Entrepreneurship and Small Business Management

This document discusses the types and meaning of entrepreneurial ventures, their scope and typology. It also explores the impact of small and micro businesses on the economy and their local, regional, national, and international impacts. Additionally, it covers the characteristics, traits, and skills of successful entrepreneurs and the importance of small businesses and startups on the growth of the economy.

ENTREPRENEURSHIP AND
SMALL BUSINESS
MANAGEMENT

TABLE OF CONTENT
INTRODUCTION.......................................................................................................................................3
TASK 1..........................................................................................................................................................3
P1 Types and meaning of entrepreneurial ventures and their scope and typology...................................3
P2 Similarities and differences in entrepreneurial ventures and their roles and characteristics in micro,
small and medium....................................................................................................................................4
P3 Impact of small and micro business on economy and their local, regional, national and international
impacts....................................................................................................................................................5
P4 Importance of small business and start-up of businesses on the growth of the economy....................6
Task 2..........................................................................................................................................................7
P5 Characteristics, traits and skills of successful entrepreneur................................................................7
P6 Entrepreneurial personality reflect motivation, mindset and their upbringing, lifestyle, cultural
differences and other drivers of factors....................................................................................................8
P7 The risk and rewards of business startups and barriers from persons background and past
experience................................................................................................................................................8
CONCLUSION...........................................................................................................................................9
REFERENCES..........................................................................................................................................10

INTRODUCTION
Entrepreneurship means to carry a business with new ideas and innovations in it in order
to earn profit. As being a senior member of small federation business including the meaning of
entrepreneurship, the tactics to promote positively in local area is detailed in this report. Also,
different types of entrepreneurial ventures and they relate to typologies with scope are explored.
Characteristics and objectives of private, public and social in small, medium and micro size are
detailed with the impact on local, regional, national and international. Importance of small
business for economic growth has been detailed. Beside this, characteristics, skills and traits of
entrepreneurs with barriers and risk and reward of start-ups.
TASK 1
P1 Types and meaning of entrepreneurial ventures and their scope and typology.
 Meaning of entrepreneurial ventures: Equal importance is carried by both the small
and large businesses in the economy, but there are an entrepreneurial venture which is
described in this report with scope and typology. The entrepreneurial ventures id different
from regular business and it gets highlighted by its components, aspiring the needs of the
entrepreneurs. An individual dares to start up a business or business which is involved
with hidden risks and rewards and the individual takes solely responsibilities for
uncircumstances that to be faced are known as ventures (Mariotti and Glackin, 2014).
These ventures are also called an entrepreneurial venture. Entrepreneurship in small
businesses is widely expanded in nation of UK which boost their GDP and growth of the
economy.
 Typologies of entrepreneurship: To describe about the classification that are based in
regardless are known as typologies. Ventures of entrepreneurs any how influence the
activities of entrepreneurs. Understanding the activities that are of different types is
known as entrepreneurial ventures which have many advantages to follow on career. For
different activities organization performs differently to achieve the desired results. This
different activity encourages entrepreneurs to get motivated to try new aspects with
effective performances. For the development of typology, research of empirical is
provided by archetypes which are tool for only activities that should be included. Wide
range of activities is involved in entrepreneurship with different types are known as
typologies of entrepreneurship.
 Scope of entrepreneurship: The scope of entrepreneurship is very wide as it present the
ideas and expansion for the growth of the business in the nation of UK, the small

business are elaborated widely and entrepreneurs earn huge profit out of it. The nation of
UK is mostly developed with the help of small business and businesses (Schaper and
et.al., 2014). As the small business helps the nation in terms of encouraging employment
opportunities, the scope of the small business and businesses are widely expanded in
terms of compari9ng to large business. They are growing well, and with the growth of the
business they are profiting financially towards the economy. Comparing to the large
entrepreneurship, the scope explores in small businesses as there is less involvements and
interference of others. The individual solely and wholly takes the responsibilities of risks
and rewards that are going to be incurred in the business. There are certain examples of
small business and businesses that are to be mentioned in this report with focusing on it
P2 Similarities and differences in entrepreneurial ventures and their roles and
characteristics in micro, small and medium.
The differences between the social entrepreneur versus entrepreneur is detailed int his report as
follows.
Social entrepreneurs Entrepreneurs
Social entrepreneurs focus on the received
impact by their own ideas and techniques.
Whereas, with the help of earned profit the
ideas is measured by entrepreneurs.
In case of absence of profit, the social
entrepreneurs never quit or get rid from it
(Similarities and difference in social
entrepreneurs and entrepreneurs.2017).
Entrepreneurs may quit in case of severe loss
also they commence with new set up.
Consideration of profit is secondary for social
entrepreneurs.
Entrepreneurs consider profit as primary
Ventures calculation are done by actual
number of lives
Revenue and profit are calculated by
entrepreneurs.
Also, there are certain similarities that are detailed in this report. We are taking into
consideration to explain similarities of two entrepreneurs are social entrepreneurs and
entrepreneurs.
 Both the entrepreneurs make a sustainable business modal with focusing on their primary
based options (Hatten, 2015).
 They focus on people as they think their assets are getting groomed by the well beings.
 Bothe the entrepreneurs earn maximum returns out of their carried business.
 Realities of market are well known by getting knowledge about the study trends in order
to perform better.
 With the help of online marketing, and exploring the brands widely both the
entrepreneurs takes initiative sufficiently.

Characteristics of small, medium and micro businesses in terms of entrepreneurial
ventures.
It is well understood by every entrepreneurs that, small businesses cannot eventually
grow like large corporations. The characteristics for hr small businesses that are taken
into consideration in nations of UK economy are discussed in this report.
 Revenue and profitability: The revenue of small business is generally lower comparing
to large scale operations. Depending on the type of the business the specific revenue is
generated by the entrepreneurs. Incase of lower generation of revenue cannot indicate
about the lower profitability (Linton and Solomon, 2017).
 Employees: Comparing to large scale number of employees involved in small business is
lower or absence of employees. As the individual of entrepreneurship takes
responsibilities of wholly and solely for the risk and reward involved (Burch and
et.al.,2016).
 Ownership and taxes: It is not suited to small businesses, as they do not have greater
degree of managerial control as the large operations. They do not have much expenses of
business, as they do not file for taxes. As, for example of small business is Talon outdoor
carrying latest 1st position in UK economy is considered as best small companies of the
year.
P3 Impact of small and micro business on economy and their local, regional, national and
international impacts.
Impact on local economy regional national and international:
There are certain impacts of small business which provides advantages to local economy are
detailed in this report. Talon outdoor is considered for example.
 Community identity: Securing the 1st position dealing in small business by Talon
outdoor it enabled and explored the vision by providing identity to the community
(Schermerhorn and et.al., 2014). Also, this encouraged with motivation to get started
with the small start ups which leads to growth.
 Community involvement: Involvement of community is the integral part of small
businesses by which they learn to live and to work. With encouragement and involvement
Talon outdoor with a mission and vision provides services to provide services to with
strategic expertise and individual advise.
 Community health: With the help of unique identity, personal relationship is build with
the consumers to explore more in terms of providing services and get the small
businesses by turning into are store and builds a healthy community in term of
relationship and services.
 Environmental benefits: For the benefits of environment in terms of increasing
productivity, improved ability to compete for labor by providing working opportunities
and set sales in stronger values.

 Increasing the tax base: To commence a shop or small business in local area explore the
duties towards nation by increasing the base for tax, which is effectively performed by
Talon outdoor (Solomon and Linton, 2016).
 Local jobs: Talon can be also termed as the creator of job as they help the community to
get the opportunities for employment. This way they indirectly promote stability in
regional, national and international economy by exploring services.
 Innovation and competition: In order to survive at large Talon outdoor stood to face the
crowd by meeting all the requirements in place of market by focusing on the innovations
and the existing competitions. An innovation in the services towards the clients and
consumers enables the Talon outdoor to survive with providing job opportunities and be
in the first positions in recent years.
 Less infrastructure and low maintenance: For the maintenance of small business and
businesses the maintenance of infrastructure is very low as they focus on the
communities on local areas in order to provide services. By this way they get grown and
explore their performances and services in wider sense.
 Diverse, locally made products and services: With the help of tourism the locally
produced products and services can be diverse across the boundaries which promotes
growth of the economy indirectly (Fayolle and Gailly, 2015).
P4 Importance of small business and start-up of businesses on the growth of the economy.
There are key reasons for the growth of the economy that creates importance of startups
of entrepreneurship. To explore the hidden talents of well beings, also, the job creators involve
the low skilled person who boosts their creativity with new techniques and ideas of innovation
(Importance of small businesses and startups 2014). This enhancement is proved by being as
members of federation of small business. By this way they grow quickly and get rapidly
modified and adapted in terms. The following are the reasons that, small business and startups
plays a prominent role in growth of UK economy.
Innovations: New jobs and economic growth: The main reason to get new startup of venture is
innovation which drives the economy with boost in growth. The technologies and techniques are
adapted into advancement and the communities are also get benefited with the advancement in
technologies. They create tough competition with the small and large enterprises. As compared
to large companies they commence with advancements but the scope in small business is less.
This can also be widely explored by earning huge revenues and profits from small startups as
personally experienced by being a member of Federation of small business (Gibson, 2017)
Bringing new competitive dynamics into economic system: Dynamic operations create
competition among small startups and large companies which is important for the economic
growth. By which the entrepreneurs gets boosted in terms of increasing efficiency as per
acquired knowledge of federation of small business.

Promoting the research- innovation system: Small business prominently promotes the
innovation and research system by which, growth of the business gets stabilized. The
entrepreneurs maintain a close relation with knowledge in innovations, which enables them to be
ready with the modification s and implementations.
Bringing the values of proactive into society: The mindset of entrepreneurs is changed as per
needs of start-ups in order to gain more profit for entrepreneurship. The importance of small
business and startups can be well determined by federation of small business. To bring the
proactive to the society the importance of startup0s are prominently demanded for the nation of
UK. By this the growth of the economy got healthy and vital as well as diligent. On the other
hand, the individuals may find difficult to maintain and remain in small businesses and start ups.
New jobs and economic growth: In terms of long terms running of small or large companies or
startup, the portion of job created with nuances contributed for the growth of the economy.
Potential startups that are based on innovations represent the healthy core of economy.
Task 2
P5 Characteristics, traits and skills of successful entrepreneur.
To be an successful; entrepreneur there should be certain characteristics, traits and skills
that should be present within, which enables the entrepreneur to get boost in performance with
effectively acting towards it (Piperopoulos and Dimov, 2015). By being a member of federation
of small businesses the personal traits, skills and characteristics that followed personally by me is
discussed in this report.
Passion and motivation: personally I never get bored even in case of results got failed,
remaining passionate about the carried business enabled self to work hard with full of efficiency
over and over which boost me with positive attitude and motivation.
Never be afraid of risk: By being an individual and member in federation of small business, I
solely never got afraid of risks even I was aware about involved hindrances. Always I tried to
evaluate risks so that necessary steps took accordingly which allows encouraging and dealing
with it.
Self believe, hard work, and disciplined deadline: By being an entrepreneur always
concentrated on dedicated projects with full of confidence and this willingness to hard work
refrained from stubbornness, and misconducts. The important resolution that every entrepreneur
should take into consideration is faith in self including hard work and the deadline should be
followed effectively.
Adaptable and flexible: Apart from, all the above characteristics, entrepreneurs should be
adaptable and flexible. All the changes should be welcomed generously to reach great heights by

meeting the results. The suggestions and necessary modifications allow the entrepreneurs to
remain flexible by focusing on the results.
Knowledge of market and products: Entrepreneur should know about their product and
services as inside and out, with the involved knowledge of market (Irene, 2017). The creation of
nuances in products with techniques and using technology and the produced product does not
exist earlier in the place of market enables the entrepreneur to survive al large.
Strong money management: With the new startups and small businesses entrepreneurs never
earns a huge profit or revenue from the businesses. Hence, the entrepreneur should maintain the
money managing strongly and successfully.
Effective planning of skills: Skills including time, money and resources of human involved and
personal relationship should be effectively managed by the entrepreneurs to enjoy the benefits at
large in terms of business and relationships.
Exit preparedness: Success cannot be earned in each and every attempt of business. So the
entrepreneur should be prepared earlier in case of money getting dump with zero profits then,
entrepreneur should be prepared to wind up the businesses.
P6 Entrepreneurial personality reflect motivation, mindset and their upbringing, lifestyle,
cultural differences and other drivers of factors.
Motivation and upbringing from business background: There is high tendency to get support
from background of family in case of entrepreneur carrying forward family businesses (Burton,
Sørensen and Dobrev, 2016). Entrepreneurs from non supportive backgrounds gets disturbed at
large compared to businesses backgrounds. The process of decision making is highly potential
with the involvement of business backgrounds as they provide the new entrepreneurs with past
experiences. These entrepreneurs never get afraid of setting goal for their ventures. Whereas in
many cases, people gets afraid of failures as, they are low perceived in capabilities and
expectations comparing to others. Still, if entrepreneur is uncertain of own drive towards success
their ability to explore the talents push them with innovative ideas and opportunities
Self confidence and cultural differences: .Family upbringings not only provide support to
entrepreneurs but their abilities enable to involve in decision making process. In case of less
familiar with the qualities, traits and skills of entrepreneurs they can be termed as locus of
control in high internal. The self confidence and flexibility including the energy of entrepreneur
enables them to get involved with positive results. With the family backgrounds and supports the
cultural differences doesn’t affect much (Schaper, 2016).
P7 The risk and rewards of business startups and barriers from persons background and
past experience.
There are certain risks and rewards are involved in the entrepreneurship that are discussed int his
report.

Risks: Small businesses can be also called as small vendor as risky business. As startups may
not be around long enough. In case of undercapitalized startups the business may suffer a lot.
Also it can be too successful, as it creates one or two of the whole or different barriers. In these
circumstances the startups grows as a big players to own self. They may also get avoided in
certain places. Risk involvement is high as they a lot of hand holding is required (Volery and
Mazzarol, 2015). Without support and absence of business background they need support from
others to get their hands hold. They do not possess well established and experienced customer
services. Also, startups employees may not effectively perform towards accomplishment of
results.
Reward: Suppose, startups are in terms of production department or business they can crate
influence at large in the direction of products and services. They solely maintains the relationship
with the consumers which enables them to get boost their businesses with higher quality relations
(Sahut. and Peris-Ortiz, 2014). They gain the benefit of leverage in financial terms as
entrepreneurs can get flexible with the prices at any time. Also, the entrepreneurs can modify and
implement new ideas and techniques with changing methods and also they can get advance
technologies to get the attraction of consumers which boost their sales with increasing
constantly. They can opt innovations for their businesses at any time.
CONCLUSION
To carry on small business or businesses with nuances in terms of innovations, technological
advancements are known as entrepreneurship. With the entrepreneurship ventures its typology and
scope of entrepreneurship has been discussed in this above report. The differences between the social
entrepreneurs and entrepreneurs and similarities are explained with elaboration. The federation of
small business is taken into consideration in this report to explain on behalf of it, also the impact of
small medium and micro business in local, regional, national and international has been discussed. With
this, importance of characteristics, traits and skills that are maintained by entrepreneurs with the
involvement of risk and rewards and positive motivation and attitude that are adopted by family are
discussed in this report.

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Online
Similarities and difference in social entrepreneurs and entrepreneurs.2017 Available through
[Online] <https://www.quora.com/What-are-the-similarities-and-differences-between-business-
entrepreneurs-and-social-entrepreneurs>
Importance of small businesses and startups. 2104 Available through [Online] <
https://www.linkedin.com/pulse/20141122084428-77551011-the-importance-of-startup-
companies-for-economic-development/>