Entrepreneurship and Small Business Assignment

The provided assignment is related to entrepreneurship and small business, covering topics such as enterprise, entrepreneurship, and small business management. It discusses the importance of small businesses in economic development and provides references to relevant studies and research papers. The assignment seems to be from a university or academic course, possibly requiring students to analyze or discuss the role of small businesses in economic development.

ENTREPRENEURSHIP AND
SMALL BUSINESS MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
P1 Entrepreneurial venture and their interrelation with types of entrepreneurship....................1
P2 Similarities and difference among entrepreneurial ventures.................................................2
P3 Micro and Small business effect on economy.......................................................................4
P4 Contribution for the growth of social economy by small business .......................................6
P5 Skills, Characteristic and traits of successful entrepreneurs..................................................8
P6 Aspects of entrepreneurial personality which reflect entrepreneurial mind-set....................9
P7 Background and Past experience which hinder entrepreneurship.......................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship is to developing a new business by using innovative idea. It develop
and control of an enterprise by analysing uncertainty in order to collect profit and revenues.
Small business management and entrepreneurship are play an essential role in improving as well
as developing the enterprise by introducing new products. Entrepreneur is a people who set up a
individual business and whose main aim and motive is to complete the demand of specific
consumers (Ligthelm, 2010).This study also determine the similarity and difference between
from various successful entrepreneurs. This report is diversified into two parts for which is
determining various kinds of an enterprise by showing its duties towards development of all
society. At the last, this assignment is going to identify the traits, characteristic of different
successful entrepreneurs.
PART 1
P1. Different types of entrepreneurial and their typologies
There are different kinds of entrepreneurial ventures in a marketplace. It can be analysed
as follows: Lifestyles ventures: It is a kind of ventures who present in providing regulars and stable
income to its manager such as owners on the basis of protection concept for management
and trade model. These owners assemble investment in this start-up's so as to sustain as
well as maintain opposition in local area (Leitch, Hill and Neergaard, 2010). It is
detected in just specific area and are not clear to have more development and growth. Survival venture: Mostly these type of ventures are innovative as well as new in
marketplace. They only contribute in the living of entrepreneur and their family
members. According to this business do not have particular location and also not having
coordination with bank and formal registration. Managed growth ventures: These type of ventures have stable and appropriate growth.
This business are having non stop investment from its manager and investors. They are
manage to achieve average growth. Time to time float of many innovative products,
needed facilities for workers and appropriate development of locations are several of the
features of this venture.
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 Aggressive growth venture: These business are based on the innovative technology and
have capability for powerful growth and innovation (Ligthelm, 2010). Such businesses
receive appropriate funds form share capital and this venture is movement driven.
This venture which are examine above are interconnected with various kinds of
entrepreneurship they are also connected to the typology , which are mentioned as follows: Small business entrepreneurship: These type of entrepreneurship are having small
business such as plumbers, consultants, travel agent and grocery stores etc. These kinds
of person have their own business and they hire local and families workers. They are in
connection with survival growth ventures as they cannot built maximum funding.
According to this, there investment is complete by small business loans, families and
friends. Scalable start-up entrepreneurship: According to this type of business owners trust that
their mission and vision which is create will support in changing an economy. In this
business where are create an investment with the assist of venture capitalists, it is known
as financial investor. Large company entrepreneurship: These kind of person are interrelated with managed
growth venture (Nga and Shamuganathan, 2010). They built growth and success by
producing new product and creative services. It there will be change in the desire and
taste of buyer it enough to that there will be stress on disruptive invention.
 Social entrepreneurship: These type of entrepreneurship present in the market related to
social profit of the society. These entrepreneur are known as innovators who do
production of goods that supports in fulfilling social issues and problems. They want to
make better place in the world.
As per Dennis (2011), entrepreneur is a new in the market, who takes uncertainty as well
as risk and improves innovative items. It is a new form which will be developed such as
improved by global development, where they play important and significant role and
responsibility. A properly managed economy of a country dependents on big trade and mass
production, this will help in development of an economy.
P2 Similarities and difference among entrepreneurial ventures
There are several kinds of entrepreneurial ventures which can be mentioned as well as
discussed here. Every entrepreneurial venture have few similarities and difference are as follows:
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Entrepreneurial ventures Similarities Difference
Lifestyles Venture Lifestyles and managed
growth ventures are used
sources of finance so both are
same. Both are take funds
from different sources like
families and friends. Under
this employees get rewards
with their salary on the bases
of their performance.
Their management style is
simple as well as tactical and
they have very simple
structure which is not similar
of the other ventures (Burns,
2010).
Survival Venture In both lifestyles and survival
ventures there is low level of
entrepreneurial orientation.
There approach in relation to
business shutdown is also
similar (Storey and Greene,
2010).
Their style of management is
reactive and have constants
success and growth which is
not same with other ventures.
Managed Growth Venture Managed growth and
aggressive ventures both are
having same approach of exit.
An economic motive is also
similar like wealth creation.
Their style of management is
proactive which is not same
with other entrepreneurial
ventures.
Aggressive Growth Venture Managed growth and
aggressive growth ventures are
use planning tool for
management ability which is
provide rewards is based on
equity.
In this type of ventures and
their technological investment
is very high and
entrepreneurial motivation
theory is not same with any
other ventures.
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It can also determine different type of ventures with the assist of roles, characteristic and
objectives are as follows:
Private Ventures: The main aim and objective of these venture is to subscribe for the
improvement of an economy by creating opportunities and profits of employment. Private
venture are similar with the managed growth ventures (Sampaio, Thomas and Font, 2012). The
main objective of this type of ventures to increase profit and to built impactive possibility about
enterprise structure regarding to the business interest.
Public Ventures: These kinds of persons present to built fair and desired success as well as
growth in a marketplace and they play main duty in the profit of the public. The main objective
of these venture to built improvement of an economy, success of backward areas, consumer
welfare and self reliance etc. public venture and scalable start-up entrepreneurship both are
similar. Both are make several few operations for the profit of public.
Social Venture: These kind of venture present in the marketplace and order to built development
of social welfare such as society. The main objective is to create relationships between
environment and society. The purpose of this type to invest only money and achieve business
success. They are similar for social entrepreneurship. The main motive is to grow social
organisation which will support in providing help to several communities and societies.
P3 Micro and Small business effect on economy
Micro business can be determined such as a type of business where there is maximum 5
employees and only one owner are available. In this firms where individuals of every age, the
most of women and minors are creating micro businesses owning to more mobility and
flexibility which are give by micro and small businesses. These type of company's can be
complete as per the knowledge, skill, condition, passion and terms of person (Preuss, 2011).
Both are such as small businesses and entrepreneurs reflect 92 % of the United Kingdom trade.
Trades of the small business which are fulfil by individual supports in changing dynamics of
wealth formation, life quality and income level etc.
These trades also provide several effect on developing as well as growing different job
opportunities in UK as they built benefaction in improving around 26 million jobs for youngster.
Above business support in manufacturing production of around 13.4(approx) million introduced
jobs and 1.9 million indirect jobs. If a individual is employed by several small business then it
will generate complete employment condition in country.
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Small business can be entailed as a profit making trades which are owned and rune by an
individual. These businesses have maximum 500 and minimum 5 employees are there which
depends on a firm (Nga and Shamuganathan, 2010). There are individual employees 24.3
million in UK and also provide private sector employment of approx 60%. Due to trades also
protect to give innovative job opportunities in small and local communities as well as societies.
They have more importance for an economy and their few effects can be determined as below:
Impact on regions: Both such as micro and small businesses built their existence in different
regions and provide their effects. The most of the region may have various kinds of new business
which will provide direct impact on employment. Impact of contribute parts will also be there in
few regions and their main purpose of who competitors present in such as regions will built
convert in their contribute process.
Impact on locals: Micro as well as small businesses provide large effect on local communities
and society. It has been determined that mentioned businesses provide high amount of
benefaction to local society. In this start-up's where 64% of innovative job opportunities are
create by small and micro businesses who built donation for the development and growth of
community.
Impact on national and international economy: Both such as micro and small businesses also
effect on national and international community. Regarding to this trades which have turnover of
£1.6 (approx) trillion in the opening of 2014 (Ligthelm, 2010). It is a major part of an
employment which is create in United Kingdom. Approx 37% businesses are the type of new
activities and supply creative services for their potential buyers.
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As per Hall, Daneke and Lenox (2010), both such as small and micro businesses has
greatest effect on regional, local, national and international society as well as community. Main
objectives of these trades is to create job opportunities of singles locations which will finally
contribute for economic and social improvement. These are also be determined that, they also
support in generating direct employment in different regions and also changed for the
development of societies. On the other hand Nga and Shamuganathan (2010), says negative
impacts on different areas due to small and micro businesses. When there is several issues and
problems related to supply and production offering to goods and services then it is examined as
negative impact.
P4 Contribution for the growth of social economy by small business
Existence of the senior member of Federation of small business, it can be determined that
innovative company and small businesses act as a essential method for the improvement of an
economy. It is a process of economic evolution which means social, economic and political well-
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Source 1: Dougherty- Choux, l., 2014

being of individual. Micro as well as small business fulfil the social needs in United Kingdom. In
this economy where most of the start-up's are of small nature and are run by an individual that
means it donates such as contributes a high percentage of gross domestic products in an economy
(Leitch, Hill and Neergaard, 2010). There are several points which define importance of small
business organisation:
Developing individual relationship: It is a easy way for start-up's and small businesses to grow
an impactive good relations and mutual understanding with suppliers, employees, and customers
as they always know about deali8ng process. They can built person to person link that can prove
to be largely beneficial for an economy.
Responding flexibility to problems and challenges: Cited businesses are much flexible in
likeness to large business organisation. They have specific ways of company operations and no
modify can be made simply in the same way. According to small businesses, if there is several
issues and problems to change them quickly.
Innovations: It is indicated such as a innovative as well as new plan and changes in any products
and decisions, then it is very important and easier for small scale organisation to take
uncertainties as owners of these businesses do not requirement for many approvals. In this facts
that individual have own decision to Bering innovations.
Low overheads: According to small scale entrepreneurship, their expenses are not high due to
small business of operations. Apart from this, material overheads and lightning costs are lower
than other organisation. They have to pay low rent due to smaller premise and paying large
amount of wages is also not needed because of limited number of workers.
Future growth: These innovative businesses are not small scale enterprise. They become a Hugh
and of great importance in an economy in international and national market with high image.
Microsoft, it can be taken as an example related to growth and success of small scale to a great
industry that is having its command and presence in a whole world (Hall, Daneke and Lenox,
2010). These kind of enterprise provide job opportunities to a number of individual and support
in a growth of an economy by maximising the employment rate of regional as well as nation.
Adaptability to changing environment: regarding to this businesses, they are prepared and ready
for adopting different difficulties which might happen in internal and external surrounding.
Rather then all these, Start-up's and small business entrepreneurship play an important and vital
role in improving as well as developing the economy of state by coming up with various and
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unique plan. There are different number of reasons which define the importance of start-up and
small scale which are followed as below:
 Maximize in GDP because of maximisation in direct investment in international.
 Completing the basic requirement of whole community.
 Creation of job opportunities
 launch of innovative good with the creative services.
P5 Skills, Characteristic and traits of successful entrepreneurs
Entrepreneurship is a best term which explained as an activity of manufacturing new
products, designing, and as well as responsible for controlling a small and large business
(Gorgievski, Ascalon, and Stephan, 2011). An individual, who going to control as well as
manage specific organisation are called entrepreneur. Basically they have a potentiality and
quality of starting an enterprise and skilled and knowledge to resolve all the obstacle which is
facing by company at a marketplace. There are two successful entrepreneurs that have a unique
quality for magnificent traits are named as Mark Zuckerberg and Bill Gates. Both of them have
unique idea, experience and talent which support as well as motive number of workers to become
entrepreneur by creating innovative ideas. Characteristic of both such as Mark Zuckerberg and
Bill Gates is mentioned as below:
Plan everything: It is a best quality of both the entrepreneur is to design their policy and strategy
before executing for removing mistakes and errors which may impact their aims. Planning
process is a responsible technique for every enterprise either large and small because it is a
layout of a written and oral document which consist whole activity and task.
Act seriously: Both such as Mark Zuckerberg and Bill Gates required to very serious about their
policies and plans to run their company for longer time period. Related to the sincere nature is
very beneficial for every enterprise because it support and motive them due to their personal and
professional objectives and goals (George and Bock, 2011).
Management of fund: Capital and fund is a lifeblood of any organisation because all the task
and activities which are indirectly and directly depended upon several factor one is monetary.
There fore both the persons required to reserve large money for reducing this barrios of a
business. Along with this, they required to protect proper floe of cash in an organisation.
Attentive nature: In this way, that both are focussed related to his professional objectives with
long time vision and mission by taking whole changes in a macro and micro factors.
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Risk hedger: They must know about how to control and manage risk due to increasing their
business success and profit.
Self promoter: This is one of the most important merchandising technique and method due to
which goods of an organisation is publicised across national levels. There are several examples
like: sharing views with relatives, friends and business groups etc.
There are various traits which are faced by Mark Zuckerberg and Bill Gates. This traits is
shows their outer and inner personality.
Passion: Mark Zuckerberg and Bill Gates both are passionate regarding their objectives and
goals for fulfilling all the activities as well as tasks in a proper manner. They must know about
how to solve various barrios and issues for achieving their target in a specific time period.
Positive sense of humour: Regarding to this, both entrepreneurs must have a positive attitude
regarding to enterprise and need to know how to assign with hard circumstances and conditions.
Tolerance: Both such as Mark Zuckerberg and Bill Gates have high tolerance ability because it
is not an simple as well as easy task to control a large enterprise (Dennis Jr, 2011). Therefore
they required to know how to handle difficult situation.
Vision: Mark Zuckerberg and Bill Gates are aware regarding to their clear vision and objective
them only they will regular their business by evaluating all external and internal factors.
P6 Aspects of entrepreneurial personality which reflect entrepreneurial mind-set
Mark Zuckerberg and Bill Gates both are successful entrepreneurs act as a motivational
technique for all the communities because their whole is done of struggle and battle who inspired
different number of workers towards entrepreneur. Their personality which is motivated an
individual in different way which is mentioned as below:
Full of sacrifices: An successful entrepreneur faces different number of sacrifices and losses
over their life from which several motivated towards their individual goals. Bill Gates is a live
example of this start-ups because his life was complete of sacrifices and struggles which support
others to do something various.
Overview of autobiography: Regarding to this source it has been believed that complete life
story of a act, it is a motivational technique in different manner for example it improves skill
and knowledge of a person.
Improvement in learning skills: Basically entrepreneur life which increase the employees skill
and knowledge due to working in an organisation (Down, 2010). Every entrepreneurs are share
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their opinion and views with employees because of they achieve to attracted their ability or want
to experience.
Family upbringings: At equal and same stage of life, Mark Zuckerberg and Bill Gates are
successful entrepreneur also believe their parental as well as maternal values and norms to solve
their difficult situation.
P7 Background and Past experience which hinder entrepreneurship
To become an businessperson is not an easy activities and tasks which need impressive
personality with a positive way of potentiality and humour for facing various condition (Carland
and Carland, 2015). In fact experience and background both the source as well as factor which
plays a very important and vital role in motivating a personal to manage and run a big and large
enterprise. For example both such as Mark Zuckerberg and Bill Gates have various background
which is not same and may something demotivate them.
Apart from this, Mark Zuckerberg and Bill Gates their past experience is very beneficiary
for them in various manner which is defined as below:
 Capability to hedge business uncertainty such as risks.
 Learn how to control various situation.
 Increase the learning of personal.
 Ability of controlling and managing large enterprise.
 Additional skill and knowledge which may be supportive and useful in future.
 Know how to deal and regulated with difficult condition and situation.
Apart from this sometime background and experience also have a large as well as negative effect
on future. Mark Zuckerberg and Bill Gates their background that have negative and positive
effect because family is a first guide, mentor, head and teacher fore every individual. Thus most
of an individual are highly influenced by their predecessor in different manners (Bridge and
O'Neill, 2012). In this fact that most of the knowledge and quality is received by an entrepreneur
from their relatives or family members. Instead all over the educational qualification on an
individual such as entrepreneur which are also shape their motivate and life them towards their
needed and desired goals and objectives.
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CONCLUSION
From the above mentioned report, it cab be concluded that small businesses play an
important and vital role and responsibility in improving as well as developing the economy of an
country. This report is very helpful by creating innovative ideas and creative plan. The main aim
and motive of this study is to throw lights on various kinds of ventures and their duties towards
raise the whole community. In fact this study all about administration such as management of
different small scale which is established among national level to complete the basic requirement
of a national and international consumers. Apart from this, report will highlight important quality
of a Mark Zuckerberg and Bill Gates by giving lights on their past experience and background.
At last is has been identified such as understood that is upcoming days small scale which are
established and maximise at foreign level by presenting new products
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REFERENCES
Books and Journals
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: entrepreneurship and small business.
Palgrave Macmillan.
Burns, P., 2010. Entrepreneurship and Small Business: Start-up. Growth and Maturity. Palgrave
Macmillan.
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.
Dennis Jr, W. J., 2011. Entrepreneurship, small business and public policy levers. Journal of
Small Business Management. 49(1). pp.92-106.
Down, S., 2010. Enterprise, entrepreneurship and small business. Sage.
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.
Hall, J. K., Daneke, G. A. and Lenox, M. J., 2010. Sustainable development and
entrepreneurship: Past contributions and future directions. Journal of Business Venturing.
25(5). pp.439-448.
Leitch, C., Hill, F. and Neergaard, H., 2010. Entrepreneurial and business growth and the quest
for a “comprehensive theory”: tilting at windmills?. Entrepreneurship Theory and
Practice. 34(2). pp.249-260.
Ligthelm, A. A., 2010. Entrepreneurship and small business sustainability. Southern African
Business Review. 14(3).
Nga, J. K. H. and Shamuganathan, G., 2010. The influence of personality traits and demographic
factors on social entrepreneurship start up intentions. Journal of business ethics. 95(2).
pp.259-282.
Preuss, L., 2011. On the contribution of public procurement to entrepreneurship and small
business policy. Entrepreneurship & Regional Development. 23(9-10). pp.787-814.
Sampaio, A. R., Thomas, R. and Font, X., 2012. Small business management and environmental
engagement. Journal of Sustainable Tourism. 20(2). pp.179-193.
Storey, D. J. and Greene, F. J., 2010. Small business and entrepreneurship. Financial
Times/Prentice Hall.
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Online
What is Entrepreneurship?. 2017. [Online]. Available through:
<http://www.businessnewsdaily.com/2642-entrepreneurship.html>. [Accessed on 25th
July 2017].
The Role of Small Business in Economic Development. 2017. [Online]. Available through:
<http://isbdc.org/small-business-in-economic-development/>. [Accessed on 25th July
2017].
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