
small business
management

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK ..............................................................................................................................................3
Different types of entrepreneurial ventures and explain relation to the typology of
entrepreneurship..........................................................................................................................3
Distinction and Similarities between types of entrepreneurship................................................4
Interpret and also assess all relevant data explaining about small businesses and its impact
on economy................................................................................................................................6
Importance of all small business and their start ups in growth for social economy..................9
Explain the Traits, skills and characteristics of entrepreneurs that helps in differentiating them
from managers.............................................................................................................................9
How aspects of entrepreneurial personality can reflect entrepreneurial mindset and
motivation.................................................................................................................................11
By giving examples, elaborate how experience along with background of entrepreneur
canhelp in foster and also in hinder entrepreneurship...............................................................12
CONCLUSION .............................................................................................................................12
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneur are the persons who with some innovative ideas tries to manage and set
their own business. They usually carries and run their own business with some limited resources
which are available with them. All the responsibility lies on the sole owner for the management
of the business and it also involves the ideas on which the business is managed with their
existing models. Small business are all such setup which focus on established offering and
products whereas entrepreneur use to come up with some innovative approach and ideas in order
to make new offering. They take higher risk in order to manage and frame the business practise
(Aldairany, Omar, and Quoquab, 2018). This report will cover types of entrepreneurs with the
differences of entrepreneurial ventures and the importance of start-ups with the aspect and the
motivation. Further it will also cover skills of the business manager.
TASK
Different types of entrepreneurial ventures and explain relation to the typology of
entrepreneurship.
Entrepreneurship is an opportunity to turn all the creative ideas into reality and to make
all the possibility and the changes to be grown in future. It is the method to perform something
and to gather the resources in order to make some innovation in company or working.
The major differences between the Entrepreneurial venture and small business is like:
Small business Entrepreneurial venture
 It use to deal and manage their start up
of business with some existing ideas
and the established goods
 It have the profitably for a continuous
period (Jabeen, Faisal, and
Katsioloudes, 2017).
 Confined and limited approach
 It carry the innovative, creative
approach and the activities new offers
can be given and new products are
being served.
 It focus on high growth and risk with
major return.
 Vast and innovative approach.
Entrepreneurial venture use to focus on managing and starting a business practises with
limited facilities and resources as it use to provide and cover the high risk being involved. The

major focus of all such kind of business practise on the innovation and the creative thinking. The
different ventures being involved in it are as follows:
 Small business- all such business which are managed by the single individual and its
major focus s major finance is being managed by the family, friends and other loans.
They use to have 0-49 employees being working under them. And their focus is to earn
for the standard of living and to manage their needs and livelihood.
 Social business- All such business which are managed in order to gain and contribute for
the society and also to manage the non profit organisation. They work for the welfare of
people and also to maintain the services and products(Lenka, and Agarwal, 2017). Large business- These are the business practise which carries the major turnover and the
revenue generation through which the benefits can be made to whole country. It involves
maximum employees and the heavy machineries with proper organisation to manage and
implement.
Typology in entrepreneurship
Typology identifies and defines the general differences ad the classification of the
entrepreneurship. Some of which is mentioned below: Growth firms: It considers all such organisation which focus on managing the growth
and the expansion in the venture. As their main motive is to earn profit and this can be
made with any large or small business practises(Marques and et. al., 2018).
 Lifestyle firms: It provides all those organisation which continues to manage the standard
of living of the individual and also focus on implementing the structure and the work in
positive manner. These are made to give employment and also to earn for living.
Distinction and Similarities between types of entrepreneurship.
There are different kind of Entrepreneur in all the business practises they are like: Intrapreneurship- All those Entrepreneur who use to manage the large organisation and
business practises are covered it it. All these intrapreneurship are innovative, highly
motivated and are ready to take all the type of risk through which their boundaries can be
crossed and new invention can be be introduced. They focus on enhancing production
and growth and also in making the better image in market. Serial Entrepreneur- They are all the individuals who considers and manages all the new
and innovative ideas through which the business can be managed. It includes the variable

uniqueness in their mind and the ideas through which they try to manage the creativity in
business(Shirokova and et. al., 2018). Social Entrepreneur- It involves major focus on the innovation for the social welfare and
to manage the goals and the services through which all the implications can be framed.
Differences
Basis Small Large Social
Equity for
Enterprise
The owner use to
manage the equity.
The investors, owners
and public are
involved in all such
business (Gupta and
et. al., 2019).
Owners are usually
the members.
Objective To earn profit To promote growth
and earn profit.
To avoid all social
problems and work
for welfare.
Similarity
Basis Small Large Social
Standard of living They manage to give
quality of products so
as to enhance living
standards.
They focus on giving
quality services and
goods with
employment
opportunities so as to
promote living
standard.
These manage all the
social problems
through which living
standard can be
improved.
Ability for managing
opportunities
The identification with
proper scanning is
being made by the
owner in order to
manage and promote
These focus on giving
general opportunities
through which growth
can be maintained.
The social issues are
being clarified
through all such
methods.

profit.
Interpret and also assess all relevant data explaining about small businesses and its impact on
economy
Business enterprises are generally of different types which use top carry and manage all
the economy through which the contribution is managed some of which are like: Micro- These are the smallest organisation which have employees for around 0-9 and
their net turnover is for 2 million pounds. Small- These are generally all such organisation which focus on standard of living and
they have about 10-49 employees being working under them, and the annual turnover is
for 10 million pounds. Medium- It involves all such business which carry heavy machinery as in it there are
about less then 250 employees being working under it. And the annual turnover is for like
50 million pounds (Nakara, Messeghem, and Ramaroson, 2021). Large- These are vast organisation which have a large scale business practises. It
considers more then 250 employees working under it and the annual turnover is for
around more then 50 million pounds.
Factors which affect economy
As with the general schemes given by the government and the methods of giving the
roles and the compilation, it is been seen that all the small and the medium business use to carry
and earn more profit and it helps in generation of more advancement. Small business generally
get major support from the companies and it helps out in high growth by the financial schemes
and the loan facilities given to them. UK economy is majorly being increased with all the high
turn over which is made in between them and it includes to expand the SME by managing the
sales and generation of revenue with taxation.
It conducts the immense formation and management with the support of government as it
generates the boosting growth and economy.

Illustration
1: Micro business Britain survey,2019
The other important factor which involves the growth and increasing the GDP I their
export opportunities through which the foreign currency is managed and all the exchange rate is
framed. This focus on making the boosting of economy and in managing GDP for growth of
nation (Parente and et. al., 2018).
It is the employment opportunity factor which considers the major areas as the above
mentioned graph provides that all the small scale business use to have major employment

opportunities as in comparison to all the large and medium business. It involves 98.3% of
individuals involved in raising the high per capita income.
Major impact on economy Regional- The major business practise which use to promote the regional economy are
Small and the medium company practises, as they try to give all the jobs to the individual
who are localities and it also helps in managing the employment rates and to frame the
general working. Local- The small and the medium business use to manage the general working and
through which all the economy can be uplifted. As they try to give major employees in
local opportunities for the growth and also provides basic amenities and facilities to them
like medical shops, grocery, small shops etc. are helpful for the growth of the company
(Rubin, Lednev, and Mozhzhukhin, 2019).
 National- All the SME from UK focus on managing and making the national economy to
be generated and to increase the per capita income. It focus on enhancing the GDP and
also motives to manage the creative and innovation through technology with industrial
values. It also focus in making the friendly relation with all the other areas and to expand
their business for earning profit.
Importance of all small business and their start ups in growth for social economy.
Small business are the most important element which helps in managing the business and
it creates the economy as this is smaller segment the attention is not always led on them and it
generates the major areas through which functioning of economy can be managed. There major
start-ups and the importance for all the small business practises are like: Standard of living- It is all the small business practise which generalise and provide the
mediums and the methods through which they improvise all the living standard of
individuals and it carries the methods and the ways through which all the small business
helps in managing the work.
 Job opportunities- This is merely all the small business use to manage the segments
through which employment is being made and the asset is given in order to make the
employment to be given to all the local s and also to maintain and remove all the
unemployment rates and issues.

Explain the Traits, skills and characteristics of entrepreneurs that helps in differentiating them
from managers.
In order to manage the work there is being seen that entrepreneur use to help out in
managing all the innovation and the new creative ideas to mange the business practises. All the
managers are usually different form one another and there is been seen that they are different in
all the skills, traits and the characteristic. Their are 2 entrepreneur who are involved in all the
areas and the characterised they are like, Elizabeth Gooch and Tom Mercer.
Characteristics Passion- It is important to have the proper passion regarding the work and the scenarios.
As when seen there is been analysed that all the areas where entrepreneur use to create a
passion towards generating a new product and also in managing all the areas in order to
gain success. They usually manage all the hard work and the general working and also
focus on the methods through which they can sustain and provide growth. Tom and
Elizabeth have the distinguished areas of working and they manage passion and the
desires through which all the commodities are carried out (Lumpkin and et. al., 2018) . Motivator- All the entrepreneur use ton be major source of motivation as they provides
their working team to be highly motivated and make them to focus on the hard work and
the success through which all the material success is being managed. Tom and Elizabeth
considers to have the successful business as they focus on motivating their work team and
managing their working in proper manner.
Traits Future oriented- All the entrepreneur usually are much more focused towards future as
they tend to manage all the things and they try to manage working for the future missions
and goals. As all the entrepreneur considers the innovation for the future goals and
programs. Tom and Elizabeth use to manage and provide all the essential futuristic
approach in their working and they also try to frame the methods in which the future
goals and programs can be made. Flexible- They are ready to manage and are are open minded as all the entrepreneur are
willing to adapt the new situations. And they are always keen to learn the new techniques
and the methods through which work can be made easy and is framed in the positive

approach. Tom and Elizabeth are always ready to learn and manage with their open
minded approach and adaptability.
Skills Optimistic- This is the method which are adapted by all the entrepreneur as they are
always positive in their attitude and always ready to take the new opportunities and the
failure in positive manner. They tend to manage and implement all the positive side in
their working. It creates a major areas through which they provide the positivity in all the
sectors.
 Decisive- Entrepreneur use to have all the decision making skill as they tend to make the
proper decisions so as to manage the work and also to maintain the correct element for
their general innovation. Tom and Elizabeth use to have the confident in all the decision
making process and they tries to analyse the nature and the working in a confident
manner. All the entrepreneur as need to generate the new ideas try to analyse and frame
the working with decision making.
How aspects of entrepreneurial personality can reflect entrepreneurial mindset and motivation.
OCEAN model is an important reflection which provides the depictions of the behaviour
and the personality of the individual. This generally provides all the motivation through which
reflection on the mindset of the entrepreneur is being managed. The mindset with the motivation
is being given as follows they are like: Openness- It provides some important insight characteristics through which all the
entrepreneur use their imagination and also mange the wide interest in order to explore
and create a dynamic approach in overall working. (Tumiwa, and Nagy, 2021). Conscientiousness- It considers the mindfulness and also the ability through which the
goal orientation is managed and it also provides the behaviour and the methods through
which the entrepreneur can manage all the ability through which constant focus on the
work is underlined. Extraversion- The person who are social and are expressive in order to manage the work
ad they are much expressive in order to manage their emotions. This is social behaviour
and it also generates the courage and the ,method through which the person can connect
socially ad they are successful in working.

 Agreeableness- All those people who are kind, trustable, affectionate in their work are
considered in it. This use to manage all the interest in their working and in managing
things.
 Neuroticism- it is an important trait for all the persons in anxiety, sulkiness, instability
through which they manage the working and also frame the counter stress through which
all the work is managed and the complex situation is removed. This helps the
entrepreneur to remove all the mood swings and the stress from the working in pressure
(Spanò and et. al., 2018).
By giving examples, elaborate how experience along with background of entrepreneur canhelp in
foster and also in hinder entrepreneurship.
The experience and the forgoing background of entrepreneur helps in forecasting
decisions through which decision-making is managed. Their are two important examples of
entrepreneur they are like:
Elizabeth Gooch
Experience and Background:
She started working with HSBC bank in the age of 18 years but did not find it suitable
and left the job in 12 months, later on she started her business in consultancy . After the duration
of 8 years she initiated to start her own business and managed the funds from loan and with
family and friends help. She started a company in order to give the training to the employees for
the operational management and the general financial services. She also launched a new software
in that time period in order to monitor and collect data fro the production. At that time she met
the CEO of Prudential financial services, Rodney. As the things were not making up in her way
so she managed to join and focus on software rather then consultancy. She started working with
Rodney and became chairmen over their by giving effective strategy which helped in increasing
the turnover by 28%.
Tom Mercer
Experience and Background:
He graduated from Cambridge university and joined a management consultant in London
named Bain& Co. He in the initial time period try to make different ideas for business but did
not get any which will be effective. He thought that there are so many options available for the
lunch and dinner but there is no option for healthy and tasty breakfast so he blended oats and

with some fruits and yogurt and made it late night and tried to sell that all in trains, tram stations.
He got positive feedback form all so started making and chopping fruits with all the preparation
in late night (Farhat and et. al., 2018). This is how he left job and started MOMA, and is now a
well known successful entrepreneur.
CONCLUSION
It is concluded from the above report that entrepreneur are the creators and the innovators
who use to come up with new ideas and thoughts in order to execute and manage the business.
There are different kind of entrepreneur like small, social and many more all are dependent on
the typology. SME plays an impact on all the economy and the employment in business s it
manage the opportunities through which the general standard of living is improved. Furthermore
it is also concluded that entrepreneur have sufficient traits, characterise and skills like decisive,
flexible and innovator. OCEAN model depicts the personality of entrepreneur.

REFERENCES
Books and Journals
Farhat and et. al., 2018. New directions in entrepreneurship research with the Kauffman Firm
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Spanò and et. al., 2018. The role of motivations and intentions in life-sciences entrepreneurship:
insights from the Italian setting. International Journal of Entrepreneurship and Small
Business, 33(3), pp.449-464.
Tumiwa, J. and Nagy, A., 2021. Micro, small, and medium enterprises in emerging economies
and economic transition: a comparative study between Indonesia and Hungary.
International Journal of Entrepreneurship and Small Business, 43(1), pp.22-38.
Lumpkin and et. al., 2018. Where change happens: Community‐level phenomena in social
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Rubin, Y., Lednev, M. and Mozhzhukhin, D., 2019. Competition competencies as learning
outcomes in bachelor's degree entrepreneurship programs. Journal of Entrepreneurship
Education, 22(6), pp.1-12.
Parente and et. al., 2018. The epistemology of humane entrepreneurship: Theory and proposal
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Nakara, W.A., Messeghem, K. and Ramaroson, A., 2021. Innovation and entrepreneurship in a
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