Entrepreneurship and Small Business

This report explores various aspects of entrepreneurship and small business, including different types of ventures, similarities and differences between entrepreneurial ventures, the impact of micro and small businesses on the economy, the importance of small businesses and start-ups, and the characteristics and skills of successful entrepreneurs. It also discusses how an entrepreneur's background and experience can either hinder or foster entrepreneurship.

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Table of Contents
INTRODUCTION...........................................................................................................................1
Task 1 (Covered in Brochure)..........................................................................................................1
P1 Different types of ventures that are related to typology.........................................................1
P2 Similarities and difference between entrepreneurial ventures................................................1
Task 2 (Covered in Brochure)..........................................................................................................1
P3 Interpret and assess relevant data that states how micro and small business impact on
economy.......................................................................................................................................1
P4 Importance of small businesses and start ups business..........................................................1
Task 3 ..............................................................................................................................................1
P5 Characteristics traits and skills of entrepreneurs....................................................................1
P6 Aspects of entrepreneurial personality...................................................................................4
Task 4 ..............................................................................................................................................4
P7 Entrepreneur's background and experience can hinder or foster entrepreneurship................4
CONCLUSION................................................................................................................................6
REFERENCE...................................................................................................................................7

INTRODUCTION
Entrepreneurship is the opportunity for some people that is used to grow the business
continuously. In business industry there are many entrepreneurs who are playing significant role
by introducing new products and services time to time so, they are growing on regular basis.
Entrepreneurship helps to increase the productivity and profitability of business organisation by
maintaining higher profits. To understand about entrepreneurship Cafepod Coffee Co. has been
chosen that is small size organisation which provides different types of products and services to
customers and impacts on economy. This report is all about entrepreneurship in which different
topics are going to define such as range of venture types and typology of entrepreneurship,
similarities and difference between entrepreneurial venture, interpretation and assessment of data
and statistics that states how micro and small business impact on economy. Moreover,
importance of small business and start ups to social economy growth and characteristics traits
and skills of successful entrepreneurs are covered in this report that will help to understand the
importance of entrepreneurship that helps to grow the business.
Task 1 (Covered in Brochure)
P1 Different types of ventures that are related to typology
P2 Similarities and difference between entrepreneurial ventures
Task 2 (Covered in Brochure)
P3 Interpret and assess relevant data that states how micro and small business impact on
economy
P4 Importance of small businesses and start ups business
Task 3
P5 Characteristics traits and skills of entrepreneurs
Entrepreneurs are having different types of characteristics and traits that helps to face the
challenges and run their business successfully by making profits. The scope of entrepreneurship
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is wider which is start from small or local level and reach at international level by using their
skills and traits efficiently (Dana, 2018). Moreover, scope of local, global and social
entrepreneurship covers process of innovation that is used to allocate the resources and create
new opportunities for business concern. The characteristics and traits of local, global and social
entrepreneurship is defined as:
Local entrepreneur: Those person who are providing products and services to local
population by owing local business is consider as local entrepreneurs. For example, Duncan
Bannatyne is a philanthropist and author which is famous for business angel on BBC
programme.
Characteristics traits and skills of local entrepreneur
Characteristics
Self Starter: It refers that entrepreneurs knows that if they want to do something they
should start by themselves. Duncan Bannatyne possess self starter characteristis which make
different from other because he is proactive person who do not wait for someone to give
permission and allocate work ( Minto-Coy, 2019).
Confidence: Business concern does not need to ask from other about their success or
worthy as they have confidence to work effectively. Duncan Bannatyne is highly confident with
their knowledge and success of their business that create differentiate between other
entrepreneurs.
Skills:
Management skills: Duncan Bannatyne have management skills that helps to manage all
business activities by involving business risks that distinguish from others.
Innovative skills: As having this skills Duncan Bannatyne innovates new ideas time to
time that helps to attracts customers at local level which does not have others.
Global entrepreneur: Those person who are innovates new ideas and run business activities
across the national border is consider as global entrepreneur. For instance, Brian Acton is a
global entrepreneurs who is a American computer programmer and internet business concern
(Marzi and et. al., 2018).
Characteristics traits and skills of global entrepreneur
Characteristics
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Disciplined: Such individual mainly focus on their work and eliminate the hindrance to
their objectives. Brian Acton is having such traits in which they take corrective steps day by
day in order to attain business goals which differentiate from others (About Brian Acton, 2019).
Open minded: Entrepreneurs defines that each event and problem is a business
opportunity that make different from others. Brian Acton has ability to see every difficulties as
chances and perform better.
Skills:
Communication skills: Brian Acton is able to communicate with national and
international level that helps to create number of opportunities for developing business. By this
skills they get ideas from others and implement within their organisation to make better.
Motivation skills: Brian Acton motivates its employees by providing better quality of
facilities that helps to accomplish the business objectives effectively.
Social entrepreneur: Those person who starts their business for the purpose of solving
social problems or social development are consider as social entrepreneurs. For instance,
Mahammad Yunus is social entrepreneur who is founder of Grameen Bank in order to provide
micro credit loans to develop the social economy.
Characteristics traits and skills of social entrepreneur
Characteristics
Strong work ethics: This trait is also important which make unique from other such as
business entrepreneur arrive first in office and last one who leaves organisation. Mahammad
Yunus uses this trait by making sure that outcomes of organisation has met with desires (Spanò,
Paola, Vona and Caldarelli, 2018).
Determination: Mahammad Yunus have determination trait in which they look at
defeat as business opportunity. Under this, they never lose their efforts and try again and again
until done.
Skills:
Leadership skills: Mahammad Yunus is having leadership skills in which they provide
proper assistance and justification to its employees that helps to deal with difficulties.
Networking skills: Such person is having networking skills in which they connects with
each industry and country in order to make better business performance.
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P6 Aspects of entrepreneurial personality
People are having different entrepreneurial personalities in which they understand their
responsibilities and build good relations with every one in order to complete targets. To develop
the knowledge about personality of an entrepreneur Ocean model is used that is described below:
Openness: Duncan Bannatyne, Brian Acton and Mahammad Yunus are connected with
this personality that involves daringness, cleverness and curiosity. They use such aspect to learn
something new by sharing ideas with others and influences mindset of people in order to attain
goals.
Conscientiousness: It refers a person should have resources, disciplines, future planning
and reliability under conscientiousness that helps to work hard (Rezazadeh and Nobari, 2018).
Duncan Bannatyne, Brian Acton and Mahammad Yunus are hard workers who put their efforts
to work properly and attracting the people.
Extraversion: Duncan Bannatyne, Brian Acton and Mahammad Yunus possess this
personality that helps to organise their work by energetic aspects. All entrepreneurs starts
conversation with people that make feel good.
Agreeableness: Duncan Bannatyne, Brian Acton and Mahammad Yunus enjoys such
personality as they cooperates with their employees and get close with individuals by
maintaining friendly environment that motivates others also for completing targets.
Neuroticism: This trait states moody, worry, fear, anger, frustration, jealousy, depressed
etc. which creates problems for organisation as they cannot make right decision on right times
(Redondo and Camarero, 2019). Therefore, this aspect should not have in entrepreneurs that
helps to run a business effectively.
Task 4
P7 Entrepreneur's background and experience can hinder or foster entrepreneurship
Family background of entrepreneurs like Duncan Bannatyne, Brian Acton and
Mahammad Yunus together with life experience helps to deal with business hurdles smoothly
that are as defined:
Duncan Bannatyne
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Family background: Such entrepreneur is born on 2 February, 1949. His father Bill had
served in Argyll and Sutherland Highlanfers and also worked with Burma Railway. He has
completed primary education from Dalmuir Primary School. He belong to a poor family where
he make many efforts and become a good entrepreneurs.
Experience: In childhood Duncan lived in single room with his parents and their siblings
in large house. He started his first ice cream selling business with only $ 730 by owing second
hand van. He also entered in Bed &Break fast and nursing home sectors. He started his own
business by acquiring 26 health clubs from Hilton hotel in the year 2006 that become advantage
for running a business successfully.
Brian Acton
Family background: Brian Acton born on 17 February 1972 in Michigan. Such person has
completed schooling from Lake Howell High school and got a degree in computer science in
1994 from Stanford University. His mother ran a freight shipping firm who advised to start his
own business.
Experience: The road to success for Brian is too hard, determination and sacrificed as
who was rejected by Facebook as an employees sold Whatsapp to Mark Zukerberg. He stared his
career from 1992 by working with Rockwell international as a system manager or administrator.
And he has started his own business by launching a new app that is whatsapp which is used in
messaging and others.
Mahammad Yunus
Family background: Such entrepreneur was born 1on 28 June, 1940 who was a social
entrepreneur. In 2006, such person were awarded the Nobel Peace Prize for putting their efforts
through micro credit in order to create economic and social development.
Experience: Yunus creates and empowers social business to address and resolve the
social problems. He managed incubator funds for its social business in order to develop countries
and providing advisory services. In 1998, he has created public charity institution for social
welfare that helped to become successful entrepreneur.
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CONCLUSION
From the report it can be concluded that entrepreneurship is important for all size of
business that helps to meet with new demand and wants of people. It is mainly related with new
thoughts and ideas of people which are helpful to attract customers and increase the sale of
business industry. For growing the business continuously it is important that to understand the
needs of customers and introduce that kind of products and services which helps to continue a
business successfully. Entrepreneurs are one who have innovative skills in which they innovates
new ideas and thoughts in order to maintain profits. The background and experience of
entrepreneurs can foster and hider the entrepreneurship.
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REFERENCE
Books and journal
Dana, L. P., 2018. ENTREPRENEURSHIP & SMALL BUSINESS.
Minto-Coy, I. D., 2019. From the periphery to the centre: start-up and growth strategies for
minority diaspora entrepreneurs. International Journal of Entrepreneurship and Small
Business. 36(1-2). pp.189-215.
Marzi, G., and et. al., 2018. A mixed methods bibliometric investigation of the World Review of
Entrepreneurship, Management and Sustainable Development: from qualitative to
quantitative data. World Review of Entrepreneurship, Management and Sustainable
Development. 14(6). pp.764-786.
Spanò, R., Paola, N. D., Vona, R. and Caldarelli, A., 2018. The role of motivations and
intentions in life-sciences entrepreneurship: insights from the Italian
setting. International Journal of Entrepreneurship and Small Business. 33(3). pp.449-
464.
Rezazadeh, A. and Nobari, N., 2018. Antecedents and consequences of cooperative
entrepreneurship: A conceptual model and empirical investigation. International
Entrepreneurship and Management Journal. 14(2). pp.479-507.
Redondo, M. and Camarero, C., 2019. Social Capital in University Business Incubators:
dimensions, antecedents and outcomes. International Entrepreneurship and Management
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Deller, S. C., Conroy, T. and Markeson, B., 2018. Social capital, religion and small business
activity. Journal of Economic Behavior & Organization. 155. pp.365-381.
Landström, H. and Harirchi, G., 2018. The social structure of entrepreneurship as a scientific
field. Research Policy. 47(3). pp.650-662.
Birkner, S., and et. al., 2018. Women's entrepreneurship in Europe: Multidimensional research
and case study insights. Springer.
Jain, T. K., 2018. Entrepreneurial Training and Startup Initiative Among Students: The Case of
Suresh Gyan Vihar University Jaipur. Available at SSRN 3292801.
Suhartanto, D. and Leo, G., 2018. Small business entrepreneur resistance of ICT adoption: a
lesson from Indonesia. International Journal of Business and Globalisation. 21(1). pp.5-
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Bocconcelli, R., and et. al., 2018. SMEs and marketing: a systematic literature
review. International Journal of Management Reviews. 20(2). pp.227-254.
Nasiri, N. and Hamelin, N., 2018. Entrepreneurship Driven By Opportunity and Necessity:
Effects of Educations, Gender and Occupation in MENA. Asian Journal of Business
Research. 8(2). p.57.
Damke Junior, E., Gimenez, F. A. P. and Damke, J. F. W., 2018. Strategic configurations and
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Online
Characteristics of entrepreneurs. 2019. [Online]. Available through:
<https://www.under30ceo.com/10-qualities-of-a-successful-entrepreneur/>
About Brian Acton. 2019. [Online]. Available through:
<http://www.edubilla.com/inventor/
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Deller, S. C., Conroy, T. and Markeson, B., 2018activity. Journal of Economic Behavior &
Organization. 155. pp.365-381.
Landström, H. and Harirchi, G., 2018Birkner, S., and et. al., 2018.Jain, T. K., 2018.Suhartanto,
D. and Leo, G., 2018.Bocconcelli, R., and et. al., 2018.Nasiri, N. and Hamelin, N.,
2018Damke Junior, E., Gimenez, F. A. P. and Damke, J. F. W., 2018.brian-acton/>
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