Entrepreneurship and Small Business Success

This assignment delves into the world of entrepreneurship and small business management. It examines the defining traits of successful entrepreneurs, highlighting their motivations and the factors contributing to their achievements. Furthermore, it analyzes the crucial role small and medium enterprises (SMEs) play in national economies, emphasizing their contributions to growth and innovation. Finally, the assignment covers fundamental aspects of managing small businesses effectively, drawing upon various academic resources.

Entrepreneurship
and
Small Business Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Different types of entrepreneurial ventures and relation with their typology.......................1
P2 & D1 Similarities and differences among entrepreneurial ventures......................................2
M1. Diverse range of entrepreneurial ventures in public and corporate sector..........................4
TASK 2............................................................................................................................................4
P3 Influence of small and micro business on economy..............................................................4
P4 Contribution of small business in social economy................................................................5
D2 Influence of small business on different economic level......................................................6
M2 Difference in between small, medium and large business....................................................6
TASK 3............................................................................................................................................6
P5 Characteristics of successful entrepreneurs that distinguish them form business managers. 6
M3 Arguments related with entrepreneurial characteristic.........................................................9
D3 Motivational drivers of entrepreneurs...................................................................................9
TASK 4............................................................................................................................................9
P7, M4 & D4 Experience and background can work as hinder and foster for entrepreneur......9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
People which are having experience and interests to start their own business and provide
jobs to others stated as an entrepreneur (Yallapragada and Bhuiyan, 2011). Most people are now
focusing on entrepreneurship to run their own business which increase productivity and supports
to economy which is essential for each and every country. In the context of UK, it become more
significant cause after Brexit UK is having a need to be more stronger. It is providing more
employment options to youngsters in UK and it is connecting them in to growth of the nation.
Most entrepreneurs are starting their business as a small business enterprises which is having less
investment of human resource and finance. This report is having focus on entrepreneurship and
UK based small business enterprises which are playing a significant role to improvise their their
economical growth. This report is having discussion on distinct type of entrepreneurial ventures
and their relation with their typology, similarities and differences in between them. After it, it's
having a research up on micro and small business organisation influence up on the UK economy.
At last it is having content on different entrepreneurs which has been influenced by their past and
experiences which played a significant role to being successful.
TASK 1
P1. Different types of entrepreneurial ventures and relation with their typology
Many types of entrepreneurial ventures are working in UK and they are having huge
differences regarding to their typologies which are described under here;
Small business entrepreneurial ventures: It is a type of start up venture which is used most of
the entrepreneur to implement their innovative ideas in actualization. Success of this business is
based up on ideas and it is having potentials to provide huge a profit by less investments of
finance and human resources (Stokes, Wilson and Wilson, 2010). It is related to Craftsman
entrepreneurship typology, people which are having any type of skill starts their business with
this.
Scalable entrepreneurial ventures: These are related to those business which are having a vision
related to their future and having objectives. These organisations are having power to change
vision of world by their innovative business ideas. It is having a potential to provide a better
return against investments. It is related with innovator entrepreneurs which are having a power to
change vision of another companies and they can get many investors on the basis of their
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innovative ideas. Each investors wants to invest their money in a better idea which can provide a
security to them on their investments.
Social entrepreneurship: These business ventures are having focus on social needs which can
help to society to reduce their problems. It is not a profit focused business, it supports to local
society to develop on these. It is having related with opportunist entrepreneurship because in this
entrepreneur has to identify what opportunities are available in their society on which they can
make efforts (Schaper and et. al., 2014). Most entrepreneurs are using this because each and
every person wants to develop their surroundings with better things.
Large company entrepreneurship: These entrepreneurial ventures are having their own
organisational structures, a proper product line and enough resources of fund and human to
develop product against requirements. It is having focus on profits, high investment is creating a
threat for their authorities so these organisations are taking regular analysis of market. It is
related with risk oriented entrepreneurial ventures typology. Large companies are having focus
to increase their profits and market share, so these entrepreneurs are regularly work up on it.
Product betterment is process which each and every large scale company follows in them to
make their products and services m ore better against their demands of customers.
P2 & D1 Similarities and differences among entrepreneurial ventures
Entrepreneurial ventures are having many similarities which are define under here;
Focus: On the basis of this, scalable and large companies are having focus up on profit and
market share. These both are having their target to increase their profits by making effective
changes in their products and services. On the other side social and small business
entrepreneurship is having focus on betterment of products and services which can help to them
to provide a better thing their target market.
Scope: Scalable and large companies are having a large scope to deliver their products and
services and they want to increase their scope day by day to increase their profits and market
share (Scarborough, 2012). Both are having a huge similarities up on it and both entrepreneurial
ventures are having a huge competition on this point. Social and small scale entrepreneurial
ventures are not having a larger scope to deliver their products and services, they are having their
focus on a local area. Both business are based up on local needs so they are creating a little
rivalry for each other.
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Objectives: Scalable entrepreneurial ventures and large companies are having similarities on the
basis of their objectives. Both are having objective to increase their sales and profits any how.
Another side social and scalable ventures are objective to provide a better products and service to
their targeted customers upon their needs.
Finance: Large and scalable companies are having a huge need of finance because they are
having huge investment in production and deliveries. Large companies are having their own
manufacturing units which is having a huge need of finance investment to run them and maintain
them (Neck and Greene, 2011). Social and small businesses are having lesser need of finance
because they are not having any type on investment in their manufacturing units. Social
entrepreneurial ventures are having based on people need which are living in local society so
they use an innovative idea to make and small business are also based up on local needs so they
start their business with small funds.
Dissimilarities in between entrepreneurial ventures
Vision: According to this these entrepreneurial ventures are having a huge differences, small and
social business are not having a vision and scalable and large co0mpaniess are having a vision
regarding to their future.
Human resources: All of these entrepreneurial ventures are having a huge differences regarding
to need of labour. Large companies are having a huge number of employees to run their
production line. On the other side small and social entrepreneurial business are having a less
need of this.
Development: Large and scalable companies are having a target to make profits by their business
activities so they are having target to increase their market any how. So their owners are focus to
expand their business by taking initiative and risk by investing man and money power in it
(Marlow and McAdam, 2013). On the other side social and small business are having a less
development scope because they are not having focus to increase their business, they are just
having their focus to provide a better services to their targeted market.
Growth: Small and social business are having a lesser growth rate and on the other side large and
scalable companies are having higher growth rate because they are having a target to increase
their business.
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M1. Diverse range of entrepreneurial ventures in public and corporate sector
Many entrepreneurial ventures are working in corporate sector to enhance their profits like large
and scalable entrepreneurial ventures. Scalable are smaller as compare to large companies. Their
structures can be differentiated from each others. Many entrepreneurial ventures are working in
public sectors which are providing services to resolve issue of public (Mariotti and Glackin,
2014). They are not having a target to make money by their activities like: social
entrepreneurship, they just help to society by providing their services. Innovative idea based this
business is having potential to increase their business on large scale.
TASK 2
P3 Influence of small and micro business on economy
A business which is can run by initial financial investment and having potential to
provide a huge profit to owner is a micro business. Most of these type of business are based up
on service providing, a person which is having a skill can use this to provide their services to
others and can make earning to livelihood (Longenecker and et. al., 2013). Many persons are
using this micro business concept which helps them a lot to make money and use their skills in a
best way. It is not having an extra need of man power for service execution to deliver services in
customer's account.
Small business is larger form of micro service providing units, they are having a need of
finance, human resources to run activities, they are having a larger scope to deliver services as
compare to micro business. Both are privately owned and they are having main motive to
generate financial outcome by their activities. So these type of business are having huge impact
up on UK economy which are described under here:
Employment: Less investment is providing an opportunity to person who is having an innovative
idea and skills by which he can start their own business activities. Micro units are having less
investment of finance so this is providing an opportunity to skilled persons to use their own skill
as a profession by which they can make profits and revenues. Small enterprises are having a
potential to make enough profits to share it with in employees so these entrepreneurs can use
more number of people in their own organisation to enhance their capabilities (Lee-Ross and
Lashley, 2010). Mainly in small business units are having power to provide employment to
others. Both type of business are supporting UK economy by providing employment. 95% of
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private sector are small business units and 15 Million people are working in private sector in
which 55% people are working small business units. So these facts are clearly indicating
significance of small and micro business in UK.
Economical development of UK: Most of people wants to start their business from those sector
which is having lesser risk and greater opportunities to increase (Jones and Rowley, 2011). Less
financial investment push to entrepreneur to feel free and put their innovative business ideas to
enhance the extent of their business. So this is impacting up on UK's economy and it is
supporting to them to increase their GDP. After Brexit it helps a lot to them, because Brexit has
put down their GDP rate from 0.5%. so it was essential for them to make a quick recovery up on
it. In the year of 2016, £1.8 trillion gross turnover had recorded by government of small scale
industries which was 47% of gross turnover of private sector of UK.
P4 Contribution of small business in social economy
Social economy is collaboration of private and public sector companies which provide a
qualitative work to society. Most companies are working in private sector and they are having a
main a aim to make profit so their owner and directors are regularly working to expand their
business in new dimensions. Private companies are having specialization in their work so this
helps to customers which wants to get a best quality product and service. Small business
organisations are generally counted in private sector but these are having potential to provide a
better service and product to public. Most of the small business are having a direct interaction
with their customers so it is essential for them to provide a better consumer assistance. Some
points are here which is having focus on significance of contribution in social economy:
Products and services according to demands: It is the main contribution of small business in
social economy as they are having a grip on customer's needs which helps them to provide exact
type of services to their targeted customers (Jayawarna, Rouse and Kitching, 2013). So by this,
small business are providing a proper service and supporting in their national economy after
Brexit. People were having a shortage of products which are required for their daily routine
things. By this they had survive in these crucial circumstances.
Contribution of start ups after Brexit in national economy
Business start ups has played a major role in social economy after Brexit because inflation rate
was higher in that time and people were not having enough money to buy products. Some points
are here to describe their contributions:
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Products on credit: Entrepreneurs which has started their business was providing products and
services on creditability of purchaser. These entrepreneurs were having their focus to increase
their goodwill by supporting their customers in these circumstances (Islam and et. al., 2011).
Mainly they were providing products and services which was full from innovative ideas so these
has proven useful for their targeted customers.
D2 Influence of small business on different economic level
Small business are havingh influenced on different economic level whicha re given under
these points:
Regional: These small business organisations are making a flow of products and currency in a
particular smaller geographical area. These ventures are runnig trade on behalf of of personal
relation with customers and creditability is on hikes in regional economy.
Local: Small enterprises are having huge effect up on social economy because direct connection
with consumers are making them stronger to provide best services accordingly. So they are
builting up social benefits and providing the best which tehy can for their targeted customers.
National level:As small business are covered 55% of private sector so it is an important part of
national economy. By this they are allocating resources in all geograpghical area which is
creating a balance in products and services in each of state.
M2 Difference in between small, medium and large business
Small, medium and large business are having huige difference regardinmg to their
financial and human resources investments to make an effective outcome for their targeted
customers. More than 15 Million people are employed in this small scale business which is
agreegrate 60% of private sector (Hazlina Ahmad and et. al., 2010). It can decribe importance of
small scale industries in UK. Small scale organisations are making 1.8 Trillion Pund which is
47% share of total private sector. Large companies are having huge need of finance and it has a
lower percentage of profit as compare with small sized companies.
TASK 3
P5 Characteristics of successful entrepreneurs that distinguish them form business managers
Characteristics and skills of Bill Gates:
Learner- This is major characteristic of Bill Gates that he learns from everyday experiences. At
initial days when he was not having hard times he used to learn various things of life by
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continuous motivation and hard work. However he never gave up but was determined to learn
some new things. Even today also he is ready to learn new things of life from his past
experience, competitors and others.
Business Determinant- He is very passionate towards his business and he develops new and
innovate ideas which will help him in taking decisions single mindedly. It is his quality to take a
task and then finish it before coming back to second task (Hatten, 2015). It is this skill which
makes him different from other entrepreneurs.
Setting High Benchmarks- Bill has set high benchmarks of providing every computer or Pc
with Microsoft software which will help them to perform tasks effectively and efficiently and for
this he develop some high standards which helped him to achieve benchmarks.
Characteristics and skills of Mark Zuckerberg:
Truly self belief- Mark believes on what he is doing rather then what he needs to do. This is
because he has self belief in himself and he works long hours in his office with lot of dedication
and concentration.
Prepared to take criticism- It is major characteristic of mark that he is ready to take criticism in
situations when work is not up to standards and when work is above standards then he turns
towards back-seat and allow his team members to be on front.
Making Dreams into reality- While many people dream of such an application which can be
helpful in providing long distance communications (Gorgievski, Ascalon and Stephan, 2011).
Mark Zuckerberg took the idea of various people and developed it into real solution Facebook.
The successful business entrepreneurs are different from other business managers because of
following differences
Successful entrepreneurs like bill and mark have the financial power in their own hands
while managers don't have such financial powers . They take decisions by themselves but
managers need to implement only that decision which is made by top level . They can bear risk
and can use various resources. But managers can't take risk as they don't have that authority in
their hands.
P6 Entrepreneurial personality reflects entrepreneurial motivation
Some points are here to discuss entrepreneurial personality reflects up on their motivation
and mindset:
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Learnings from history- An entrepreneurial personality trait helps him to learn from failures
and mistakes which make him successful person. In developing and removing mistakes if
entrepreneur feels motivated and presents positive mindset then he develops these skills (Garcia
and Flannery, 2010). Mark and Bill also learned form mistakes and developed positive mindset
which helps them to develop business units.
Objectives to attain- When an entrepreneur achieves heights of success in his business then he
gets motivated and his mindset will be positive towards other things which will make him
successful entrepreneur. This factor helped both entrepreneurs in way that when they got first
achievement then they got so motivated to work positively and achieve more results. Mark
Zuckerberg is having his focus to provide a platform to society by which they can make a group
communication which he made in in his college. Bill has also having bad past so he wants to
become richest person able to help to students which are not having enough financial backup to
go for higher studies.
Positive results – When an entrepreneur is dedicated towards his work then he can achieve new
paths which will motivate him in developing various results beneficial for motivating him for
generating same solutions every time and his mindset can be changed accordingly. Mark has get
his first success in his college when invent Facebook just for chat within his college friends, it
motivates him to make it on large data base by which he can provide a base to communicate and
chat. When positive results are generating then both business men developed such a mindset and
adopt such motivational trait which helped them to continue their business operations in long
run.
Performances- When level of performance increases then entrepreneur can be motivated to
generate positive mindset towards different types of persons and things which can help him in
getting better solutions. Bill Gates has made Window operating system has got famous by it's
performance which reflects on Bill to improve their product day by day (Fassin, Van Rossem and
Buelens, 2011). When performance of product increases and starts getting positive then their
owner of company developed certain level of motivation which helped them in getting better
solutions.
Passions and Calm- If an entrepreneur is cool and calm during his working then he will
generate positive mindset and can be motivated towards achievement of goals being targeted out.
They were so patient and calm in the way that if they got failure they worked more harder in
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achieving positive solutions while when they were getting success then they didn't gets over
whelmed by it. Rather they developed their mindset towards generation of more such types of
results. Mark is having calm nature which makes him focused and determinanted towards their
work.
M3 Arguments related with entrepreneurial characteristic
These characteristic support to entrepreneur to become achiver for their objectives. It
works as a foster in their life to work more better than their expectations. Mark is determinated to
their work and they are not belive in corporate culture. They belives in simple life which makes
them more connected toworads their customers which are Facebook users.
D3 Motivational drivers of entrepreneurs
Learnings from history is a main motivation for both Mark and Bill Gates which makes
them focus towards their work and increase their thirst to get their objectives and make more
better for their targeted customers. As Bill wants to provide a better education for poor childs so
they want to become more richer (Chittithaworn and et. al., 2011). Mark wants to be conncetde
with their friends so he thinks that many people are living very far from their friends and family
so they are making regular changes in Facebook to make more closer person to their friends and
family.
TASK 4
P7, M4 & D4 Experience and background can work as hinder and foster for entrepreneur
Personal life has a huge impact upon entrepreneur mind set, as Mark Zuckerberg wants to
be connected with his friends so he invented Facebook chat platform which is most used app in
the world. It worked as a foster factor on him which inspire him to make a platform which was
having all features which makes friends and family members to connected.
In the case of Bill Gates, he was born in middle class family and he faced many issue
regarding to lack of finacial availability. So he had a dream in his mind to be richest person. He
had interest in computer programming organisation so he start their business in this sector and
get success to achieve their objectives.
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CONCLUSION
The above presented report has been concluded about entrepreneurship which is an essential
element for economic development. Entrepreneurial ventures are having huge differences
regarding to size, scope and growth and they are hardly connected with their typology. These all
are providing support to social economy which is essential after Brexit for UK. Entrepreneurs
like; Bill Gates and Mark Zuckerberg is having different characteristic like: determination for
their objectives and learnings from their past which is working a foster on them. It is essentials
for each and ever entrepreneur to learn from their past experience to make a better work in their
present and secure their future by it and become successful.
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REFERENCES
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