Small Business & Entrepreneurship Literature Review

This assignment requires a comprehensive literature review on the topics of small business management and entrepreneurship. Students must analyze various scholarly articles and books to identify key themes, concepts, and research findings within these fields. The provided list of sources includes journal articles, book chapters, and online resources that cover aspects such as business ethics, success criteria, entrepreneurial education, and the economic importance of small businesses.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial ventures and the way they relate to typologies................1
P2 Similarities and difference between different types of entrepreneurial ventures...................3
TASK 2............................................................................................................................................5
P3 Impact of micro and small business in economy...................................................................5
P4 Importance of small businesses and business start-ups in the growth of social economy.....6
TASK 3............................................................................................................................................7
P5 Characteristic traits and skills of successful entrepreneurs....................................................7
P6 Aspects of entrepreneurial personality that reflect entrepreneurial mind set and motivation
.....................................................................................................................................................9
TASK 4............................................................................................................................................9
P7 Way in which person's background and experiences can hinder or foster entrepreneurship.9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurs are the person who start and design new business ideas in order to gain
profits. It also plays an important role in economic growth. An individual who starts a new
business taking high risks to get high profits, is as known as entrepreneur. They define new and
innovative ideas and take risk in order to achieve higher profitability at marketplace, They run
their business in new and innovative way which assist in achieving higher success. An
entrepreneur take risk in their business to make profitability in appropriate manner. They can be
leader, decision maker and innovators. Basically, they are important process of lunching and
designing business with new and innovative ideas (Blackburn, Hart and Wainwright, 2013).
Enterprise play important role in economic growth and government also provide support service
for these types of enterprises in order to undertake operation in different sectors. They produce
and make innovative products for the customers in order to satisfy their needs and wants and at
the same they also provide job opportunities to local people in order to increase their standard of
living. Small business management define effective support in the economy of the country.
Present report defines various type of enterprises and different typologies. Impact of small
business on economy has also been mentioned in this report. Important factors that affect the
entrepreneurship process and their quality and traits of successful entrepreneurs is also defined in
this report. Along with this background of person and past experience affect the process of
entrepreneurship. Importance of small business enterprise is also mentioned in this present
report.
TASK 1
P1 Different types of entrepreneurial ventures and the way they relate to typologies
Entrepreneurs are the person who perform their business activities in order to attain
financial gain (Bridge and O'Neill, 2012). They take higher risk which helps them to achieve
higher profitability. An entrepreneur defines new and innovative ideas to run their business to get
higher success at marketplace. There are four types of entrepreneurs elaborated below: Small business entrepreneurs: These types of enterprise start their business at small
level. They invest low amount of funds to run business. They fail to attract investors in
their operation so that they take helps from their friends and family members. The main
aim of these types of enterprise is to make profits for fulfilling their basic needs on daily
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basis. They manage all the business activities in effective manner. This type of business,
it includes electricians, plumber, grocery store and travel agent. Large business entrepreneurs: These types of entrepreneurs undertake their business at
large level. They provide and offer innovative products to its customers to get satisfaction
by them (Burns, 2010). In today's business environment, taste and preference of
customers are continue change in fast speed so that they provide featured products to
them and satisfy their needs. They undertake their business at large level to generate
higher amount of profits every year. They also introduce their business operation at
international level which assist in earning foreign exchange to increase growth of
economy of country. Innovative ideas in these type of enterprise attract large number of
customers and investors. Scalable business enterprises: These types of enterprise start their business with new
and innovative ideas. Their specific and unique ideas attract large number of investors.
Scalable entrepreneurship hires best and experienced employees for their business
operations. They define attractive process for completing the task in effective manner. It
takes high risk in order to make higher printability. Main aim of such enterprises is to
capture higher market share in less time period (Carland, Carland and Stewart, 2015).
They also offer and provide innovative products to the customers in order to satisfy their
demands.
 Social entrepreneurs: These type of enterprises focus one social needs and wants. They
undertake production process to produce and make products to sole the social needs of
the person. These can be non-profit as well as profit making enterprise. They provide
feature products to person in order to satisfy their needs and demand in appropriate
manner and make higher profitability. The main aim of this enterprise is to make better
world place and also get free from any problems.
There are different type of entrepreneurial typologies: Accomplished entrepreneur: These types of entrepreneurs does all activities which assist
them to attain higher success. They focus on leaving the legacy in business activities
(Carraher and Paridon, 2015).
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 Research entrepreneur: This types of entrepreneurs undertakes various research to
define and collect important information and after that they take relevant ideas for their
business in order to achieve higher success. Copy cat entrepreneur: These types of entrepreneur’s copy ideas of other successful
business in order to attain success at marketplace (Chittithaworn and et. al., 2011). They
think that success can be attain by copying the ideas of another firm who are success in
marketplace. Determined entrepreneur: These types of entrepreneurs think that the success of
entrepreneurial are attain without copy to others. They tries to compete all the stage and
believe in elegance.
 Skeptical entrepreneur: These types of entrepreneur find out the opportunities to get the
answer of success by other business ventures. They are very hard to find out.
P2 Similarities and difference between different types of entrepreneurial ventures
Types of enterprise Similarities Difference
Small v/s large
business enterprise
Small and large business
enterprise define their business in
innovative process so that they
satisfy customers neds and wants
in appropriate manner. Both
enterprise take risk to generate
large amount of profits in every
year (Dennis, 2011). The aim of
these enterprise is capture lager
market share by delivering quality
of product to its customers.
The main difference of these
enterprise is that large business
enterprise define their process at
large and international level. On
other hand small business enterprise
conduct their operation process an
local and small level. In large
business enterprise huge financial
resources are invested to operation
process because they do its business
operation on international level. The
role of manager in large number of
enterprise is very complex and in
small business the role of manager is
very simple. Small business
enterprise do their operation at small
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level so that they required small
amount of financial resources
(Fassin, Van Rossem and Buelens,
2011). Large business enterprise
required many characteristic because
they deal at international level and on
other hand small business required
small characteristic because they do
their business process at local level.
Social v/s scalable
enterprise
Social and scalable enterprise
undertake innovative process to
define changing in taste and
preference of customers. The main
and similar objective of these
enterprise is both offer innovative
and features products to
customers. Both enterprise solve
public problems.
Social business enterprise start their
business to solve the social problems
without making profits and on other
hand scalable enterprise make lager
profit by delivering its products and
service to customers (Gorgievski,
Ascalon and Stephan, 2011). The
main aim of this enterprise is to
capture larger number of make share
in less time period and social
business enterprise make better
worlds place and offer solution to
define free from any problems.
On other there are two type of business ventures which is public and private. Public
venture is one whose control and maintain by the government and private business venture is one
whose controlled by the private people it is not controllable b y the government authorities. The
main aim of both business ventures offer and provide featured products to customers so that they
attract large number of customers (Islam and et. al., 2011). The research has define that private
organization done their all operation process in effective manner than public ventures. Private
venture define and undertake research in order to find out the customers needs and wants after
that evaluate production process in their business operation. On other hand lack of research is
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done by the public ventures so that they fails to attract large number of customers and also fall
down the profitability.
There are various number of similarity and different between different type of enterprise
but the one and important similarity between all venture is that they make and produce
innovative products to satisfy customers needs and demand in appropriate manner. Taste and
preference are change on continuously basis so that they make featured and unique products
which offer to the large number of customers to satisfy them. Firm and business organization
understand the needs and wants of customers easily so that they also achieve success easily at
marketplace (Lee-Ross and Lashley, 2010). When it define the different between these ventures
that there are various type of differences in different type of ventures is that some firms work on
small and local level and some undertake their business at large and international level. In this
some are non profit and other than some focus on generating large number of profits every year.
TASK 2
P3 Impact of micro and small business in economy
Small business play vital role in the development of economy. They define and produce
innovative products to satisfy customers needs and wants in appropriate manner. The main
advantage of small business is that they provide job opportunities to local people and give
chance to show their talent to the world. Employment define positive impact on economy and
increase the living standard of the people. Business operation of small business define innovative
products to attract large number of customer. The commercial operation is also increase the GDP
rate of the company (Luiz, 2011). Small business activities are impact on economy of the
country in various level. On local level they offer and provide employment opportunities in order
to increase their living standard. On other hand at national level they attract more investors to
invent in their business to attain success. At international level organization conduct events to
show their talents and skills to world. It assist them to earning foreign exchange. Small business
enterprise have ability to deliver innovative and quality products to customers to satisfy their
needs.
To making innovative produces small business enterprise increase the competitiveness in
country. Innovative ideas and process invite and attract large number of investors so that they
provide effective training to local people to show their talent in front of world. In this
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employment is one of the important contribution in economy of the enterprise to create large
number of job opportunities and provide effective platform for local people to show their skills
and talent in order to increase their living standard.
P4 Importance of small businesses and business start-ups in the growth of social economy
Small business play an important role in economy growth of every country. There are
large number of enterprise executing their activities in UK. These types of enterprise is assist in
defining the basic facilities which increase the living standard of the country. It also increase the
wealth of the nation by evaluating the operation at local level (Neck and Greene, 2011). It also
define innovation process I their business operation which implement in their business to attain
appropriate success. This will also set new and innovative market and produce attractive
products in order to invite and attract large number of customers in its process. Small business
enterprise provide job opportunities for local people which play major role in developing growth
of economy. They also done the research process for identify the customers needs and wants to
increase the convenience level.
Small business enterprise delivering new and innovative products to its customers and
satisfy their demands in appropriate manner. The size of these type of organization is very small
which leads to define lower cost in business operation so that the product price is also lower
which helps for the customers to get products at lower cost. The small business cover rural and
local area and satisfy their needs of people but the large number of enterprise fail to reach that
area so that is why these type of enterprise provide quality of products to the people. It helps in
increasing the living standard. The main advantage of small business enterprise is that they
provide job opportunities to local people and reduce unemployment in the country (Schaper and
et. al., 2014). This advantage helps on development of economy in the country. It increase
income of the local people so that they can satisfy their basic needs which reduce the poverty
and increase the economy growth.
The most important contribution of small business enterprise in the local people it
increase the employment by providing job opportunities which assist in increasing the living
standard and lifestyle. These types of business offer and provide innovative products to rural area
people which helps them in solving the social problems. Overall small business enterprise is
backbone of economy because it helps in maintaining economic in different circumstances.
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TASK 3
P5 Characteristic traits and skills of successful entrepreneurs
Characteristic are unique and specific quality in a person which is different from others.
It is more effective which assist in completing all the task in appropriate manner in an
organization. Every organization and person having own qualities which define the specific
process in order to attain success at marketplace. Characteristic traits of two entrepreneurs Bills
gates and Mark Zuckerberg include in following: Motivation and passion: It is more important to have some passion to complete all the
tasks in appropriate way and attain the success at marketplace. Motivation is also an
important for the entrepreneurs to take the risk and passion helps in completing all the
task with confidence. Bills gates and Mark Zuckerberg have these types of characteristics
which assist them to attain success. Hard working and dedication: every successful entrepreneurs are hard working because
with hard working no one attain success (Schaper, 2016). Bills gates and Mark
Zuckerberg have talent and they do hard working in their business so that they achieve
higher success at marketplace. Risk taking: Start a new business operation is also a part of risk which is take by the
entrepreneurs to make higher profitability. More risk is helpful in making more profits.
Bills gates and Mark Zuckerberg take risk in their business which assist them to taking
more profits in every year. In order top achieve success at market place every
organization to take these kind of risk. Vision: It is that place where an entrepreneurs want to and see itself. Every entrepreneurs
set their vision and than work on it to achieve in future (Shane, 2012). It is different from
others. The have ability to find out the opportunities which assist in communication with
investors and staff member to achieve its vision in effective way. The main reason behind
success of Bills gates and Mark Zuckerberg is their creative vision which is different
from other so that they attain higher success at marketplace. Self confidence: It is essential to have to the entrepreneurs about their products and
service which is offering and deliver to its customers. Self confidence increase the quality
of business which helps in satisfying large number of customers by delivering the quality
products. It also assist in attain higher success at marketplace.
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 Flexibility: In define the appropriate change which is needed in business process. This
traits assist in achieving the maximum profits in appropriate manner. Change in
customers taste and preference at fast speed so it is more important to there in every
entrepreneurs (Stokes,Wilson and Wilson, 2010). Bills gates and Mark Zuckerberg have
these capacity which assist them to attain best goals and objective and also capture larger
market share from competitors.
There are some skills of successful entrepreneurs are as follows: Communication skills: This skills in very important to attain success. Communication
skills helps to the entrepreneurs to communicate with customers, employees and
stakeholder regarding the vision of the company. If entrepreneurs fail in communicate
with its customers and stakeholders than he will also fails in achieving their trust and
confidence Strategy: It is more important to complete the task in achieving the business objectives in
appropriate time period. Bills gates and Mark Zuckerberg use effective and best strategy
in order to achieve the objectives in effective manner.
 Finance: Proper financial fund is essential to run business effectively. Lack of finance
can impact on business activities in negative manner (Storey and Greene, 2010). So that
proper financial is more important to done all the business activities in appropriate
manner. It also assist in achieve smoothness in business operations.
Both entrepreneurs are successful and they have these skills and characteristics which assist them
to achieve best target and competitive place in market.
P6 Aspects of entrepreneurial personality that reflect entrepreneurial mind set and motivation
Motivation and positive mind set of entrepreneurs helps in achieving success. Bills gates
and Mark Zuckerberg have these type of traits which helps them in capturing the larger market
share. Positive mind set encourage the owner of business to taking higher risk and assist them to
learn from failure. In absence of positive mind so that they can note take risk from its fear.
Motivation is more important to accepting the challenges in their life and also help them to
taking effective decision. Positive mind set and privation is essential factors to attain success.
Both are interrelated because having positive mind motivate to the entrepreneurs to take
challenges in business process in order to attain success.
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Both factors are part of personality of entrepreneurs and also helps in making the
effective personality (Fassin, Van Rossem and Buelens, 2011). The family is also play an
important role in entrepreneurs activity. They give effective knowledge about what is good and
what is wrong for them. Qualities and culture of family member is also assist in making the
personality of person. Its education is also helps in making more talent people. On other hand
culture is also affect the personality of entrepreneurs. All these factors are helps in making
overall personality of business owner. If entrepreneurs has not capability to think positive so that
they can not able top accept the challenge. It is essential to having positive mindset which helps
them to attain success at marketplace.
TASK 4
P7 Way in which person's background and experiences can hinder or foster entrepreneurship
Past experience and background of entrepreneurs is important which affect the whole
process of entrepreneurship in various way. If the past experience is positive than it
automatically encourage the whole activities of enterprise. It also helps in foster the overall
business activities which leads to get the success in appropriate manner. Experience gain from
the activities which is done by the entrepreneurs in past time. It not only motivate the owner of
business but also give self confidence to manage all the business activities. The past experience
is not always positive but some it may be negative (The economic importance of small
businesses). Every time is not possible to attain positive results. So that entrepreneurs need to
understand the fact of success and failure. If an entrepreneurs fails in past activities then they
needs to lean from their mistakes and tries to improve their skills so that same mistake can not be
done in future time. On other hand if the attain success so that they should try to more improve in
their activities.
Past experience background is also play vital role and affect the operation process of the
business. Background of a person define various type of elements which are culture, family,
social circle and groups (Differences between enterprises). Characteristic is also affect the whole
process of entrepreneurs. Bills gates and Mark Zuckerberg face many complex situation is past
time. Bills gates go to Harvard university for their studying they having more passion for
computer but he drop out their study because of this they face many harder situation and people
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caller him fail but they do their hard work and attain success and now he is a successful person
and owner of Microsoft company and it generating large amount of profits every year.
Mark Zuckerberg is also a successful entrepreneurs. At the starting of his career he face
many complex and the main problem is financial problem for executing the idea. And now he
owner of Facebook which is biggest social networking site where large number of people
connect with each others. Both entrepreneurs face many problems at staring phase of career but
they did not demotivate and follow their dreams and get higher success.
CONCLUSION
In above mentioned report can be concluded that entrepreneurship is very important for
economic growth. It define and provide various quality of products to satisfy their needs and
wants in appropriate manner. On other hand small business enterprise is also play an important
role in economic growth so that is also more significant which can be define effective process.
Every organization and firm have its own mission, vision and proper resources which helps in
completing the objectives in appropriate manner. The overall activities of entrepreneurship
contribute in economic growth of a country. Needs and taste of customers are changing at fast
speed so that business enterprise offer and provide variety of products in order to satisfy their
needs. Past experience and background also affect the quality of business in various way. Friends
and family member also contribute in decision making process of entrepreneurs. Small and micro
business enterprise also contribute in maintaining economy that is why the government
authorities also support to these enterprise in order to attain higher success at marketplace.
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REFERENCES
Books and Journals
Blackburn, R. A., Hart, M. and Wainwright, T., 2013. Small business performance: business,
strategy and owner-manager characteristics. Journal of small business and enterprise
development. 20(1). pp.8-27.
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. C., Carland, J. W. and Stewart, W. H., 2015. Seeing what's not there: The enigma of
entrepreneurship. Journal of small business strategy. 7(1). pp.1-20.
Carraher, S. M. and Paridon, T. J., 2015. Entrepreneurship journal rankings across the discipline.
Journal of Small Business Strategy. 19(2). pp.89-98.
Chittithaworn and et. al., 2011. Factors affecting business success of small & medium
enterprises (SMEs) in Thailand. Asian Social Science. 7(5). p.180.
Dennis Jr, W. J., 2011. Entrepreneurship, small business and public policy levers. Journal of
Small Business Management. 49(1). pp.92-106.
Fassin, Y., Van Rossem, A. and Buelens, M., 2011. Small-business owner-managers’
perceptions of business ethics and CSR-related concepts. Journal of Business ethics.
98(3). pp.425-453.
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.
Islam and et. al., 2011. Effect of entrepreneur and firm characteristics on the business success of
small and medium enterprises (SMEs) in Bangladesh. International Journal of Business
and Management. 6(3). p.289.
Lee-Ross, D. and Lashley, C., 2010. Entrepreneurship and small business management in the
hospitality industry. Routledge.
Luiz, J., 2011. Small business development, entrepreneurship and expanding the business sector
in a developing economy: The case of South Africa. Journal of Applied Business
Research (JABR). 18(2).
Neck, H. M. and Greene, P. G., 2011. Entrepreneurship education: known worlds and new
frontiers. Journal of Small Business Management. 49(1). pp.55-70.
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Schaper and et. al., 2014. Entrepreneurship and small business.
Schaper, M. ed., 2016. Making ecopreneurs: developing sustainable entrepreneurship. CRC
Press.
Shane, S., 2012. Reflections on the 2010 AMR decade award: delivering on the promise of
entrepreneurship as a field of research. Academy of Management Review. 37(1). pp.10-
20.
Stokes, D., Wilson, N. and Wilson, N., 2010. Small business management and entrepreneurship.
Cengage Learning EMEA.
Storey, D. J. and Greene, F. J., 2010. Small business and entrepreneurship. Financial
Times/Prentice Hall.
Online
Differences between enterprises. 2014. [Online]. Available through:
<http://www.tutorsonnet.com/difference-between-organisation-and-enterprise-
homework-help.php>. [Accessed on 18th August 2017].
The economic importance of small businesses. 2017. [Online]. Available through:
<https://www.yesgrowth.com/knowledge-centre/sme-issues/the-economic-importance-
of-small-businesses/801747318>. [Accessed on 18th August 2017].
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