Entrepreneurship and its Impact

This assignment delves into the multifaceted world of entrepreneurship. It explores fundamental theories, models, and personality traits associated with successful entrepreneurial ventures. The text provides insights into various aspects of entrepreneurship, including its impact on innovation, economic growth, and social transformation. The assignment emphasizes understanding the complexities and challenges faced by entrepreneurs while highlighting the essential skills and qualities required for success in this dynamic field.

Entrepreneurship and
small business
management

Table of Contents
INTRODUCTION...........................................................................................................................1
ASSIGNMENT 1 LO1 and LO2.....................................................................................................1
TASK 1............................................................................................................................................1
P1 Identify different kinds of entrepreneurial ventures and how this related to the typology of
entrepreneurship.....................................................................................................................1
P2 Explain the similarities and differences between entrepreneurial ventures......................5
P3 Assess the importance of business data and statistics to show how micro and small
business impact on the economy............................................................................................6
P4 Describe the significance of small business and start up to the growth of social economy7
CONCLUSION................................................................................................................................8
TASK 2 Enclosed in ppt..................................................................................................................8
ASSIGNMENT 2 LO 3 and LO4....................................................................................................8
INTRODUCTION...........................................................................................................................8
TASK 1............................................................................................................................................8
P5 Determine the traits and attributes of successful entrepreneurs that differentiate from
business managers..................................................................................................................8
P6 Assesses how aspects of entrepreneurial personality reflect its motivation and mindset10
P7 Examine how background and experience can foster entrepreneurship with examples. 11
TASK 2..........................................................................................................................................13
M3 Describe different lines of discussion in relation to entrepreneurial characteristics.....13
M4 Analyses the relationship between entrepreneurial traits and its influence of personal
background to a specific entrepreneur..................................................................................14
TASK 3..........................................................................................................................................14
D3 Analyze attributes and motivational drivers of successful entrepreneur using examples14
D4 critically evaluate positive or negative influence of background or experience on an
entrepreneur..........................................................................................................................14
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

Illustration Index
Illustration 1: Mentality of an entrepreneur.....................................................................................9
Illustration 2: Determination of Entrepreneur..................................................................................9
Illustration 3: Personality traits......................................................................................................10
Illustration 4: Entrepreneur foster-ship..........................................................................................12
Illustration 5: Nesta organization...................................................................................................13

INTRODUCTION
Organizing, managing and risk taking capabilities in business are found in an
entrepreneur. Entrepreneurship and SBM provides the initiatives to other in order to learn unique
and aspiring ways to start new businesses and generate employ-ability in evolving small
businesses. The report provides the deep knowledge about the entrepreneurship and create
business management skills and techniques (Schaper And et.al., 2014). Beginning of every
organization started with small business which is led by an entrepreneur. Through innovative
thinking, knowledge, skills and techniques this small business are created in large ventures.
Entrepreneur and SBM are formulated in order to put entrepreneur skills in stages. The
relationship and uniqueness developed in-between the entrepreneurship and SBM creates
contribution in economy, job creation and development of country. The report provides the idea
of how entrepreneurs have developed their business idea into small business management and
contributed in providing goods and services to market. The report provides the details about the
entrepreneurial ventures and various typologies. Similarities and differences are being discussed
between entrepreneurial ventures and need of business data and statistics for business start-up.
Furthermore, significance of SBM in countries economic contribution is being described.
Moreover, the report contains details about the entrepreneurial mindset and motivation needed
for the business development as well as various factors which influences the entrepreneurship.
ASSIGNMENT 1 LO1 and LO2
TASK 1
P1 Identify different kinds of entrepreneurial ventures and how this related to the typology of
entrepreneurship
Entrepreneurship can be defined as the person which have the capabilities and
willingness to create, organize, manage and ability to take risk in business venture to make profit
and provide new goods and services to the market (Hatten, 2015). In terms of economics, it is the
combination between capital, labour, land, and natural resources in an innovative way in order to
create profit.
Entrepreneur ventures are this person which have the goals and objective set for achieving the
profitability and growth. Business done by this person are characterized as innovative strategic
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practice. Entrepreneur ventures are created by the entrepreneurs which have all the above
qualities mentioned. In terms of economics entrepreneurial venture of four types. These are:
Survival Ventures: This type of business ventures are operated by small business and lifestyle
business. They are independently owned and are main motive is to earn profit. The long term
goals for such firm is to have growth in long term business which is profitable and provides
sustainable development to them. This type of business are not registered and no business
banking relation. The business values depend on the market values are such firm faces high
competition in market (Carraher and Paridon, 2015).
Lifestyle Ventures: This business ventures are source to provide stable income stream. This type
of business are brought near management and is far way from the entrepreneur. For the market
competitiveness relative modest investment are required. The firm contain limited number of
employees. Due to such reason the company is unable to generate economics operations.
Managed Growth Ventures: This type of the system have workable business environment. The
company seeks to have relative growth along with time. The company shows the growth through
launching new product in market, providing various facilities. The company have strong social
and local brand value. In this type of business the development continues and company focus on
the investment of the ongoing firm.
Aggressive Growth Ventures: Sometimes it's known as gazelles. The firm is mostly based on the
technological industry. Mostly they focus on the innovative thing and development in terms of
growth and profitability. The businesses can be expended nationally or internationally and have
large number of employees working under them (Carland and Carland,2015.).
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Typologies related to entrepreneurial ventures are shown below:
Aggressive Lifestyle Managed Survival
Growth rate
Annually
More than 20% Less than 5% Between 10-15% Nominal
Business
development
03-6 years Month 1-2 years Daily
Focus of
management
Scale-able Working business
model
Incremental
strategic growth
Simple product
selling
Style adopted by
management
Strategic Low Moderate Reactive
Entrepreneur
orientation
More Less Moderate Very less
Technological
investment
High Limited Moderate -
Liabilities Not signified Signified Less signified Signified
Financial support Bank,
stakeholder,
private investor
Self, bank, family Self, bank,
private, family
Self
Business exit Merge, sell,
public
Shut down, sell Merge, sell Sell
Business structure Market based,
functional,
product based
Simple Functional None
Motive Profit and growth Income
substitution
Profit and growth Self sustain
Reward Capital
expansion, equity
Bonus, salary,
incentives
Salary, equity,
incentives
Salary
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Entrepreneur Orientation is multidimensional construct, which is used for evaluation
purpose like risk taking, innovativeness and pro- activeness. This is more in the aggressive,
moderate in managed, in lifestyle its less and in survival there is very little need of entrepreneur
orientation.
Business structure: it has many types some are mentioned below:
Sole Proprietorship: Operated by single person.
Partnership: owned and operated by several individuals.
Corporation: Legal entity separated from its owners.
S corporation: corporation has appealing tax benefits and still provides business owners with
liabilities protection.
Management style can be classified as :
 Autocratic: decision are taken by single person without considering other opinion
 Paternalistic: decision are taken by single person considering other opinion
 Democratic: decision are taken in combined form by elective process.
For illustration:
Survival Ventures: This are small shop owner like cake makers, dress makers where business are
operated by families. For illustration: the local cheese cake shop in UK which is established in
Nottingham, UK. It is the example of Survival ventures which is organized by few family
members. The company uses the ethical ways and online booking for selling their products.
Lifestyle Ventures: This are local shops which comprises local restaurants owner, hotels and
local retailers other related shops etc. Such kind of businesses are mainly operated within local
city for goals accomplishment. For illustration, the Company Rookpool Games which was part
of Eidos ltd which was specialized in mobile and casual games. They were independent mobile
phone games developer which consisted of three companies. Established in 2002 by Paul Gouge
and was popularized by Software creation developer. The company has developed many games.
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Due to financial problem the company has been shut down (Mosey, 2016). Company is focused
towards software development tools for meeting needs of London city.
Managed Growth Ventures: They are having more member than lifestyle ventures but less than
Aggressive ventures. Generally they include people like small coming entrepreneur and
established old business. For illustration, DN capital which is global early stage and growth
capital investors in digital media, mobile application, software, marketplace and e-commerce
companies. Nenad Marovac is the CEO and managing partner of the company. The company is
established in many countries and has more investors in market. The company was founded in
June 2000.
Aggressive Growth Ventures: they are the big established ventures like WALMART, TESCO
and related such big companies whose main motive is profit earning. Walmart is international
discount retail chain. Started in 1950 by Sam Walton who purchased a store from L. E. Harrison.
There they opened the shop and named it Walton's 5-10. They achieve higher sales by reducing
the price of product then their competitors. This has reduced the profit margin of their
competitors. The advantage was enough that they opened new store in Arkansas. Then Bob
Bogle the assistant of the company gave the name Wal- Mart. Then the company continued to
earn profit and established more companies with the same concepts. In 1980-2010 the company
expended its business to all over world. The 2002 Lee Scott become the president ad CEO of the
company (Schaper, 2016.). By 2009, the company is expanded to almost all the countries.
Moreover, the company uses ethical and hospitality to be their main ideas in order to have the
sustainability development.
P2 Explain the similarities and differences between entrepreneurial ventures
In terms of similarities and difference between the entrepreneurial are mentioned below:
Similarities among all the mentioned organization are the profit making concept and the process
of business expansion. Every entrepreneur ventures have to invest time and money in order to
generate profit. There is risk and problems arise during this period which needed to be resolved
by entrepreneur. The business expansion and management system is followed by all the ventures
and it is the necessary part of it (Obeng, Robson, and Haugh, 2014)
Differences among them are according to their number of employees as in survival
ventures are single oriented while other require group of people. The profit motive of all the
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organization are through different methods such as in survival the aim is to self sustain while in
lifestyle its income substitution and in managed and aggressive its making profit and growth of
the company. Only aggressive venture uses strategic way of management in order to grow which
is scale-able. The business development of survival is daily; lifestyle is monthly; managed is 2-3
years and more time is taken by aggressive which is about 3-6 years. For the development of the
firm the fund is received as follows
Survival, lifestyle and managed can be self financed, or can take loan from bank except
for survival as there business is very small so bank will not finance, family members, friends
while in case of aggressive the finance is provided by bank, stakeholder and private investors.
All this are the main difference between the above mentioned entrepreneurial ventures.
For Illustration: TESCO and Walmart are the big companies which are having large
number of employees, revenue and main motive is to earn profit while for the companies like
cake makers the main motive is survival and they are operated through family members.
P3 Assess the importance of business data and statistics to show how micro and small business
impact on the economy
Micro business is those businesses which have employees not more than 5-10 and have
turnover £1 million while small business have employees more than 10-50 in their organization.
The company is estimated to generate the turnover of £1 million to $20 million (Carsrud and
Cucculelli, 2014).
Micro and small business have greatly contributed to the economy of the country. It was
estimated that in the UK, SME have contributed more than the big organization. SME have
estimated to have 99% contribution to the economy of the UK. Also, this type of business has
made the decrease in the unemployment and immigration of the person moving to cities for the
job purpose. This has also contributed in the development of relation between other countries as
SME requires product from another country so business relationship is built. Moreover, the
business of the small companies has largely contributed to the company. SME also contributed in
the gross domestic income and other economic terms and have raised the country overall
economic development. In countries like Norway, Denmark, Finland the GVA value was
accounted to be 43% and had an employment ratio incremental with 34%. This ratio shows that
the country has had profit through SME.
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For Illustration: In UK, Companies like Vanarama's which is one of the best small
companies in UK. It comes on the 26th position in UK as recognized by The Sunday Times and is
considered to contributing to the country in effective ways.
P4 Describe the significance of small business and start up to the growth of social economy
The key significance role of SME in the social economy is that the country is having the
per capita income stable. Also, the economic growth has developed in the entire region, which
was initially in the cities. SME also contributed in the new product in the market and increased
the business growth of the company. SME has increased the employ-ability and had decreased
the movement of people in cities which come for the job related issues. The economic growth is
also developed due to tax received and other financial terms (Botha, and Bignotti 2016).
For Illustration: SME is estimated to contribute over £217 billion in to UK's economy by
2020 as per the study of Hampshire Trust Bank. In the research it was found that London has
been home to many SME. Companies like Vanarama's are greatly contributing to company
economy by providing employment and taxation to the country.
The public sector consist of owned and operated through government and exist to provide
services for their citizens. For example, the voluntary sector is public sector. In UK, UKAEA is
the company which is the public sector company is run by the UK government for producing the
nuclear fusion power. It was started inn year 1954, under UK's entire nuclear program. The plant
was established under the Atomic energy Authority Act 1954 and the first chairman of the
company was Sir Edwin Plowden who was supported by three more major division which
comprise Industrial group, research group and weapons group. The company uses proper
protection and complete safety in order to use the nuclear power plant (Carsrud and Cucculelli,
2014).
Another example of public sector is NHS (National Health Service) which has public
health services in UK. The organization was found after world war II. From that period of time
the organization is focusing on the health and social care in UK. There are more than 1.6 million
people with them and having £136.7 billion budget. The company was super-headed by Aneurin
Bevan. The organization is currently run under the Scottish Government, Welsh Government,
the Northern Ireland Executive, and the UK Government.
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The private sector are this organization which are run by individuals or by group of
people in order to generate and return the profit to the owner of company. For illustration: British
Columbia Teacher's Federation is the example of Trade Union in private sector. It's the labour
union which represents public school teachers in province of British Columbia, Canada. They
consist of 41000 teachers and was started in 2002 by British Columbia Public School Employers'
Association.
CONCLUSION
Above report provides complete description about entrepreneurship and Small Business
Management. Various entrepreneur ventures and typologies are discussed along with similarities
and differences between them. Through the report it was identified that SBM has much
contributed in the development of the country by providing job and growth in economy. Above
report mentions various traits and attributes in order to become successful entrepreneur which
differ from the business manager. For any entrepreneur to convert idea into SBM requires
motivation and mindset. Anyone can become entrepreneur there is no specific background
needed. Generalized view about background influence (positive and negative) of entrepreneur
are also reviewed. Through the above report reader can get more knowledge about
entrepreneurship and Small business management.
TASK 2 Enclosed in ppt
ASSIGNMENT 2 LO 3 and LO4
INTRODUCTION
Nature of an entrepreneur reflects its ability to take risks in their business to transform the
overall environment with positivity. This report focuses on identifying traits of various
entrepreneur that creates its unique identity from normal business managers. OCEAN is an
acronym used to shows the different personality flavours of an individual. Entrepreneurship
foster concept has explained in relation to the entrepreneurial experience. Motivation drivers and
key influences will be identified that may influence an entrepreneur in both positive or negative
way.
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TASK 1
P5 Determine the traits and attributes of successful entrepreneurs that differentiate from business
managers
Qualities of an entrepreneur are distinct as compared to normal individual as risks is
regarded as the basic element which an entrepreneur like to take in order to challenge its
capabilities (Calic and Mosakowski, 2016). An entrepreneur start its business own their own
pace uses, risks as one of the important measure to assess its capabilities as it can be said that
higher the risks taken by an entrepreneur higher will be its overall returns generated by them in a
particular financial year. The mindset of an entrepreneur is pre-set to face all kinds of
complexities as one who gives preferences to the risky path requires patience to handle the
difficulties otherwise the business of an individual easily gets shut down. There are various
characteristics of an entrepreneur that creates its unique identity in front of all the other business
managers who also runs its business just like an entrepreneur.
Illustration 1: Mentality of an
entrepreneur
Mentality- The mindset of an individual sets part its ways towards two different paths such as
normal business and entrepreneur (Calic and Mosakowski, 2016). A person who thinks about
taking a challenge with high level risk factor is regarded as an entrepreneur who adopts an
aggressive strategy and on the other hand an individual who just maintains its survival in the
market by avoiding risk factor in the external business factor are the business managers that uses
cautious strategy.
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Illustration 2: Determination of Entrepreneur
Determination- Aim of an entrepreneur is to grab the opportunities by analysing its external
environment as they emphasize on its aim which requires a clear determination that will not be
affected with the imposition of high levels of difficulties. On the contrary, business managers
focus on one aim, but when they find higher risks in it, they simply change their direction as they
can't afford to take higher risks at the sake of its business.
Versatility and adaptability: This is favourable position for the business people as they
confront each circumstance emerge in the association. They are energetic about work and
adaptable with their customers. They have faith in progress and give this inspiration to workers.
The adaptable nature enables them to limit the dangers and issues happening in the association.
They generally endeavour to fulfil their clients as they are the primary needs of the association.
Cash administration: Associations continually searching for win benefit and beat their rivals. A
decent business person uses the assets with his productivity that he can deal with the monetary
position of the association. He likewise deals with the assets and resources of the association to
deal with the cost of association under the financial plan.
Organizer: Business visionary dependably make arrangements for the association. They make
methodologies to deal with the constrained sources and endeavour to accomplish the business
objectives. They get ready for finishing the work on time and in spending plan. Arranging is a
weapon for a business person that h can utilize it to limit the dangers and constantly prepared for
any circumstance. An effective business visionary dependably makes arrangements for any work
he is doing and they have experts from which they deal with the capacity of association.
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P6 Assesses how aspects of entrepreneurial personality reflect its motivation and mindset
Illustration 3: Peronality traits
(Source : Personality traits, 2012)
Schumpeter has explained the personality factors and its influence on the motivation and
mindset of an entrepreneur. Various arguments provided by the author about the personality
traits of an entrepreneur in order to determine its impact on the motivation and mindset of an
individual. The author suggests that earning profits in the business is not a motivational factor as
an entrepreneur aims for improving its existing performance along with the accomplishment of
desired aims and the objectives within a given span of time. The mindset of an individual differs
from one person to another as one wants to take risks and other person don’t want to take risks
that differentiates its identity from each other. Taking risks motivate an entrepreneur in order to
generate a higher amount of sales and the revenue in the near future.
Basic pillar of the unique business of an entrepreneur is its realization of an idea that is
also acting like one of the motivating factors that enhances its existing skills and the capabilities
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in order to capture higher market share (Carraher, Welsh and Svilokos, 2016). Maximization of
profit motivates an entrepreneur, but this is not the only factor that inspires an entrepreneur
towards its business.
OCEAN is an acronym that reflects various shades of the personality of an entrepreneur that will
be considered in order to determine its behaviour is given as below:
 Openness- An entrepreneur is required to be open to the society members as this will
help in building good connections in the business community in order to strengthen their
business by getting external market support.
 Conscientiousness- This is highly concerned with the risks by measuring the degree of
risks taken by an entrepreneur that will reflect its overall performance by generating
higher returns.
 Extrovert- Extrovert nature of an entrepreneur is essential as good interaction and
communication skills of an individual will help in stealing the attention of important
users of the business by showcasing their skills.
 Agreeableness- Coordination is regarded as one of the important trait in order to accept
all their weakness to move ahead in the future and manage all their employees.
 Neuroticism- This shows the nervousness of an individual which tests the self
confidence of an individual on its own, which is essential for an entrepreneur in order to
maintain their existing skills and the capabilities lies in the external business
environment.
P7 Examine how background and experience can foster entrepreneurship with examples
Skills and the capabilities of an entrepreneur is regarded as the supporting material
provided by all entrepreneurs in order to foster the entrepreneurship community (Mosey, 2016).
It can be sad it acts like a teacher who uses special guides to teach their students in deep about
the subject. In the same manner, entrepreneurs have practical exposure, which are utilized by
them in order to enhance the existing knowledge of all the students aspire to become a successful
entrepreneur by studying different subjects in order to accomplish all their desired aims and
targets within a given span of time. Challenges faced by an entrepreneur are taken as parameters
that improves the existing business conditions.
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Business expertise and good business connections of an individual will enhance its
knowledge about a particular business sector helps in achieving all the targets in less period.
Services provided by an entrepreneur to all its customer’s quality gets increases when it utilizes
all the theoretical aspects of entrepreneurship along with its practical knowledge of the business.
Entrepreneurship foster example
Illustration 4: Entrepreneur foster-ship
(Source: Unicef UK with Barclays, 2017)
Owner of Barclay, London, UK is the head of global programs who supported young
futures in Zambia. The experience of an entrepreneur enhances the talent of young entrepreneur
by supporting them by boosting their idea to become a successful venture. The above programs
become successful with the partnership of this entity with other firms in Zambia in order to foster
entrepreneurship.
Entrepreneur Example
Laurence Graff is an entrepreneur that deals in diamond as he is recognized as the famous
English Jeweller that deals in supplying various diamonds to be included in the jewellery. The
owner is specialized in diamonds but they find it difficulty in the expansion of the current
business sector in another business stream as the current market share of an entity gets disturbed
with the diversification approach.
Interpersonal skill and Networking: it is important to bring the broad circle form the enter pruner
to make the effective goodwill of the firm. As the interpersonal skill in the in entrepreneur will
make the positive impact on the shareholders.
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Foster Entrepreneurship
Barclay company also supports young talent of an individual by offering guidance to all
the main partnership with the UNICEF as their common aim is to increase their skills and the
capabilities. Education will be provided to all the young people as their common motive is to
create their future by promoting the overall entrepreneurship stream by focuses on their strengths
by eliminating their weaknesses.
Illustration 5: Nesta organization
Nesta foundation in UK is another most important organization that offers educational
program to all the people in order to promote their existing talent by nurturing their skills and the
capabilities (Share lab fund, 2016). It provides counsel sessions to all the people who intends to
make their career in specific stream by providing personal training to all of them. Share lab fund
is one of the campaign of this foundation which provides assistance to all the start up in order to
meet the pioneers to understand the business deeply.
TASK 2
M3 Describe different lines of discussion in relation to entrepreneurial characteristics
An entrepreneur is that career which every an individual aim for but this requires inherent
skills in an individual in order to establish the business on its own. An individual is required to
take risks as without this there is no uniqueness among normal business manager and an
entrepreneur (Schaper ed., 2016). A person takes risks to increase its profitability by focusing on
risky aspects rather than trying normal paths. Dedication of an entrepreneur is another important
attribute that creates its identity among different individuals managing their business with the
normal attitude of setting up their business just to earn profit by an entrepreneur focuses on one
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target from start till end. The Desired aim of the firm is to grab the higher market share by
understanding all the needs and objectives. There are some trait which are necessary inn the
entrepreneurship to brings the effective decision for business .Systems administration capacities:
A fruitful business person dependably has companions, associates and experience to deal with
the system which is helpful for him.
M4 Analyses the relationship between entrepreneurial traits and its influence of personal
background to a specific entrepreneur
There is strong and positive relationship lies between the characteristics of an
entrepreneur and its positive benefits on its successful venture. An entrepreneur increases its
business by applying specialized skills in order to grab the attention of all the members towards
its business (Kuratko, 2016). The Expertise of an entrepreneur is used by a person in enhancing
its existing business conditions by covering all its weaknesses with the help of increasing
strengths and core competencies of the firm. The existing knowledge will be redefined by
satisfying all the needs and expectations of all the users attached to the current business. As the
entrepreneurial trait will help to make the better networking in terms of influencing people for
the business deal. It is not specific that each and every entrepreneurial need the effective
qualification for entrepreneurship. The right attitude and behaviour are the two traits that can
make the different image.
TASK 3
D3 Analyze attributes and motivational drivers of successful entrepreneur using examples
The Passion of an entrepreneur acts like a motivational driver that gives power to an
entrepreneur in order to face complexity lies in the external business environment (Storey ed.,
2016). The Passion of a person towards its business inspires them in order to take calculative
risks which future uncertainty will be determined in advance to safeguard its business to get
affected with the external market complexities imposed on an entity. Individual growth is
another factor that motivates an entrepreneur in order to take future difficulties as they know all
their skills will get increases with the passage of time.
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D4 critically evaluate positive or negative influence of background or experience on an
entrepreneur
The Experience of an individual always benefit others, but it depends on an individual on
the application of the experience in the right manner in order to accomplish all its aims and
targets within a given deadline provide by the external business environment (Kautonen Kibler
and Minniti, 2017). Successful entrepreneurs use its experience in the best possible manner in
order to accomplish all the objectives and goals framed by an entity owner in order to benefit all
other firms attached with the existing business firms. It can be said that business firm will apply
its special skills by eliminating its weaknesses by promoting all its skills and the capabilities.
CONCLUSION
It can be concluded from the above assignment personality traits will be helpful in order
to understand the mindset of an entrepreneur. Barclay's contributed enough in order to foster
entrepreneurship with its personal experience. Nesta is an organization that support young
entrepreneurs by recognizing their talent.
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