Entrepreneurship and Small Business Success

This assignment delves into the crucial factors that contribute to the success of small and medium-sized enterprises (SMEs). It examines a range of elements, from entrepreneur characteristics and business strategies to external influences such as market conditions and government policies. The provided text includes various research studies and articles that shed light on the complexities of entrepreneurial ventures and highlight best practices for achieving sustainable growth.

Entrepreneurship and
Small Business
Managements

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................4
P 1 Different types of entrepreneur ventures and their relation with typology of
entrepreneurship..........................................................................................................................4
P 2 Similarities and differences in between entrepreneur ventures............................................5
TASK 2............................................................................................................................................6
P 3 Impact of micro and small business on the economy...........................................................6
P 4 Importance of small business and start-ups in contributing the growth of the social
economy......................................................................................................................................7
TASK 3............................................................................................................................................8
P 5 Characteristics, traits and skills of a successful entrepreneurs different from business
mangers.......................................................................................................................................8
P 6 How entrepreneurs personality reflect entrepreneur motivation and mind set.....................9
TASK 4 .........................................................................................................................................10
P 7 How background and experience can hinder and foster entrepreneurship.........................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship and small business management is term different from each other due to
their role and responsibility towards their business. In fact entrepreneurs are the owner of the
business who has just started a new business whereas small business management means
handling and performing task or activities in a small business. In other words entrepreneurship is
the heart of every business because of their effective role and duty in a company as they are
liable for all the work takes place in business (Blackburn, 2013). Apart from this, this report
consist of all the different ventures of entrepreneurs and their role and responsibilities in all the
particular ventures by identifying their skills and talents. In other words it shows the capability of
entrepreneurs and small scale mangers towards economic growth and successful business by
conducting various essential research with the help of effective techniques of research methods.
TASK 1
P1 Different types of entrepreneur ventures and their relation with typology of entrepreneurship
Entrepreneur ventures is term which defined the establishment of various types of new
and innovative business with different-different perspective top understand their organization
objectives (Hart, 2013). The main motive in establishing different types of entrepreneur is to
fulfil the choice and demand of various sections of society having different choices and taste. In
fact entrepreneur ventures are mainly having a different motive of running their business.
Different types of entrepreneur ventures are - Small business entrepreneurship- Small business entrepreneurship are the business
established just to live their livelihood comfortably by earning some sort of profit. In fact
the main motive of establishing small business is to fulfil their own demand and needs by
getting maximum profit (Wainwright, 2013). In fact they arrange fund from their friends
or relatives to run their business effectively and efficiently with short term goals. Small
business entrepreneur are like grocery shops, general stores, saloons and parlours, travel
agents etc. Scalable start up entrepreneurship - Scalable start up business believes in running their
business from longer period of time by acquiring appropriate information and data with
the help of expertise and skilled persons. Scalable entrepreneurs aim is to change the
scenario of overall world with their views and innovative ideas.

 Large company entrepreneurs- Large company entrepreneurs are the person who change
their product according to the changing trend and manufacture goods according to their
customer taste and preferences. Their main motive is to built the business to earn more
and more profit with their innovative products.
 Social entrepreneurship – Social entrepreneurship believes in enhancing the condition of
their society and manufacture goods for growth or development of overall society.
Apart from this typology of the entrepreneurship have direct link with these above
various entrepreneurship ventures because of their broad concept which means typology explains
the entrepreneurship in deeply (Bridge, 2012).
P2 Similarities and differences in between entrepreneur ventures
There is very much similarities and differences in between various entrepreneur ventures
due to their nature and concept. In fact all these above entrepreneur ventures are much similar
with each other due to their role and responsibility in the market (O'Neill, 2012).
Similarities Differences
All the entrepreneur ventures having same
motive of profit earning.
But these entrepreneur ventures adopt different
strategies according to their business demand
and need.
Entrepreneur ventures have similar
organization structure.
But the working or size of organization
structure are very much different from each
other which is abed on their business size.
These ventures requires all the essential
resources whatever is required while
establishing of any business.
But the amount of resources are different from
each other because it depend on their
organization demand according to their
business size.
Capital is the backbone of every business so
while establishing any business either small or
large they need sufficient amount of fund to
run their business activities.
But the fund invested in the business with
consideration of all the factors and by
estimating the actual cost which will going to
invested in the business.
Apart from all the above similarities one of the One of the major differences in between all the

major similarities in between all the
entrepreneur ventures is that appropriate
registration of any business is very much
indispensable before establishing it.
entrepreneur ventures are that they all have
their own ideas and different-different opinions
of running their business.
Last but not the least all the ventures are different in every aspect by having some sort of
similarities (Carland, 2015).
M1 Diverse range of entrepreneur ventures to demonstrate understanding of entrepreneur in both
public and corporate sector
Entrepreneur ventures plays a very effective role in both public sectors as well as private
sectors because of their eminent role and duty towards public and overall society. Entrepreneurs
act as a very effective tool for both the organization because they enhance the capability of their
employees with the use various ideas and information. Apart from this public sectors is mainly
believes in growth of pubic and society by adopting various effective strategies (Carland, 2014).
D1 Critically examine the scope, development and growth of entrepreneur ventures
According to the Stewart, (2015) scope, development and growth of entrepreneur
ventures re increases day by day due to the expansion of business across the globe by offering
goods and services to the foreign clients also. In fact the main scope of the entrepreneur ventures
are to establish more and more venture over the seas just to overall development of their
economy by introducing new and innovative products in the market. Apart from this growth of
the entrepreneur ventures means overall upliftment of the society as well as their customers.
TASK 2
P3 Impact of micro and small business on the economy
Small and micro business are similar with each other and they have a grater impact on the
economy due to their dominant role in developing countries just like U.K. In fact small business
influence the overall internal and external factors because of their broad concept and complex
nature. It covers various important matters which comes under economy of the country are
employment opportunities, equal distribution of income, enhancement or growth of their society
and customers which automatically affect the economy (Carraher, 2015). In other words
economy of the developing countries are mainly depend upon the establishment of new and
various business because if there is a increase in a industry then it automatically grow their

economy due to the upliftment of all the sections of society. Apart from this small business or
micro business creates a employment opportunities due to which millions of the individual get a
job to live their livelihood comfortably by fulfilling their basic needs and wants.
Small and micro business are very much important for the economy due to many reasons
for example-
 It develop the society and weaker sections of society which means society plays a very
vital role in the economy of the country.
 Small business helps the economy in eradicating the poverty from country to develop
their economy.
It means that economy are very much depended on the small business because of their
advantages and positivity as micro business are very helpful and useful in creating a growing
environment and developed society by introducing or launching new and innovating products.
Apart from this they also generate new ideas of living life (Paridon, 2015).
P4 Importance of small business and start-ups in contributing the growth of the social economy
Small business and start-ups plays a very eminent role in the growth of the social
economy because these business mostly established with a motive of society oriented which
means to uplift the overall society with their innovative ideas and products. In fact sometime
small business motivate every individual and their employees with their various effective
programmes (Chittithaworn, and et. al., 2011). The major importance of the small business and
start-ups in the social growth are-
 Motivate the employees towards their personal goals and targets by adopting various
effective techniques and methods.
 Create a environment free from unemployment by providing equal opportunities to
everyone.
 Come with new and different ideas to uplift their overall society.
 Provides various innovative ideas and products by enhancing the quality of their product.
 Helps in raising the living standard of overall society by conducting various useful
programmes with the use of appropriate methods and techniques.
 Development of society resulted in a development and growth of the countries economy
by establishing new-new business and enterprises.

 Small business and start-ups creates a healthy and peaceful environment which might be
affect the social economy.
 Implement various other growing programmes for social economy by acquiring
appropriate data and information with the use of effective methods and techniques of a
research.
Apart from this small business and start-ups is very useful and indispensable for the
societal growth because of their positive roles and responsibilities towards economical growth
and development (Fassin, 2011). Lastly it also enhance the capability and learning of a society
with the help of many more learning theories and learning styles to encourage them towards their
own growth and development.
M2 Differences in between small, medium, and large enterprises in the economy
Small , medium and large enterprises have their specific role in the economy of the
country because due to their expansion there is increase in a employment opportunities for the
employees. It means SME'S plays a very eminent role in the contribution of the economy or in
development of overall economical growth due to their broad nature and complexity which
resulted in a establishment of many new and different-different business. Apart from this SME'S
act as a very effective tool and techniques in uplifting the economy of country because economy
is depend upon the various other industries (Van Rossem, 2011).
D2 Critically examine the impact of small business on different levels of the economy
According to the Buelens, (2011) small business have a greater impact on the various
levels of the economy because of their complexity. It means local, regional, national and
international level influenced by the establishment of small business because it offers various
types of products and mostly acquire information and data from all the levels mentioned in it.
TASK 3
P5 Characteristics, traits and skills of a successful entrepreneurs different from business mangers
Successful entrepreneur are those business men who has achieved their organization
goals and targets by satisfying their customers needs and wants. In fact characteristics of
business manager and entrepreneurs are very much different from each other due to their roles
and responsibility towards their business which means entrepreneurs are the owner of the
business (Gorgievski, 2011). Whereas business managers work under entrepreneurs and they

perform only their activities and task towards business like the main motive of the business
mangers is to manage the business by analysing all the work to know about the smooth running
of their business.
Some of the essentials characteristics, traits and skills of a successful entrepreneurs are-
 They have the ability to solve every kind of problems and issues which may arise while
establishing a business.
 Ready to face every kind of risk and challenges which might be occur while performing
various activities of the business.
 Ability to manage all the activities of a large or small business in a appropriate manner.
 Try to come with different and unique ideas to attract different sections of society.
 Most of the successful entrepreneurs are experienced and knowledgable persons because
running of any business is not an easy task (Ascalon, 2011).
There are many other characteristics and skills of successful entrepreneurs are available
which differentiate them from other business managers because of their unique and different
style of running their business. Apart from this to be a successful entrepreneur they need to
acquire many more knowledge and information to enhance their talent which differentiate them
from other business manger. In fact business manager does not have that much of responsibility
and duty in comparison with successful entrepreneurs.
P6 How entrepreneurs personality reflect entrepreneur motivation and mind set
Entrepreneur personality is very much effective in motivating others with their attractive
personality and skills or talent. It means entrepreneurs plays a very effective role in motivating
others to establish a business for the overall society as well as own benefits by acquiring useful
data and information (Stephan, 2011). Mainly entrepreneurs personality inspired others with
their struggling life and motivational activities perform by them. In fact to become an
entrepreneurs is not an easy task because it is a very big responsibility to run a particular small
and large business by solving all the issues which might be occur in establishing a business.
Apart from this entrepreneur personality act as a very effective tool and plays a very eminent role
in motivating others to became a entrepreneurs.
Life of entrepreneurs is not that much easy because they while running a business they
have to face many more problems and risk due to their business complexity and broad nature
(Islam, and et. al., 2011). In fact they have to go through from various difficult circumstances to

establish a successful business. Entrepreneurs have the ability to hedge their business risks and
deal with challenges which occurred while performing their business activities. In other words
entrepreneur personality have the capacity to enhance their employees skills and talents by
sharing their own life experiences. Entrepreneurs personality helps others to selecting their
specialisation by identifying their own talent and knowledge. At the end it shows that
entrepreneurs overall personality and life plays a major role in motivating other member or
individual in establishing a new or fresh business (Karlan, 2011).
Lastly the main motive is to establish a more and more industries for overall economic
growth and development with different- different ideas and unique products.
M3 Examine different lines of argument relating to entrepreneur characteristics
Every entrepreneur have different style of running their business with their own learning
and skills of solving issues which might occur in the organization while performing their
business activities. In fact different persons have different view about entrepreneur talents by
relating with various successful business men it means it shows the comparison between various
types of entrepreneurs. In other words all the successful entrepreneur have their own style of
handling business in their own style (Valdivia, 2011).
D3 Analysis of characteristics, traits, skills and motivational drivers of successful entrepreneurs
In today's advanced world full of high tech industries there are many more successful
entrepreneurs are available who has established a successful business with their own talent and
skills by adopting various effective strategies for example Bill Gates. Bill gates has expanded
their business across the globe with their advanced skills and talents which may attract many
more customers towards their product. The main motive of the Bill Gates is to expand their
business at international level by serving domestic customers as well as foreign customers.
Lastly an entrepreneur characteristics , skills act as a motivation for every employees and other
members (Lautenschläger, 2011).
TASK 4
P7 How background and experience can hinder and foster entrepreneurship
Backgrounds and experiences very much affect the entrepreneurship skills of an
individual which means background of every individual encourage them towards their ancestor
works and profession adopted by them (Haase, 2011). In fact background and experiences have

both impact on the individual negative as well as positive because of their complexity in a
nature. “Background and experience can hinder and foster entrepreneurship” this statement
shows the positivity and negativity of the background and experiences of the entrepreneurs
which signifies the impact on individual. Apart from this if any individual have their own
business which was running by their family then must encourage their future generation to
continue their existing organization. But if an individual don't have entrepreneur background
then they definitely demotivated with their families or either their ancestors discourage towards
opening a new business (Nakara, 2012).
It means that background plays a very eminent role in the entrepreneur life due to their
role and responsibility towards their business. Whereas experiences also have greater impact on
the entrepreneur because with the help of experiences an individual can easily able to run any
business smoothly by achieving their objectives. Lastly experiences act as a very effective tool
and technique in a individual life because it helps them to learn more and more from external
sources which is very beneficial for their future.
M4 Analysis of link between entrepreneur characteristics and impact of background and
experience
There is very much link between entrepreneur characteristics and influence of
background and experiences of successful entrepreneur because somehow all these quality of the
entrepreneur motivates other towards establishment of new ventures. Apart from this it
characteristics signifies the positivity of the individual as well as background also sometime
encourage an employees or particular individual in choosing a particular profession for them.
Lastly the main motive of the backgrounds and experiences is to help in selecting the best
alternatives from lots of things (Benmoussa, 2012).
D4 Critically evaluation how background and experiences influences entrepreneurs in both way
According to Jaouen, (2012) background and experiences both have greater impact on
the entrepreneurs in positive and negative way due to their complex nature which means either it
can discourage the individual or motivate them towards becoming an entrepreneur. In fact
entrepreneur is very big responsibility which require lots of experiences and talents because they
have to face various types of situation which might be not easy to handle. Mainly an
entrepreneurs can learn from their background about different culture and know about different-
different opinions.

CONCLUSION
This report is all about the entrepreneur and small business management by describing
their role and responsibility in today's world with the use of various techniques and methods of
establishing a new business. It also shows the different types of entrepreneur by showing their
similarities and differences in comparison with each other or with a useful information and data
for appropriate decision making. Apart from this it also includes the importance of small
business or start-ups and their influence on the economy or social economy due to the successful
entrepreneurs. In additional it reflect the entrepreneur personality and they impact on the
motivation of employees because entrepreneurs life is full of sacrifices and learning which
somehow encourage other members and individual.
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.
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.
Carland, J.W and Carland, J.C., 2015. A model of potential entrepreneurship: Profiles and
educational implications. Journal of Small Business Strategy. 8(1). pp.1-14.
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, C and et. al., 2011. Factors affecting business success of small & medium
enterprises (SMEs) in Thailand. Asian Social Science. 7(5). p.180.
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, M.A 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.
Karlan, D and Valdivia, M., 2011. Teaching entrepreneurship: Impact of business training on
microfinance clients and institutions. Review of Economics and statistics. 93(2). pp.510-
527.
Lautenschläger, A and Haase, H., 2011. The myth of entrepreneurship education: seven
arguments against teaching business creation at universities. Journal of
Entrepreneurship Education. 14. p.147.
Nakara, W.A., Benmoussa, F.Z and Jaouen, A., 2012. Entrepreneurship and social media
marketing: evidence from French small business. International Journal of
Entrepreneurship and Small Business. 16(4). pp.386-405.
Olusegun, A.I., 2012. Is small and medium enterprises (SMEs) an entrepreneurship?.
International Journal of Academic Research in Business and Social Sciences. 2(1).
p.487.
Ratten, V., 2011. Sport-based entrepreneurship: towards a new theory of entrepreneurship and
sport management. International entrepreneurship and management journal. 7(1).
pp.57-69.
Schaper, M.T and et. al., 2014. Entrepreneurship and small business.
Online
Entrepreneurship & Small Business Management, Bachelor. 2017. [Online]. Available through :
<http://www.bachelorsportal.eu/studies/109836/entrepreneurship-small-business-
management.html>. [Accessed on 18th may 2017].
Entrepreneurship and Small Business Management. 2014. [Online]. Available through :
<https://www.slideshare.net/RahulKaurav/unit-1-37945798>. [Accessed on 18th may
2017].