Small Business and Entrepreneurship

This assignment explores the crucial role of entrepreneurship and small businesses in driving economic development. It delves into fundamental concepts like business models, sustainability, and the influence of public policy on entrepreneurial ventures. Students are required to analyze various perspectives on entrepreneurship and its impact on society, drawing upon provided academic sources.

ENTREPRENEURSHIP AND
SMALL BUSINESS
MANAGMENT

Table of Contents
INTRODUCTION..............................................................................................................1
TASK 1.........................................................................................................................1
P1 Entrepreneurial venture and their interrelation with kinds of entrepreneurship.......1
P2 Similarities and difference between various entrepreneurial venture.....................2
TASK 2.............................................................................................................................4
P3 Micro and small business effect on economy.........................................................4
P4 Importance of small businesses and start-up's.......................................................5
TASK 3.............................................................................................................................6
P5 Traits, skill and characteristic of Henry Ford...........................................................6
P6 Entrepreneurial personality which reflects their mind-set.......................................7
TASK 4.............................................................................................................................8
P7 Past experience and their background which hinder entrepreneurship..................8
CONCLUSION................................................................................................................. 9
REFERENCES ..............................................................................................................10

INTRODUCTION
Entrepreneurship is the study which can be defined as the process of launching,
running and designing an innovative business. It is a start-up which provides product,
services and process for sale. They have capacity to control, organize and develop a
business investor along with its uncertainty to generate profit. Small business
management are owned by partnership, sole proprietorship and corporation that have
some workers. Improvement of an enterprise by generating risk in order to create profit
and revenue. This report is based on innovation and invention of business that will be
helping entrepreneur. In this report, there are various types of venture and their
relationship with entrepreneurship (Bridge, and O'Neill, 2012). They make contribution
in small business which help whole economy. This report also contains skill and
characteristics that are needed to become an entrepreneur.
TASK 1
P1 Entrepreneurial venture and their interrelation with kinds of entrepreneurship
There are different types of entrepreneurial venture in a marketplace are as
follows:
lifestyles venture: This type of venture is an innovative business which helps in
providing stable and fix income to its managers as well as owners related to the trade
model, management and conservation approach. A innovative person in an
organisation which are control and maintain opposition in market. It is founded in
particular location and they are not ready to have taken best decision regarding to start-
ups.
Survival venture: This type of venture is innovative in marketplace and only subscribe
their family member and living of owner. Apart from this, company do not have particular
workplace and formal registration.
Managed growth venture: These type of ventures have appropriate and fixed growth.
It is a best business which is having continuous investment from its venture as well as
investor (Burns, 2010). It also launches different product and services to time with the
help to particular staff.
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Aggressive growth venture: It is a best and innovative business which is based on
technology. They have some ability to develop innovative products and create best
opportunities regarding to employees’ performances. These firm also get some funds
from capital and their venture drive its opportunities.
There are different type of entrepreneurship which are interrelated entrepreneurial
venture in marketplace are as follows:
Small business entrepreneurship: In this type define the various kinds of small scale
in marketplace such as holder, agent, plumber, barber and grocery stores etc. It is very
essential because they own their company. They also create relationship with survival
venture and they cannot make large amount of fund. According to this business is
complete by relatives, colleges and family members.
Scalable start-up's entrepreneurship: Small scale businesses , it is a
entrepreneur. Their main aim and objectives to attract venture as well as investor
to invest in their company. it is a very essential for the firms . Financial investor
plays their important role and invest own capital which are develop in this business. It is
assist of venture capitalists.
Large company entrepreneurship: Managed growth investor and large company
entrepreneurship ,both are same in the workplace (Carland, and Carland, 2015). They
make some growth by offering various innovative and creative products or services.
They have some power to change customer taste and their mind set related to business
innovation.
Social entrepreneurship: These type of entrepreneurship are important which exist
from social profit of the economy .This kind of person are innovator because they known
for creating services and goods. There purpose is would to serve their issues . Venture
make good place.
Entrepreneur is a person who define their role and responsibilities due to the
product development process.
P2 Similarities and difference between various entrepreneurial venture
There are different type of ventures which are interrelated with each other. They
have some similarities and difference are as follows:
Entrepreneurial ventures Similarities Difference
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Lifestyles venture Resources of finances
which are used by lifestyle
venture and managed
growth. Those are use
them. similar (Schaper, and
et. al.,2014). those are
takeing some fund from
their relatives and families.
They paid fund on the basic
salary of employees.
Their management style is
different from other
ventures. Their structure is
very simple, it is not Match
other composition.
Survival ventures Lifestyles and survival
venture both are oriented by
low entrepreneurial. Their
innovation strategies also
similar such as close and
open business.
They apply reactive
management style and
have regular development
such as growth. They are
not similar for other venture
Managed growth venture Their exit approaches are
similar with aggressive
venture for instance merger
and sell (Down, 2010).
Their management style is
very unique and they apply
strategic way. They have
also moderate
entrepreneurial motivation.
Aggressive growth ventures Managed and aggressive
growth ventures used
planning tool related to
management skill. They
also provide profit which
are based on owner
capital.
Their management style is
different and their
technological investment is
very high. Motivation theory
is are not same with the
other ventures.
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This report also explained roles, characteristic and objectives of different types of
venture as follows:
Private ventures: The main aim and objective of this venture is developing needs and
wants related to organisations norms and creating employees’ opportunities and profits
(Dennis Jr, 2011). Private and managed growth venture, both are similar. Their Aim to
maximise benefit and make best structure according to business interest.
Public venture: They are speculation to make fair growth and desired in a
organisation as well as marketplace and they also create different role in the economy
welfare. The main aim and objective to make economy development, consumer profit,
growth of background location, and self-reliance.
Social venture: This type of venture play important role in the business operation and
they make social welfare and society development. The aim of social venture to create
and develop relationship between environment and society.
TASK 2
P3 Micro and small business effect on economy
Micro business is a small business which can be defined as some type of
businesses. There are only one owner and maximum 5 employees are available. Most
of this business established by women and minors due to some mobility and flexibility
which are given by micro and small businesses (George, and Bock, 2011). These type
of start-up's can be completed as per the passion, skill, knowledge, terms and
conditions of individual. Small business and entrepreneurs are impacted on the trade of
United Kingdom at 92%. Small size of market which are complete by individual assist in
an improving life quality, income, powerful of wealth formation etc.
Under this markets have different impact on the job opportunities growth in economy.
They make effort in improving youths job an around 26 million. This business also very
beneficial in making product production approx 13.4 million and 1.9 million direct jobs
opportunities (Gorgievski, Ascalon, and Stephan, 2011). If an individual is organised by many
small scale then it also develop situation related to full employment.
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In a Small business there could be maximum 500 (approx) and minimum 5
workers . in United kingdom ,there were 24.3 million individuals to whom private sector.
job were provided. There are 60 % employees are there. Several importance are there
regarding whole economy and their impacts can be determine as follows:
Impact on regions: Presences of micro and small business are make different regions
and provide economy impact. Several region they have various kind of innovation
business which will provide direct effect on employment.
Impact on locals: Both small and micro business give effects on economy such as
community. It also provides large amount of benefaction to regional. Both firm generate
64% of innovative jobs.
Impact on national and international: Small scale business also effected on national
and international economy. Their market turnover such as £1.6 trillion in the 2014. It is a
major employment part which is create in United kingdom(Hall, Daneke, and Lenox,
2010). Creative services and innovative activities related to their buyers which are
create by business at around of 37% approx.
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As per the other hand define their impact on national, international, regional and
local community. The main aim and objective of these market to evaluate individuals
opportunities of economy. They help in creating straight position as well as situation in
different regions and they also contribute regional development.
P4 Importance of small businesses and start-up's
Brexit: It is a process by which the UK withdraws from the EU. Apart form this
government led legislation. It is an abbreviation for their exit.. It is a contraction for British
egress. On June 23, 2016, UK decided to Marge ties with European Union. According to Brexit
decision was taken by government in UK comes as an output of different kind of public
and private vote related to the whole members. There are 30 million people they have
right to vote in UK. Brexit also provides important threat related to the political parties
and parliaments systems. (Leitch, Hill, and Neergaard, 2010). Related to the Brixit
there are large number of start-up's and small business than who are suffer of social
economic development.
A new business operation can be determined as a particular innovation. Venture
play an essential role and responsibilities in economy growth which was contribute their
particular efforts. For starting innovative business that need to develop best
performances. Implementation of successful business plan that assist to create overall
goals and objectives. There are different important of start-up's and small business are
as follows:
Awareness: It is defined the appropriate function to develop awareness among
employees and society. They help to give their support to raise their national and local
segment and also give needed outputs to our whole economy.
Employment creation: An innovative business is very essential which can create job
opportunities because it is necessary in this business (Ligthelm, 2010). It also provides
innovative as well as valuable plan to increase profitability.
New product innovation: The main motive of small and micro business is to give
innovative products and creative services to the economy. It would engage many clients
and increase market flexibility as well as stability of their company.
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Business expansion: It might be assist for the different companies. They are well
established and gathering large profit they have different option to develop its its units
more that individual.
 Start-up's and small business, both are very essential in an organisation. and thay also
play important role to increasing turnover and employment, which will help to growth
the social economy. They also create as well as support in around of 60% jobs in private
and 81% in improving effective task as well as workforce.
 Small and start-up's business also attract an individual in United kingdom and create
visitors competition. It is very important to increase the competition. Company also
make a development in their task. Essential which can generate high income and
turnover.
TASK 3
P5 Traits, skill and characteristic of Henry Ford
Entrepreneurship, which can be defined as a best process to the help of
innovation. It will creates individuals such as appropriate enterprise. The efforts by
creating social, financial and psychic uncertainty With the help of innovator. several
activity which was define the monetary rewords and individual satisfaction. One of the
examples of successful entrepreneur is Henry Ford (Nga, and Shamuganathan, 2010).
He was an American industrialist. He was born July 30, 1863 in county cork. He is a
successful owner of Ford motors company as well as sponsor. He became richest
person in the world. There are various quality of entrepreneur are as follows:
Henry Ford qualities: he have different skill that are essential by their life. He was a richest
man as well as entrepreneur in America.
Confidence: Henry Ford was a confident person He make best decision related to
organisation needs and wants.
Disciplined: He was a successful entrepreneur who always focusses on the decision making
with the assist of planned and disciplined way (Preuss, 2011). They try their best and avoid
different barrios or distraction due to goals and objective.
Determination: He was a richest entrepreneur would decided their task,role and
development in the best places according to employees needs.
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Innovator: It is a best characteristics which define and provide innovative products and
creative services in market place. He was launched innovative business because he is a richest
entrepreneurship.
Open minded: He was successfully entrepreneur are take innovative decisions which can
help to achieve best environment. He was open minded, it is very essential to attract large
numbers of success for the others. Their ability to take uncertainty at various position as well as
situation.
Henry Ford traits and characteristic: Different traits and characteristic of Henry Ford
are as below:
Passionate: It is very essential to start a new business or purchasing various shares for
the business.
Craves learning: this traits can be define as a stay sharp personality. and it is
necessary related to the regular learning basis. According to this will Henry Ford are
free and they try to achieve innovative ides and innovation of new business.
Not afraid to take uncertainty: It is the main traits that Henry Ford have to face difficult
situation. He was very dedicated with taking best decision and business innovation.
Management of finance: It is an essential part of every organisation. which support to
make innovative plan and ideas (Sampaio, Thomas, and Font, 2012). There should be
a proper management while entrepreneur make appropriate survival.
P6 Entrepreneurial personality which reflects their mind-set
Many entrepreneurs play an important role in Psychological which was impacted
overall activity. There are various entrepreneurial, one of the Elizabeth. Their
personality is more attractive due to its innovative and unique plan which was observing
by business. There personality and mind-set which assist them to reach success.
Different lifestyles, culture and family upbringing which can play an essential role in the
development process. Their quality are reflected by family upbringing which is complete
by relative.
Motivation elements is very important that every one have to achieve business
success. It help then to create and well as achieve best advantages by using
motivational traits and leadership style. One of successful entrepreneurial is Mark
Zuckerberg, he was a owner of website which are collaborating various people and
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different countries. There are many factors which can support an entrepreneur to make
innovative development as well as improvement of qualities like passion and
determination(Schaper, and et.al., 2014). It is necessary for upgrading entrepreneur
personality and assist to work for the objectives achievements. Discipline quality which
can focus on task and also reduce difficulties. People should also confident due to their
skill and knowledge which will assist to create many successes.
An innovative person has powerful skill like effective communication which can
help to develop best environment and customers satisfaction. It will support to motivated
employees and workers on their work and also make effective and innovative process of
product selling.
Creativity personality is very needed to develop create thinking which help to many
people to connect and interact . This skill is is not have for every businessmen to achieve their
position and situation in long duration. Self-motivation is very important to achieve
employees’ performances and other business men taste and their lifestyles related to
personality. Creative mind of entrepreneurial which makes innovative network among
different position, programs and events and also assists in product improvement in
innovative marketplace.
Self-defence is another quality and characteristic of entrepreneur in reducing
many difficulties and issues. They are able to interchange a plan into a reality and
regularity. Self motivation is very essential foe every entrepreneur. This personality,
which can support of effective mission and vision(Storey, and Greene, 2010). Every
person will able to view success and opportunities in every difficult situation and
position. They also develop innovative idea which will help to generate products quality
and services.
TASK 4
P7 Past experience and their background which hinder entrepreneurship
Entrepreneurs are original thinker, risk taker and innovators. They take various
roles and responsibilities for their own activities. They stand high target objectives and
task in order to achieve goals and their values.
Education, traits, economic circumstances and their culture which are plays an
important role in evaluating enterprise objectives. They are brought and educated such
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as type of culture which supports in directing and motivating them to be a successful
entrepreneur. They are always self motivated and managed and take uncertainties so
that will not fari any problems and fear in creating innovative services as well as
products. Economy circumstances are very needed for an entrepreneur which help in
attaining objectives and goals and make high performances. It also be able to task with
different innovative technologies and techniques. It assist in providing opportunities
which are necessary for long and short time job. Entrepreneur learn to make
communication and dealing with various individual and thus make effective operation of
business. They have good culture and education which plays an effective and essential
role. In this start-up's where are many uncertainty which are involved in a innovation
business that requried nature and self motivated attitude in order to make goals and
objectives. Past experience and history as a kind of person personalities that improve an
image of experience and self background they create from past generation(Preuss, 2011). Mark
Zuckerberg is a self motivated person and also established innovative business regarding to
customers needs and wants. There are many factor that must be achieve by different
entrepreneurs which are interrelated with the family and educational background of them. Mark
Zuckerberg is a best entrepreneur but his family and education are not match for their
personality. Self-motivation and confidence which help to present and future employees.
Entrepreneurial personality is important for every organisation success and they have
not specific meaning as a from of different educational, family culture and background have
different from their experience and knowledge. Mark Zuckerberg, he learn to make
communication and dealing with various persons which are available in market place.(Ligthelm,
2010).
Technical knowledge and industrial skill of a people is very essential in various
decision-making processes which are necessary for launching innovative business. Skill
and experience is needed for various entrepreneur like communication as well as distribution
channel, marketing planning and organising, product improvement, manufacturing process,
accounting as well as financing etc.
CONCLUSION
As per the above mention report which can define various types of entrepreneurial
venture. From the above report it can be analysed entrepreneur success and development. A
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individual must be able to control uncertainties in a effective way and should present needed
situation with the assist of creative and innovative plan. They are very important to help in
achieving goals and objectives of an organisation. , it can be evaluated that individual and
business development and success. An individual must be capable to control uncertainty as well
as risk effectively and should current necessary position. It also help which can define innovative
and creativity plan that will be developed help in achieving goals in specific time.
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REFERENCES
Books and Journals
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: entrepreneurship and small
business. Palgrave Macmillan.
Burns, P., 2010. Entrepreneurship and Small Business: Start-up. Growth and Maturity.
Palgrave Macmillan.
Carland, J. W. and Carland, J. C., 2015. A model of potential entrepreneurship: Profiles
and educational implications. Journal of Small Business Strategy. 8(1). pp.1-14.
Dennis Jr, W.J., 2011. Entrepreneurship, small business and public policy levers.
Journal of Small Business Management.49(1), pp.92-106.
Down, S., 2010. Enterprise, entrepreneurship and small business. Sage.
George, G. and Bock, A. J., 2011. The business model in practice and its implications
for entrepreneurship research. Entrepreneurship theory and practice. 35(1).
pp.83-111.
Gorgievski, M. J., Ascalon, M. E. and Stephan, U., 2011. Small business owners'
success criteria, a values approach to personal differences. Journal of Small
Business Management. 49(2). pp.207-232.
Hall, J. K., Daneke, G. A. and Lenox, M. J., 2010. Sustainable development and
entrepreneurship: Past contributions and future directions. Journal of Business
Venturing. 25(5). pp.439-448.
Leitch, C., Hill, F. and Neergaard, H., 2010. Entrepreneurial and business growth and
the quest for a “comprehensive theory”: tilting at windmills?. Entrepreneurship
Theory and Practice. 34(2). pp.249-260.
Ligthelm, A. A., 2010. Entrepreneurship and small business sustainability. Southern
African Business Review. 14(3).
Nga, J. K. H. and Shamuganathan, G., 2010. The influence of personality traits and
demographic factors on social entrepreneurship start up intentions. Journal of
business ethics. 95(2). pp.259-282.
Preuss, L., 2011. On the contribution of public procurement to entrepreneurship and
small business policy. Entrepreneurship & Regional Development. 23(9-10).
pp.787-814.
Sampaio, A. R., Thomas, R. and Font, X., 2012. Small business management and
environmental engagement. Journal of Sustainable Tourism. 20(2). pp.179-193.
Schaper, M. T., and et. al., 2014. Entrepreneurship and small business.
Storey, D. J. and Greene, F. J., 2010. Small business and entrepreneurship. Financial
Times/Prentice Hall.
Online
What is Entrepreneurship?. 2017. [Online]. Available through:
<http://www.businessnewsdaily.com/2642-entrepreneurship.html>. [Accessed
on 7th July 2017].
The Role of Small Business in Economic Development. 2017. [Online]. Available
through: <http://isbdc.org/small-business-in-economic-development/>.
[Accessed on 7th July 2017].
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