Entrepreneurship & Small Business Management

This assignment explores the field of entrepreneurship and small business management. It examines various aspects, including owner perceptions of business ethics and corporate social responsibility, the future of entrepreneurship education, the business model in practice, factors influencing SME success, critiques of entrepreneurship education, and the role of entrepreneurship in developing economies. The focus is on understanding key concepts, trends, and challenges within this dynamic field.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
PART 1............................................................................................................................................1
P1 Types of entrepreneurial ventures..........................................................................................1
P2 Similarities and differences between entrepreneur ventures.................................................2
TASK 2 ...........................................................................................................................................3
P3 Impact of Micro and small business on the economy............................................................3
P4 Importance of SME in the social economic growth and development .................................4
PART 2............................................................................................................................................5
P5 The characteristic, traits and skills of successful entrepreneur ............................................5
P6 Characteristic of entrepreneurial reflect entrepreneurial motivation and mind set...............6
P7 Background and the experiences hinders the entrepreneurship.............................................7
CONCLUSION................................................................................................................................8
REFERENCES..................................................................................................................................
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INTRODUCTION
Entrepreneur is a derived from latin word meaning entrprendre which means to
undertake. A person who has a particular thought in mind and he implement this thought to run a
business. He takes risk of establishing a new venture of a new undertaking. There are different
types of entrepreneur ventures and mode of operations and thus their categorise are not
exclusive. As the organisations are growing complex government is focusing on new start up and
thus they are helping the persons who had idea to run any business. This report contains the
study about different type of entrepreneurial ventures and their relation with topology.
Similarities and differences between various type of ventures (Blackburn, Hart and Wainwright,
2013). Impact of micro and small business on economy, importance of start-up business to
economy and how they are helpful in achieving growth, reasons for successful entrepreneur and
lastly how experience can hinder entrepreneurship.
PART 1
P1 Types of entrepreneurial ventures
There are various form of entrepreneurial project in the economy which are represented
as follows.
Schumpeterian Entrepreneur Ventures: They are small business operations that are
started in economy and thus capture little areas . The operations are performed at smaller levels
and they are owners of independent business. The main objective is to have efficient growth in
economy by achieving profits for economic system in short run (Carraher and Paridon, 2015).
They are using differentiated and innovative skills to explore their business in the economy.
Schumpeterian entrepreneur are developing business operations at smaller levels and thus
enactment as the businessman of managerial enterprise activity. These ventures are focusing to
start a new enterprise where new business opportunities are exploring in economy. Innovative
and differentiated skills can be used so that new products will be established at the market place
and thus segmentation and targeting of products based on choices and preferences of customers.
Intrapreneur' ventures: These ventures do not have their own ideas which are
implemented in business but they take the ideas from other persons who are working in
organisations for establishment of business. They can the susceptibility to implement the
functions that are essential and are related with entrepreneurial activities not for his personal
goals but to achieve the desired content or objective for the organisation (Carsrud and
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Brännback, 2011). The entrepreneurs can also come up with unique ideas to start new business
activities and thus they can also evolve into schumpeterian entrepreneurs.
Established Ventures: These ventures are already constituted in the economy and they
are having more than 500 employees who are working in the organisation. The main aim is to
increase craved profits and revenues so as to achieve desired levels of scales in economy. These
ventures can include any products or services in economy. Changes are enforced in economy so
that all the persons who are ideal in economy get opportunity for employment and thus they can
serve their families and society (Chaston, 2014 ).
Social Good Enterprises: These ventures are operating for social motives to serve the
needs of society and thus solutions are provided for innovations in products and hopes to make to
world achieve success. Sustainable development can be used so that resources can be used for
utilized of the economy keeping in mind the needs for future generations.
Different relationship between typology and entrepreneur venture are
Determined entrepreneurs: These persons are very specific towards their work and they
have desire to fulfil their dreams. They put their efforts to achieve the desired goals for
organisation. The focus on developing new ideas which help are helpful in growth and success of
economy.
Skeptical entrepreneurs: They believes in wishes, good luck and wishes from others for
success of their business. According to them growth and success of organisation is based on
luck. They emphasis on people who are lucky for organisation and thus they provide them
support to achieve goals for the organisation (Dennis, 2011).
P2 Similarities and differences between entrepreneur ventures
There are various similarities and differences between different ventures which are
described as follows:
Ventures Differences Similarity
Schumpeterian
Entrepreneur Ventures
They are dominant in fields
and are independently owned
by shareholders for profit
motive.
They main aim is profit
They are challenging and risk
taking as they start their
operations at small scale and
have desired to expand the
business more rapidly.
Their main purpose is achieve
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Established Ventures
Social Good Enterprises:
Established Ventures
earning and they are focusing
on skills and strengths to
achieve these profits
They main difference is that
they are working for the
welfare of society, thus doing
their duties in a different way.
They are already set up
business and they are working
for proving employment
opportunities to those who are
sitting idle.
the goals for the organisation
in an effective manner. There
focus is also on long term
sustainability of organisation.
They are putting all efforts so
that basic needs of customers
can be satisfied in a particular
time frame (Fayolle, 2013).
They are focusing on utilising
the skills of human being so
that they can work for the
achievement of goals.
M1 Entrepreneurship in the public and corporate sector
Entrepreneurial ventures are also termed as public and private sector that helps in
providing various services to people. It is thus different to firms and individuals that are
operating in society. Public sector is related with the plans and policies of government and thus
they focus on low levels of income rate and they are not expected to put their capabilities in
growth and development of firm. Cooperate ventures focusing on giving their best for the
success of economy.
TASK 2
P3 Impact of Micro and small business on the economy
Micro and small business plays an efficient role in economy in various development
areas of countries. It has impact on income level of people, level of employment in economy and
distributive areas of firms. The activities which are related with business affect the success and
development of economy. All these activities are helpful in developing the societies. Small
business are individually owned and thus they are focusing on fulfilling the needs and wants of
society. Micro and small business are operating at smaller level and their objectives is to helps
firms so as to achieve the desired goals ( Brännback, 2011).
There are various factors that are to be considered while start up of any business
 Availability of resources in economy.
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 Approval of government for the initial project.
 Sources of income from where funds can be generated which will helps in establishment
of good machinery and tools that are required for setup of plants.
An economy can get benefits from establishing of small and micro business as there will
be various opportunities that will be available in the economy and thus people have opportunities
to get the work and thus earning for their families and welfare of the society. Government has
launched various schemes for providing funds to small and micro business so they can achieve
growth in short run. These business start-ups will helps in improving the conditions of economy.
Manpower in organisations needs establish small levels business and manage its activities in an
effective manner in the organisation. If the manpower rates will be increased in economy it will
helps in sustainability factors of people of economy (Islam and et al., 2011).
The activities of business affect the gross domestic products of economy and thus there
are also difference in balance of trade that results in dis-balances in equilibrium.
P4 Importance of SME in the social economic growth and development
Small and medium enterprises are the keystone of economy. Their development is very
important as they represents the models for economic growth in economy. SME are highly
concerned about economic development and growth, low investment in economy as to sustain
the resources of economy, high employment generation in economy, emphasis on foreign
reserves and exchanges which are helpful for economy.
Government has helped various entrepreneur for start up of their business activities and
thus various schemes were launched which were beneficial for development of industry and
supporting small scale enterprises.
SME have emerged as the largest sector which have achieve growth in economy. The UK
economy has experienced highest growth in this sector and can also become the second largest
economy in the world (George and Bock, 2011).
SME have played an efficient and important role in UK economy. The trends and
different patterns that were followed previously have been revised so that plans can be
implemented which are to be followed in next year.
Factors which lead to growth of SME are as follows:
 Support provided by government for their business start-ups.
 Approval of projects by government and less capital incentives needed.
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 Reservations plans for products that are manufactured by small scale sector.
 Training provided to manpower so that work can be performed in desired way so as to
achieve goals of organisation. It also helps in improving the skills of workers.
 Export promotion of industries.
 Growth of domestic and potential markets as a result of economic development of
economy (Lautenschläger and Haase, 2011).
 Tools testing that will be used in start up of enterprises.
M2 Difference between large, small and medium businesses
There are various differences small, large and medium enterprises as the all plays a
critical role in the economy. These businesses also helps in development of economy. Large
business operates globally, their operations are at higher levels and they emphasis is satisfying
the needs of customers. Small business are centring towards fulfilments of various needs of
customers and establishing business which can help in earning small profits. Medium enterprises
focuses on rendering different products and services which will be helpful for family and society.
PART 2
P5 The characteristic, traits and skills of successful entrepreneur
A successful entrepreneur is one who is having an idea in mind and he is using the ideas
so that the business can be established. When they are compared with the mangers of
organisation it reflects a big difference as the mangers are directly appointed according to their
qualifications and experience while business persons had to think of bringing the idea into
picture and thus the qualities and traits of persons are also different. They also having unique
powers and innovative mind set which they are using to become successful. In the long run
entrepreneur can earn huge profits and thus can lead the company and become mangers but
mangers cannot become business man as they are already working for a established business.
There are many human beings who had who had work hard to become successful in their
life and thus fulfilling their dreams of becoming prospering business man. There are many
persons who started their business activities at an initial level and today they are one of the
successful entrepreneurs such as Elizabeth Gooch and Tom Mercer (Lee-Ross and Lashley,
2010). Elizabeth was the first female who started a business with his own ideas and she was the
founder of software management business. She was never shocked of the difficulties that were
blocking her way and thus with full determination she launched a software and made her dream
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successful She named the software as operating software and data was measured and stored in
real times.
Characteristic Traits and skills of Elizabeth Gooch and Tom Mercer are
Risk Taking: They assumes the risk as a challenging activities which will make them
successful in their business. If the person is afraid of any risk he can never become an enterprise
or a businessman.
Self Motivated: Self motivation is the tool that drive a person to become successful as
they will be willing to do the work at any times and with full passion and dedication. There main
objectives are top achieve the desired goals for the organisation which will help them in earning
profits (Leitch and Neergaard, 2010).
Full of determination: An entrepreneur is determined to achieve the desired objectives as
their main motive is achievement of desired objectives.
Show off : These people never believe in showing their achievements and rewards. They
are treating their employees as their family members and thus show concern for their work.
P6 Characteristic of entrepreneurial reflect entrepreneurial motivation and mind set.
The success of entrepreneur is determined by his motivation and hard work he forms in
achieving the desired goals of organisation. Personality determines the traits and skills used by
entrepreneur and they in turn are the reflection of mindset and motivation of employees.
Elizabeth Gooch and Tom Mercer are one of the richest enterprises in the whole world. They put
their potential in successfully achieving the goals of organisation. Success is easily achieved
when there is innovation business operations as the business is differentiated when compared
with other business. They have their own way of working so that the work will be equally
distributed and managed between the employees and thus efficiency in work that helps them to
achieve success. Differential methods are used to attract customers customers in larger amount
towards the products of business (Luiz, 2011).
Societies, families, cultures and life style of people are the factors that help in influencing
the mindset and personalty of entrepreneurs. If all these points are considered this will help in
making a person successful business enterprise. These factors are important as they help in
development and process to achieve the desired levels.
Factors which are responsible for influencing the mind set of customers are as follows:
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Social Factors: These factors influences mind set and characteristics of persons. These
factors can be influential in positive and negative sense. Social factors can sometimes negatively
impact on mind set of customers and thus influencing their overall personality.
Family and Relatives: They are the person who support the entrepreneurs in difficult times. They
motivate the person so that he can stand and do the business and not to stop the activities of
business because of conflict. Family and friends know the personal aspects of persons and thus
they can easily address the issues that they are facing (Schaper and et. al., 2014).
Lifestyle: It is related with the standards of people, the way they live, the clothes they
wear all these factors reflect the background of people. Lifestyle directly impact the business as
if the lifestyle is appropriate it will help in achieving the desired skills and the behavioural
factors of individual. Good background should be easily reflected in the financial terms that re
used in business.
M3 The line of arguments relating to entrepreneurial characteristic
An enterprise possess different skills and mindset which he uses to have his own business
set ups. These skills helps in achieving the goals of organisation and defined business objectives.
Self motivation never allows them to give up due to any difficulty or conflicts that arises in
operations of products and services. They motivate the persons to work well and to achieve
desired objectives. Ever individual has a uniqueness which is in build inside him and if that is
utilised it will help in achieving heights of success. They always help the unskilled labour to get
the desired results and never let them down in front of others (Naudé, 2010).
P7 Background and the experiences hinders the entrepreneurship
Background and experiences are important aspects that helps in development of
entrepreneur. They affect the performances and task of persons in organisations. Background
can be easily understood with the help of family cultures if the family is involved in business
than children will easily learn about the business operations how different business activities. To
become an enterprise it is essential to have support of the family members so that he will be
motivated and effectively achieve its task (Luiz, 2011). Those persons who do not belong to any
business background are still doing business at the global level and they are achieving success.
The influence and motivation is first reflected by family backgrounds and this is important which
leads to success. If the family is facing difficulty this also can influence the individual to become
an entrepreneur.
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Experiences are very useful in getting best results. It help to achieve the designed targets
in an effective manner so0 that the desired task can be completed on time. Experiences and
background of persons can foster the leading styles that are used by entrepreneurs. It helps in
providing growth and various opportunities to business. Some factors can be used to lead
personality because till now they are very experienced in their work. This experience can solve
the issues in more efficient when comparison are made with others (Thomas and Font, 2012).
M4 Characteristic that influence background and experience of entrepreneur.
Every person have different skills and mindset and accordingly they do the work to
achieve the desired results as expected by the organisation. A successful entrepreneurs faces with
risk and difficulty that hinders his work in the organisation. They behave in very polite manner
with the employees and does not give them any work pressure so they manage the work
accordingly and thus effectively achieve their desired results. Their characteristics encourages
positive attitudes in their life. Unique personality help individuals to include attitudes and quality
in a positive way. Confidence level is very high in individuals and this helps them to achieve
success in long run.
CONCLUSION
From the above report it can be concluded that entrepreneurs are the persons who uses
their skills and abilities to achieves the goals of the organisation. They had the risk taking ability
and takes risk and accept the challenges that comes in their way. Difference between a manger
and entrepreneur is that a manager is directly appointed by the higher authorities of organisation
and entrepreneur is the founder and the owner of business and thus he leads the business. Small,
medium and large scale business are successful in achieving growth for the organisation and
Government is also helping business start up so that they can easily start their business activities.
Emphasis is given on sustainable development in organisation that will helps in utilising the
resources in such a manner that will help them to save the resources for future generations and
lastly personality of an enterprise is affected by family, friends and relatives.
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REFERENCES
Books and Journals
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strategy and owner-manager characteristics. Journal of small business and enterprise
development. 20(1). pp.8-27.
Carraher, S.M. and Paridon, T.J., 2015. Entrepreneurship journal rankings across the discipline.
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know?. Journal of Small Business Management. 49(1). pp.9-26.
Chaston, I., 2014. Small business marketing. Palgrave Macmillan.
Dennis Jr, W.J., 2011. Entrepreneurship, small business and public policy levers. Journal of
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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.
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Online
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Business and entrepreneurship skills and experience. 2013. [Online]. Available Through:
<https://www.innovationpolicyplatform.org/content/business-and-entrepreneurship-
skills-and-experience>. [Accessed on 7th May 2017].
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