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

This report discusses different types of entrepreneurial ventures, typology of entrepreneurship, characteristics of successful entrepreneurs, and importance of small businesses in social economy. It also provides insights into interpretation of statistics showing impact of micro and small business on the economy. The report is based on Entrepreneurship and Small Business Management subject with course code XYZ at ABC College/University.

Entrepreneurship and small
business management

Table of Contents
INTRODUCTION ..........................................................................................................................4
TASK 1............................................................................................................................................4
P1 Different types of entrepreneurial ventures and typology of entrepreneurship.....................4
P2 Similarities and differences between entrepreneurial ventures.............................................6
Task 2...............................................................................................................................................7
P3 Interpretation of statistics for showing impact of micro and small business on the economy
.....................................................................................................................................................7
P4 Importance of small businesses and business starts-ups in growth of social economy.........8
Task 3...............................................................................................................................................9
P5. Determine the characteristics traits and skills of successful entrepreneur that differentiate
them from other business manager.............................................................................................9
P6. Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
mind set.....................................................................................................................................11
Task 4.............................................................................................................................................12
P7. Examine by using relevant examples how background and experiences can hinder or
foster entrepreneurship..............................................................................................................12
CONCLUSION .............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneurs is referred to as those persons known for applying those ideas which has
helped in creating satisfaction over the demand that has been made by persons living in society.
Also they help in earning profit with more diligence and leads towards revenue generation
possible. Entrepreneurs acts as backbone for the economy which leads over making generation of
revenue possible. They makes main contribution towards making local people improve there way
of living and affects various kinds of social aspects existing within an country. Then it leads
towards making job generation possible with enhancement of business organization. The report
is based upon explaining 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 idea which makes opportunities identified in more effective
manner. These opportunities is based upon the business idea making growth possible within
particular business(Shirokova, Tsukanova and Morris, 2018). Also it is related over making
those options which leads through understanding critical importance with an unending change
over testing new business idea. As per this entrepreneurs helps in managing business from top to
bottom leading towads growth of business within market. Different kinds of Entrepreneurial
Ventures exists which is dependent over scale that has been explained as follows:
Small Scale Enterprise
Large Scale Enterprise
Scalable Enterprise
Social Enterprise
Small Scale Enterprise: Under such enterprises mainly small level businesses is involved that is
been owned by an sole proprietor. These business entrepreneurs primarily focused over working
with two or more then two workers. In this family member or a staff is included within business

activities. Example of these organizations are grocery stores, carpenters, brokers, etc. The
business organization makes innovation and creative ideas developed that makes vision to be
justified in more effective way.
Large Scale Enterprise: These organizations is known for performing multi-pal operations
which is required to be completed within the time limit specified for it. Under large scale
enterprises huge infrastructure is there with lot of job opportunities. Examples of large scale
enterprises can be Apple, Samsung, etc.(Schultz, 2021).
Scalable Enterprise: These are those enterprises that makes innovation developed by an
entrepreneur making development of innovation through creative ideas which makes customers
demand fulfilled. Owner of such enterprises works regarding needs of customers. Examples of
thee organizations are Amazon, Facebook, etc.
Social Enterprise: Such enterprises is based over creating satisfaction over customer needs
which makes profit earning possible. The main purpose of these organization provides facilities
to people. Example of these organizations are Cafédirect, Hill Holt Wood, etc.
All these enterprises makes business environment developed making establishment with different
kinds of typologies which may affects the decision making of entrepreneur and work for the
establishment of enterprise. Some of the typologies are:
Typologies of entrepreneurship
There are various types of typologies which is involved within entrepreneurship ventures
making development in relation over business leading towards efficiency in its nature. Further
typologies has been given as follows:
Growth firms: These business has been formed in order to earn maximum profit that
makes generation of revenue possible in more effective way. Such enterprises is focused
bringing inactivation with the help of new ideas which eventually improves company's
profitability. The idea used in order to make satisfaction and requirements of customers fulfilled
that improves results with product and services of an organization. This is covered in relation to
large enterprises.
Lifestyle Enterprise: The entrepreneurs is been developed through which lifestyle of
local persons living within country over its project. They provides lot of opportunities relate to

job with the help of its functions through products and services. It is been covered within social
ventures.
Typologies and entrepreneurial venture is interrelated to each other which makes
maximum functions based over enhancing standards of people and there lifestyle(Schaltegger,
Beckmann and Hockerts, 2018). They leads upon making development with growth of economy
possible over business activities
P2 Similarities and differences between entrepreneurial ventures
Basis Small business Large company Social
entrepreneurship
Scale These are those business
that is related upon
making operations
perform at small level
and involves less
investment. The main
involvement is of
investment which is less.
The business operations of
an organization is related
to high scale investments
which makes amounts
invested be huge. It helps
in smooth running of
business.
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
is been developed through
making huge amount of
money invested over the
innovative ideas that is
related 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
In such businesses higher
amount of money is to be
invested which makes
interference of
These firms requires
money which is
provided by the
government as they

organizations interfacer
of government is low.
government reduced with
large operations that is
been performed by them.
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- There are some signs which makes
British drive over great entrepreneurialism which is slowing and new business is been launched
within the year 2016(Sá and Holt, 2019). Also new researches suggests that more new
technology firms is now operating various numbers of new technology firm. Further in previous
years there has been increase within organizations set up of 59 percent. It shows that London has
dominated tech sector making host of more than percent of start ups within the industry. Now
impact of micro and small business organizations in UK has lead over making:
 Expansion and innovation of global market is made possible acting as key drive over
uplifting productivity within UK and makes improvement suggested while exploring
plans.
 Global activities of small business makes enterprises makes more innovation developed
in relation to products and services that is focused over domestic business.
 In relation to every five exporter one is small level business enterprises which is
estimated over nine and twelve percent over non-exporting firms within UK and becomes
permanent exporters.
 In UK small business enterprise grow less and has inclined within economy. The global
entrepreneurship monitors that SME has grown over 17 % within UK in comparison with
US that is 27 %.
 Small Business Enterprises is very flexible which makes adopting of economy structure
that makes dealing over needs put forward by customers over needs of local community
that is been analysed. Also this makes survival possible of economy.

 Small businesses helps in developing of competitive advantage which makes generation
of new and innovative ideas across industries. Further SME provides health and
supportive skills that makes ideas of market developed in dynamic manner.
 Such business enterprises is facing bankruptcy over product and services of SME which
has not been sold then organization should leave market very soon.

 These organizations having prime focus upon developing performance of business that
makes switching of e commerce over online transaction in relation over goods and
services. Also it has helped in making costing that makes business developed through
internet.
P4 Importance of small businesses and business starts-ups in growth of social economy
Small business and start-ups makes growth of social economy become backbone in
relation to economy of an country. Further these business organizations has very important role
to be played within the economy as it makes sustainability and growth possible within it. It leads
over making opportunities generated and various other aspects of business to be enhanced which
has been explained as follows:
Employment opportunities: The contribution of small business and business start ups in
relation over providing job with employees. Further organizations is been helping in making
contribution over job opportunities for local persons of that area. These organizations helps in
making contribution that is dependent over small businesses. This makes skills and knowledge of
an individual enhanced with efficiency which makes better business environment which has
helped in solving lot of issues regarding job. The it makes new jobs generated in effective
manner(Lenka and Agarwal, 2017).
Contributing to local government: Customers purchasing through local or small business
that gives money back by generating high revenue. Also it makes high percentage of tax to be
paid. The tax paid is used for making improvement of GDP with more efficiency. Various kinds
of tax is been paid by the organization in the form of GST, property taxes, income taxes etc. this
leads upon increasing tax and leads over making development of country possible which makes
global market recognizant possible.
Innovation: This is one of the main factors which helps in making economic development
possible over those ideas and innovation used by both small business with business start-ups over

making mechanism formed in relation over continuous development. Under it new technology is
developed over improving manufacturing for the organization. Then in this innovation is been
used which makes productivity within small businesses and start-ups improved with more
effectiveness. Fuhrer it leads upon making goals and objectives achieved in more affective way
with efficiency. Also through this quality of products is been improved according to customers
demand. Innovation is been contributing within the framework making leaders and management
attain strength within its working.
Living standards: Small businesses and business start-ups makes generating of job
opportunities making job security over local community developed in more effective manner. In
this learning capacity is been leading upon making living standards improved over luxurious
items. This is mainly used for making money increased that makes supply and demand fulfilled
which eventually makes individual buy more new products which also enhances profit in
positive manner. The smallest business and start-ups provides standards through there salary
given to them with which there dreams are fulfilled. Also it enhances living criteria of an
individual(Galvão and et. al, 2020).
Task 3.
P5. Determine the characteristics traits and skills of successful entrepreneur that differentiate
them from other business manager.
Every business entrepreneurship makes business regulated through entrepreneur and
success which is been attained with the help of different set of skills and characteristics
possessed by them. In this professionalism is been attained within business entrepreneur. As per
these sections two business entrepreneur is discussed which is considered for United Kingdom
and is based over skills, traits and characteristics that is explained as follows:
Philip Green : He is the CEO of Arcadia Group which is an retail company and is having lot of
brands which are Selfridge, Topshop, Topman, Evans, Wallis, Burton and Dorothy Perkins.
These organization was been formed in the year 1998 and is been situated within London.
Richard Branson: He is an English business magnate, author, investor and former
philanthropist. In the year 1970 an organization was created which is known as Virgin media
group and is having 400 companies in various filed.
Traits and Characteristics

Philip Green:
Traits: Vision: All successful entrepreneurs should be having clarity over vision which makes
enhancement over those activities that is related with the purpose, goal and market
position. Philip Green having same vision to attain success within market. Passion: These trait depicts over making individual passion that is related to business
activities. In relation to this Philip Green has been working very hard and has given
sufficient time which makes vision achieved.
Characteristics: Being Motivated: As per this an entrepreneur is required over motivating nature and
should invests over making time schedule developed in relation to business activities
regulating business in more effective way. It is been possessed by Philip Green which
made business journey to be more successful in nature. Decision making: This is one of the most important characteristics which makes decision
taken in more better manner that makes dealing possible within complex situation of
business. Also it helps in making business strategies developed in more effective manner.
Philip Green makes decision helping in making investment done in effective
manner(Fernandes and et. al., 2017).
Skills: Effective Communication: In order to be more successful entrepreneur various skills is
been developed which makes communication be more strong in nature. Example fro this
is Philip Green makes both entrepreneur and famous celebrity within UK and is been
hosted over various shows within communication capability.
 Focus: Journey of entrepreneur is not easy as lot of problems is been faced by them
which makes entrepreneur more goal oriented and must have focus through making
goals accomplishment possible. Philip Green is focused over terminology which makes
more better entrepreneurs developed.
Richard Branson
Traits: Willingness to work hard: In order to achieve success with more effective manner
entrepreneurs willingness is been required over making better strategies in more

affective manner. Richard has always understood that complexity of business acts is
been covered within the act. This makes influence of business personality by making ot
more influential in nature. 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 an important characteristics that is bee possessed by an entrepreneur
which makes business characteristics develop ability over making good motivation done
making passion leading towards development of success. Richard Branson has
enthusiasm over technology making passion developed in more impactful manner. Decision making : This is helpful in making capacity of work increase which makes
decision making more quick regarding various approaches related to business situation.
Richard Branson makes better decision making abilities developed within more effective
manner (Eijdenberg, Paas and Masurel, 2017).
Skills
 Adaptability or ability of learning: This is an important skill that makes important
skills possessed by an entrepreneur. Richard over making business must have
individual with learning capability.
P6. Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation mind
set.
Entrepreneurial personality is that kind of personality which is one of the most important
measure taken over making individual carry better motivation through proper mind set. Ocean
personality which is an multi dimensional and has certain personality that is given as follows.
 Openness: This is taken place when an individual is curious and open minded over new
source with the knowledge related to it.
 Conscientiousness: This explains regarding those things making an organization
attained tendency for developing, managing and also making goal orientation
personality developed.

 Agreeableness: Under it description is done about how work along with the person is
been managed with coordination that makes better approach attained towards work
approach.
 Extroversion: It is an trait of personality including energy over making interaction with
other introvert getting energy within themselves.
 Neuroticism: As per the trait emotional aspects is bee made over feelings and mutual
understanding developed. In this entrepreneur develop over personality which makes
ability of controlling emotions with 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: This is that kind of entrepreneurship which makes derives
about own businessman that has been regulated over domicile of country region.
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(Bastian, Sidani and El Amine, 2018).
Experiences: When he was 21 started his own business with the loan of £20,000. In this business
of age makes importing and selling of jeans. Then he brought bankrupt stock from ten design
label brands and make sold clothes in his own name. International Entrepreneurship: As per this entrepreneurship is been derived from
making business entrepreneur expansion possible by making greater market share
achieved. Example over this is Bill Gates
Background: He is born on 28 October, 1955 which is famous American business magnate over
software industry. Also he is co-founder of Microsoft Corporation that is been rejected within
job in IBM in order to open new venture(Amoroso and Link, 2018).
Experience: Bills Gates and his vision in the year January 1975 issue of popular electronic
demonstration of Altair 8800. Then in the year 1976 Microsoft was founded within USA.

 Social Entrepreneurship: According to this an entrepreneurship contains those business
which is not over the motive to earn profit but is desired over making development of
society in more effective way. For Example: Nick Hurd :
Background : Nick Richard Hurd born in the year 13th may 1962 and is an British social and
politician served as Minister of London in United Kingdom till from 2018-2019.
Experience : Hurd pursue as the Convenor of the climatic change where is pursue to tend for
better development in United Kingdom Environmental society.
CONCLUSION
From the above report it can be concluded that entrepreneur are the persons that makes
business activities with innovative idea developed over making customers satisfaction achieved.
Also there are various kinds of entrepreneurial venture which is small, large or social. Further
topologies within entrepreneur is been explained. Then in this standards over enhancing people
living within society with firms and society is covered. The report explains about successful
entrepreneur with there skills and characteristics. In the end relevant examples how background
and experiences can hinder or foster entrepreneurship has been explained.

REFERENCES
Books and Journals
Amoroso, S. and Link, A.N., 2018. Under the AEGIS of knowledge-intensive entrepreneurship:
employment growth and gender of founders among European firms. Small Business
Economics, 50(4), pp.899-915.
Bastian, B.L., Sidani, Y.M. and El Amine, Y., 2018. Women entrepreneurship in the Middle East
and North Africa: A review of knowledge areas and research gaps. Gender in
Management: An International Journal.
Eijdenberg, E.L., Paas, L.J. and Masurel, E., 2017. Decision-making and small business growth
in Burundi. Journal of Entrepreneurship in Emerging Economies.
Fernandes, C and et. al., 2017. Knowledge and entrepreneurship creation: what is the
connection?. World Journal of Entrepreneurship, Management and Sustainable
Development.
Galvão, A.R and et. al, 2020. Mentoring entrepreneurship in a rural territory–A qualitative
exploration of an entrepreneurship program for rural areas. Journal of Rural Studies,
78, pp.314-324.
Lenka, U. and Agarwal, S., 2017. Role of women entrepreneurs and NGOs in promoting
entrepreneurship: case studies from Uttarakhand, India. Journal of Asia Business Studies
Sá, C. and Holt, C., 2019. Profiles of entrepreneurship students: implications for policy and
practice. Education+ Training.
Schaltegger, S., Beckmann, M. and Hockerts, K., 2018. Collaborative entrepreneurship for
sustainability. Creating solutions in light of the UN sustainable development goals.
International Journal of Entrepreneurial Venturing, 10(2), pp.131-152.
Schultz, C., 2021. A Balanced Strategy for Entrepreneurship Education: Engaging Students by
Using Multiple Course Modes in a Business Curriculum. Journal of Management
Education, p.10525629211017958.
Shirokova, G., Tsukanova, T. and Morris, M.H., 2018. The moderating role of national culture in
the relationship between university entrepreneurship offerings and student start‐up
activity: An embeddedness perspective. Journal of Small Business Management, 56(1),
pp.103-130.