Entrepreneurship and Small Business

This assignment delves into the multifaceted realm of entrepreneurship and its crucial role in the context of small businesses. It examines various aspects, including the characteristics of successful entrepreneurs, the importance of business ethics and CSR, different business models, and the impact of entrepreneurship on local economies. The assignment draws upon a range of scholarly sources to provide a comprehensive understanding of this dynamic field.

Entrepreneurship
and
Small business
management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial ventures and its interrelation typology of
entrepreneurship..........................................................................................................................1
P2 Various similarities and difference among entrepreneurial venture......................................3
P3 Interpreting and assessing the impact of small business in economy growth........................5
P4 Contribution of small organisation into social economy.......................................................6
TASK 2............................................................................................................................................8
P5 Characteristics, skills and trait of successful entrepreneurs...................................................8
P6 Feature of entrepreneurial personality in order to influence entrepreneurial motivation......8
P7 Component of foster or hinder entrepreneurship...................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
In current business environment, entrepreneurs has develop new ideas for working to
solve social issues in an effective manner. Thus create positive impact on the nation economical
growth. So that, government of United Kingdom has make rule and regulation for promoting
start up's that provide high employment opportunities approx 16.1 million and new working area
for people thus reduce unemployment rate (Blackburn, Hart and Wainwright, 2013).
Contribution of small business in UK economy is 51 % of all private enterprises in the year of
2017. In this report select Uber which is most successful entrepreneurship venture that was
established by Travis Kalanick and Garrentt Camp at US. They are develop mobile application
for save time, money and effort to book a taxi in United State. Through this activities at are solve
social issues and provide comfortableness to their clients. In this assignment covers different
type of entrepreneurial venture and typologies of entrepreneurship. It also includes importance of
small business and start up's to contribute into growth of economy in long period of time.
TASK 1
P1 Different types of entrepreneurial ventures and its interrelation typology of entrepreneurship
An entrepreneurial venture can be defined as a combination of failure, risk, ambiguity
and success: embracing and learning it. It can affirm that there is a fine difference between two
terms enterprise and small business venture which establish a major distinct between both of
them. Entrepreneur term refer to the individual who sets a business venture considering the risk
of financial asset at stake in expectation of better outcome. This can influence the economies and
communities in more better manner which can also build a cascading influence on creation of job
and other business segments (Bridge and O'Neill, 2012). There are numerous different
entrepreneurial venture types as well as typologies which are interlinked with each other
mentioned briefly as below: Small Business Entrepreneurship: As per the recent scenario, numerous various distinct
entrepreneurial venture types that are operating their business in UK. More than 6million
enterprises are recently running their commercial organisation. Scalable Entrepreneurship: In this, person has give new innovative ideas and they have
develop vision. For that, entrepreneur has find out investor at market place for rise capital
to operate business activities effectively.
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 Social entrepreneurship: People has make ideas in order to solve social problem and
provide benefits to all communities by delivering their goods and services. Management
of the company has analyse needs, want of clients and accordingly produce commodities
which help to full fill customers demand effectively.
 Large scale entrepreneurship: In competitive environment, these kind of organisation
has develop strategies to run their whole business activities for profits as well as worth
that help to achieve objective and sustainability in long period of time (Carsrud and
Brännback, 2011).
All typologies has interrelated with all kind of entrepreneurship venture that set their
vision, mission, goals, objective in order to run their business activities which help to run
enterprise in significant manner. So that there are various type of typologies which are affect
business are explain as follows:
 Lifestyle venture: It is a business that set up and run by owner with the aim of sustaining
some particular level of income in order to enjoy their lifestyle effectively. Its a growth
plan of small enterprises for not for profits but improve living standard to their own life
in the society.
 Survival venture: People has inter under this type of venture with the purpose of earning
money for their livelihood. For example, grocery store, internet cafe, food stall, etc.
Survival venture has run their business activities at small level mostly in local area.
 Managed development venture: Entrepreneur has managed development venture to
earn fix profits with out taking high level risk as well as uncertainty. They always
consider investment is not a benefits and part of the enterprise, it is definite in their nature
so that owner of firms has make certain profits in long period of time with long term
sustainability as well as development (Chittithaworn and et. al., 2011).
There are several kind of entrepreneurs that are work in different working area has detail below:
 Serial entrepreneur: This kind of entrepreneurs has develop one working ideas and
work on that until success then after move on other business ideas and left previous
enterprises to run new business activities. This serial has go on in long period of time and
person has work in different type market area.
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 Social entrepreneur: This type of individual has operate business activities in order to
reduce social issues rather then earning profits. They have ambitious and goals oriented
in their nature.
 Female entrepreneur: In this women person has start their own business, they have
take innovate initiate. In the other word, women participation in employment and equity
of enterprise activities (Chrisman and et. al., 2012).
P2 Various similarities and difference among entrepreneurial venture
Some similarities and difference of several entrepreneurial venture has explain as
follows:
SIMILARITIES Lifestyle Ventures Social Entrepreneurs
 Lifestyle ventures has can
work for earning profits and
other benefits.
 These enterprise start their
work in small venture and
area.
 It also run business activities
for social purpose not for
profits.
 Social entrepreneur has find
out need of the people and
accordingly develop goods as
well as services for welfare of
communities.
DIFFERENCES Lifestyle Ventures Serial Entrepreneurs
 In this single person has
invest fund into business to
run effectively.
 This entrepreneurial venture
has more passionate about
their work and does not
develop any strategy to
operate enterprises
effectively.
 There are no any fix or
 Serial entrepreneurs has find
out investor to get capital that
help to run business activities
effectively in order to achieve
goals in limited period of time
(Dennis Jr, 2011).
 They are develop strategies
and plan and implementing it
work place to operating
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certain market place where
they are worked.
 Their main objective is not
profits but improve lifestyle
as compare to before.
business effectively.
 They have fix market where
they are work like Uber run
their business in taxi sector.
 The main objective of serial
entrepreneurs has maximising
profits for operate their
enterprises function only.
SIMILARITIES Female Entrepreneurs Male Entrepreneurs
 Women has focus and
concertinaed about their work
whether it related to home or
in office (Drucker, 2014).
 Female has more creative and
innovative in their nature so
that it help to achieve goals in
given time frame with
successful completion of
work.
 They are more focus as well
as concertinaed in their work,
that shows their strength to
completing task in an
effectively manner.
 They are perform their task
with high passion and
creativity in order to achieve
target in limited period of
time.
DIFFERENCES Female Entrepreneurs Male Entrepreneurs
 Women entrepreneur has
taken more time as
comparison to male to make
decision.
 Female has more oriented
toward social contribution as
well as provide high quality
goods and services to their
customers.
 Male entrepreneurs has take
decision easily in each and
every field.
 Mainly focused on reduce
production cost and
contribute toward nation
economy as well as business
itself (Fassin, Van Rossem
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 They have conservative
thinking that affect their
financial decision negatively.
 Female business owner has
more focus on healthy
relationship in long run with
their clients.
and Buelens, 2011).
 They have high risk taker
and take decision very fast to
achieve set target in given
time frame.
 Male entrepreneurs has more
work oriented.
P3 Interpreting and assessing the impact of small business in economy growth
Business classification: With in an organisation several type of operational activities has
run to achieve goals and objective that provide long term sustainability at market place. There
are several kind of business exist at market place, some are explain as follows: Macro business: This kind of enterprises has run their work at macro level where target
customers is very less in numbers as well as firms capacity has also low to expend their
work in other location (George and Bock, 2011). There are around 5.85 million
institution has open in United Kingdom in the year of 2016 and its increase with time. In
all organisation almost 95% has run their work at macro level. Small business: Work with in nation and achieve goals and objective effectively to gain
sustainability in long period of time. UK government has support them because its create
employment for people at large level. Approx 16.1 million that is 60 % of total private
sector organisation employment in UK, thus contribute 1.9 trillion £ as annual turnover
of small scale firms. Medium business: Multinational companies which are run their business activities in
more then one nation but not a large scale. A firms where 100 minimum and 999
maximum employees worked has covers under medium business (Gorgievski, Ascalon
and Stephan, 2011). Large business: Large organisation has run their business with global presences in order
to gain high market share as well as brand value. Its takes advantages of globalisation of
product and services to achieve profitability and attract large number of clients toward
company goods.
Small businesses nature: Here are explain various nature of small business in detail
bellow:
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 Shoestring budget: Group where small number of people worked to achieve common
goals in given time frame. Sole proprietors has also came under this section. These
companies has often operating on shoestring plan to deal with SME in limited funds. Intensive labour: In this, firms has more depend on their employees as compare to other
organisation at market place. That business has want high engagement of physical work
contempt of intellectual task (Goss, 2015).
 Indigenous technology: In current working environment, most of the companies has
depend on technology for completion of their work in an effective manner. Thus provide
competitive advantages to their institution at market place by build core competences.
After the Brexit, United Kingdom government has make policies for support of small
business firms in highly competitive environment. As per economical crisis, country has
struggling in their growth at international as well as local market (Jones and Rowley, 2011). Start
up's and small business enterprises has affect economical growth in different level like local,
national and global are explain as follows: Local Impact: Small business organisation has highly contribute into local economy.
They are generating employment opportunities resulted per person income has also rise
so that living standard of section people has increased. National Impact: Almost 51 % of total private organisation has small in their nature so
that they are create lot of possibilities like employment, high education, high disposable
income, as per government guideline low interest rate as well as taxation rule and many
more. So that, more monetary support has generating with in nation in resulted their
economy is become more rich.
 Regional Impact: Thus provide high influenced over product and services cost and
attracting large number of customers by low cost production with high quality (Karlan
and Valdivia, 2011). Through thus small business has gain high profitability as well as
market position.
P4 Contribution of small organisation into social economy
Brexit: United Kingdom has withdrawal their participation form EU nations. It consider
as most strong decision of government of UK and its economists because Brexit has reduce real
income of individuals in long period of time. The process has been start form 29 march 2017 but
now days it is a debatable issues whether this decision is right or wrong and its impact on nation
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economy. Several organisation may affected negative by this agreement which has influenced
start up's and small business of UK in more important ways.
There are some difference between small business as well as start up's which has explain as
below:
Small business Start up's
 Person has run business for surviving
of an individual as well as their whole
family (Neck and Greene, 2011).
 They are offer more traditional goods
and services to clients.
 Small enterprises has less scaleable as
compare to start up's.
 It owned by private owner and their
main objective is earn profits.
 New innovative ideas came under this
section which help to reduce social
issues.
 They are build more creative concepts.
 This follow model of scalable
enterprise to run business.
 Entire modern ideas are implemented to
deliver some different offers.
Small Business Impact on social economy of United Kingdom:
Social and economic evolution: Small firms has define as economical power of the
nation. In United Kingdom there are all most 5 million tiny enterprises that create almost 15.2
million employment for people which create positive impact economy.
Development on social security: Through development of small business income
stability may rise in UK. This assist nation economy by delivering proper income which death
disability and retirement issues thus influenced economy in positive ways.
Effect on taxes and revenues: Government has develop taxation policies to promote
small and start up's business unit in order to provide growth to economy by increase
opportunities of employment as well as new working ideas which help to completing task more
effective manner (Schaper and et. al., 2014). Through this, they are gain high revenue in long
period of time and save tax to expand and run business effectively.
Impact on poverty and other elements: Small business unit has provide employment
opportunities to all people those has educated or not. So that, both have work and overall poverty
level has reduce of United Kingdom, thus provide growth to nation economy very fast.
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TASK 2
P5 Characteristics, skills and trait of successful entrepreneurs
Entrepreneurship mean capability an d willingness of implementing their new innovative
idea into reality and make venture of enterprises where risk as well as benefits has in equal
proportion. Some of them has high risk taker in order to achieve their own aim, goals and they
are more indispensable part of whole society that has assist in increasing competition in
international market.
For example, Uber has established Travis Kalanick and Garrett camp, both has American
businessman and entrepreneurs which are invest money in order to solve social problem in an
effective manner. They have several influencing elements in their personality which help to
motivate others. One of most important personality traits in both entrepreneurs has taking high
risk and always prepare for hazards come during run business activities at market place. Beside
this, they are very actively participate in decision making process and adaptive while handling
situations that has come to style of leadership. Kalanick has a computer engineer and master in
economics (Storey, 2016). Most of their business should be in online and mobile application
based. Both have lead to several facts and statics that shows they both are made rather then born.
This support combine factor of leadership and management traits that has formed for stimulation
of outside elements.
P6 Feature of entrepreneurial personality in order to influence entrepreneurial motivation
As if an individual wants to be an entrepreneur, thus various aspects can affect their
motivation and mind set. Although, entrepreneurs are different from other persons in respect of
characteristics, personality, traits, skills etc. all these components make them successful in life.
They also supports the person to face all challenges and risks which occurs in daily life while
performing business activities. Below big five model may define following factors that can affect
entrepreneurial personality' such as: -
Openness: The person should be open and frank among its employees he or she does not
feel hesitated while sharing or communicating with others. Openness also encompasses with
high creativeness, high imagination and adventurous.
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Conscientiousness: Entrepreneurs have a higher control on all business activities, their
goal oriented behaviour attracts people to work with them. This is mindful and full of
conscientiousness details.
Agreeableness: It involves different attributes, such as- trust, kindness and affection.
Extraversion: This is defined as talkativeness, sociability, assertiveness, excitability and
higher emotional quality. Thus help to take effective decision (Unger and et. al., 2011).
Neuroticism: This may defined as emotion of human that includes sadness, moodiness
and instability. Entrepreneurs those highly concerned on their personality trait are often full of
irritability, sadness, mood swings and many more.
P7 Component of foster or hinder entrepreneurship
There are several factors which can affect entrepreneurship in direct and indirect manner.
In which, it is essential for entrepreneurs to have a proper control on all practices which is treated
as their strength. Other factors are – past background, education level, family background, living
environment etc. if an entrepreneur belongs from good and reputed family then it affect his or
her decision making abilities; it results the person will be able to make best decisions in order to
run a business smoothly.
Apart from this, education level also foster behaviour or attitude of individuals towards
dealing with different situations. It helps in completion of all business activities and day to day
practices in the best possible manner (Welter, 2011). A well qualified person knows how to
manage working practices and accomplish organisational goals in a certain time period.
Hence, each one positive as well as negative attributes of entrepreneurs has, that because
of former experience and knowledge. That shows entrepreneur has become born as well as made
so that some person has learn form their environment and build entrepreneurship traits in itself
thus affect them in a positive ways. Entrepreneurship has play very important and diverse role
with in work place. For example, Travis Kalanick has motivating their staff members in order to
achieve goals and objective effectively.
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CONCLUSION
From the above report it is concluded that small business has very important for nation to
gain growth in their economy. Entrepreneurship business ventures include internet cafe owner,
travel agents, electricians, grocery stores carpenters etc. Entrepreneurs who are operating their
venture at stake are working for maximising their benefits. Management of the firms has develop
strategies in order to expend their working area which help to gain high profitability as well as
market position. They are provide high growth to economy by foreign trade thus provide lot of
opportunities to institution.
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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.
Carsrud, A. and Brännback, M., 2011. Entrepreneurial motivations: what do we still need to
know?. Journal of Small Business Management. 49(1). pp.9-26.
Chittithaworn, C. and et. al., 2011. Factors affecting business success of small & medium
enterprises (SMEs) in Thailand. Asian Social Science. 7(5). p.180.
Chrisman, J. J. and et. al., 2012. Family involvement, family influence, and family‐centered non‐
economic goals in small firms. Entrepreneurship theory and practice. 36(2). pp.267-
293.
Dennis Jr, W. J., 2011. Entrepreneurship, small business and public policy levers. Journal of
Small Business Management. 49(1). pp.92-106.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
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.
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.
Goss, D., 2015. Small Business and Society (Routledge Revivals). Routledge.
Jones, R. and Rowley, J., 2011. Entrepreneurial marketing in small businesses: A conceptual
exploration. International Small Business Journal. 29(1), pp.25-36.
Karlan, D. and Valdivia, M., 2011. Teaching entrepreneurship: Impact of business training on
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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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Storey, D. J., 2016. Understanding the small business sector. Routledge.
Unger, J. M. and et. al., 2011. Human capital and entrepreneurial success: A meta-analytical
review. Journal of business venturing. 26(3). pp.341-358.
Welter, F., 2011. Contextualizing entrepreneurship—conceptual challenges and ways forward.
Entrepreneurship theory and Practice. 35(1). pp.165-184.
Wheelen, T. L. and Hunger, J. D., 2011. Concepts in strategic management and business policy.
Pearson Education India.
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Online
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through:<http://smallbusiness.chron.com/important-small-businesses-local-economies-
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Micro and small-business ventures.2017.[Online]. Available
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