The Impact of Small Business on Nations

This assignment examines the significant impact of small businesses on national development. It highlights how small businesses contribute to economic growth, job creation, and fulfillment of daily needs. The text argues that fostering a thriving small business sector leads to positive changes in the country, benefiting both the economy and its people. The assignment includes references to academic books and journals exploring entrepreneurship, sustainable development, and the role of small businesses in economic progress.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................................2
TASK 1..........................................................................................................................................................3
P1Different types of entrepreneurial venture and typology...................................................................3
P2 Similarities and differences between entrepreneurial ventures.........................................................5
TASK 3..........................................................................................................................................................6
P3Impact of micro and small business on economy................................................................................6
P4Impact of brexit on economy and impact of small business on it........................................................7
TASK3...........................................................................................................................................................8
P5 Skills, traits and characteristics of two entrepreneurs which differentiate them from other business
managers.................................................................................................................................................8
P6 Entrepreneurial aspect reflect entrepreneurial motivation and mindset...........................................9
TASK 4 .......................................................................................................................................................10
P7Background and experiences which will hinder and foster entrepreneurs........................................10
CONCULSION.............................................................................................................................................11
INTRODUCTION
Entrepreneurship is regarded as an aspect which is been done by the entrepreneurs to
make the business establish. Entrepreneurs possess risk taking characteristics which assist them

in making their business successful. They are people who are responsible for the starting to the
end of the business, they are risk barriers they make the plans to make the enterprise. ABC
company is an consultant company which use to consult the entrepreneurs to take the proper
decision will establishing the enterprise, and provide them help by providing the proper
information they require. in the below report it is been made that entrepreneurs should be more
motivated will they are trying to establish the business should focus on the objectives which they
that made, they should be well planned and they should be more concentrated on their
objectives(Drucker., 2014). There are many types of business but the small business should be
established more to increase the economy of the country.
TASK 1
P1Different types of entrepreneurial venture and typology
There are many types of entrepreneurial venture, entrepreneur is an person who takes risk
to make their business on high. they make many efforts to make their business grow. there are
four types of entrepreneurial ventures:-
 Small entrepreneurial:- it is that business type in which the small scale business is been
done, in this the small business is been opened to earn for their daily routine. these type
of business is been done by the people who need the money to fulfill their requirements
on the daily bases and this business is mostly done in the small areas or next to the door
steps of the people. they need to make themselves or their families requirements so they
use to make these types of the business these are the businesses which are electrician,
shops, plumbers, etc. they do work to fulfill their daily bases requirements(Kirzner.,
2015).
 Large entrepreneur business:- these are the business which are established in an long
bases. and it is been made to get success in business world and to earn lots of profits and
to provide the people products and the services for the long time and to attract them so
that they can be able to make lot of profit and it can be able to survive for the long time,
and they are providing the people quality of products and the services, so the people
specially the high level people to maintain their business value. there are those

entrepreneur who wants to make their business run for the long time and they can be able
to earn lots of profit.
 Scalable entrepreneurial:- in this the entrepreneur wants to become more popular as
they arrive in the market. Hence, they focus on making their business attractive in the
marketplace. These are the people on which the investors also want to invest the
investors also are crazy for them they invest without asking to them they come to the
entrepreneur by their own, they provides the products and services which are unique and
the customers also has interest in buying these type of ventures make the customers more
attractive to them as they enters they do not need much time to influence the customers.
 Social entrepreneurial:- In this they use to make the products and services which can be
able to provide help to the social issues or they can be able to serve as social people, they
focus on the social issues and make the products and services according to it, there target
market is the society(Herrington Kew., Kew and Monitor.,2010).
Typology of entrepreneurial
 Determined entrepreneur:- These entrepreneurs are those so do not think to copy
anything or anyone they believe in doing their work according to themselves and their
ideas, they can do everything which has to been done in making the business successful,
and to make their growth well. it is hard to start business and to make it successful but
they thinks to make it possible at any cost and they try their best to make it true, and they
only think that to be successful they have to change their mindset. They only need is the
determination.
 Accomplished entrepreneur:- these entrepreneurs are those which made many efforts
and overcame many problems to establish business and make it successful. Now they
need to be scale there business so that it can leave the legacy which then extend beyond
their lifetime. they know and they had been figured out the things that hoe to make the
customers and how to be connected with them, they know the importance of the time so
they make the proper use of the time and use to manage their time and make their work
done on time, and so that they see time as their one of the valuable resources(Barringer.,
2012).

 Skeptical entrepreneurs:- these are from those which use to questions to the others,
these entrepreneur sees the success of the others and use to question them, they think that
the other has anything which may be lucky for them, they believe that success comes
from having the anything luck or anything else which made the other entrepreneur get
success, so there are so that type which waits for the stars to come on the earth. success
does not come from anything it just need more efforts to make and to make ideas and do
lots of hard work.
 Copycat entrepreneurs:- these entrepreneurs use to copy the others they do not have
their own ideas to make their business run they usually use to copy the other enterprise
and make the products as the others use to make, they do the same thing which the others
do like they produce the same products or the websites like the others or the business
cards etc. Hence, they have resemblance to another organization which they follow.
 Research entrepreneur: They are the people who like to learn and do their works after
making the research they like to do many researches and they use to study as much as
they can be and make the ideas or do proceed further after doing these things.
P2 Similarities and differences between entrepreneurial ventures
Different types of ventures Similarities Differences
Small and social
entrepreneurial ventures
Both of them work in a small
area. This is established by
the entrepreneurs for their
families and the peoples, they
earns for the daily bases
activities(Welter
., 2011).
The two entrepreneurial
ventures are different as the
conditions in which they
work are also different. small
ventures are manufacture
things that are of daily
purpose.
Large and scalable
entrepreneurial
These both works in an long
range they both wants to be
popular among the people
and the people should know
them as much as possible.
they
Large entrepreneurial focus
only to make their business
run for the long time and they
aim at long term success. In
scalable, the aim of the
entrepreneurs is to be popular
in the marketplace. They
intend to produce products
and services which are
unique. After becoming

popular, they try to introduce
innovation in their products.
TASK 3
P3Impact of micro and small business on economy
Small business is very beneficial for the economy, if the country wants to make their
economy grow then there should be many small and micro business to be established. if the
government of the country wants to grow their economy well then they should motivate the
entrepreneurs to establish the small enterprises and the government also take the steps further to
make the small enterprises it can be very helpful to the people who don't have employment and
to the people living over their they can get many things available in their country only they will
need to go outer countries or to import things from other places (Jones., Coviello and Tang.,
2011). if the people are trying to open the small enterprise then the government should also
provide them helps in many ways so that they can make the enterprise grow they should provide
the entrepreneurs the facilities and should help financially, or any other things which can be very
helpful to them, entrepreneurs has to then work hard to make it establish well so that they can be
able to contribute to the country's economy they should make the proper plans and should learn
from the other entrepreneurs which had become very successful so that they can get motivations
from them and can be able to work hard.
small business is able to contribute to make the economy better but if the people take the
small business seriously then they can be able to do that better and faster if there are many small
business in the area then there will be many varieties of the products will be there so the people
have the varieties of options so they do not have to go to the other places and the money of the
country will be in their country only and the requirement of the peoples will also be fulfilled. so
it is good to have the small business all over the places so that there can be many different things
can come in the markets so that people will have many options to buy and these business will
help the economy to become better than before . so if the government will make any schemes
for the entrepreneurs and motivate them to make the small business then there will be many
chances to increase the economy and to make the people get more to do and they do not need to

go in other places for the work or to purchase to products they will then get in their own country
so that their money will not go into the other countries(Hall., Daneke and Lenox., 2010). the small and micro
business will make impact on the economy.
P4Impact of brexit on economy and impact of small business on it
Brexit is British's exit from European country so it is been called brexit, it is been
occurred due to some problems in between the two countries before this problem had been come
the both countries use to do businesses together and they use to trade in and out all was going
well but because of some issues they both had been separated so after that they both transferred
their companies and all from the places and because of this the economy had been effected very
much, so now they have to make the economy better like before and for that they have to work
very much hard. small business can be able to make the changes in the economy and they are
been trying to do so but they don't have that much of scope and they do not get help as much
they needed so that all things creates problem is establishing of the small enterprises, so if they
will get proper help from the government and the people of that country then they can do many
things and can get success, they only need to get the support and motivation so that they can do
better(Schaltegger, and Wagner., 2011).
Small enterprise is not having the much more capabilities like the other business but it
has the capacity do best from the others and can make the economy better if it will get better
support and help and the good motivations, if it will get all these required things then it has to
capability to change the world if the small business will extent in numbers then they can do
better and they can be able to produce and supply the varieties of products and they can be able
to provide the better services to the customers, that will make the customers also satisfy and they
will not go to the other countries and the customers will attract most if they will provide good
qualities products then the people from outside will also be attracted to their products, and the
people over there who does not have the job or any work then they can be able to do works over
there and those who are working outside they will get the best opportunity to do work in their
own country so that will make their country become popular and they can be able to increase
their economy. so it is better to have the small business in the country to increase the economical
level, so it is necessary to motivate the people to open the small business and providing them the

helps and the things available to them which they require to fulfill to make the business grow or
to start if the business will be started in bulk then they will make many profits.
TASK3
P5 Skills, traits and characteristics of two entrepreneurs which differentiate them from other
business managers.
In general, there are a number of similarities between both entrepreneurs and managers
as both are individual players in the market but the difference make entrepreneur a unique
personality is the innovative factor and risk taking nature. Entrepreneurs are very creative and
they are high risk taker. They only believe in effective results of the performance and input
given by them.
Bill Gates and Mark Zuckerberg are two of the most famous entrepreneurs. These people
have inspired others with their work and leadership style. This inspiration has encouraged a
number of people to pursue their entrepreneurial skills and follow them. They brought unique
innovation at the marketplace which became the reason for their success (Hockerts and
Wüstenhagen, 2010). Given below are the characteristics and traits because of which these
people became different business managers:
Passionate
Being passionate about work is the first skill that was possessed by Mark Zuckerberg and Bill
Gates. They could be differentiated from others because they were passionate about their work
and undertook every task with dedication and concentration. For example, since childhood, Mark
Zuckerberg was interested in technology. He did not take rest until he achieved what he aimed to
do. These traits were responsible for making Mark Zuckerberg different from other entrepreneurs
of the world which could easily be seen in the form of his successful business. Similarly, another
famous person was Bill Gates. He has demonstrated extreme passion regarding his work. He
worked for nights to achieve his ambitions. The level of dedication differentiated Bill Gates from
other entrepreneurs (Agarwal, Audretsch and Sarkar, 2010).
Motivated

This is the second characteristic that made both the personalities different from other
entrepreneurs. Both of them have always been self- motivated. They did not feel the need of
others counselling them. Self- motivation was inbuilt in them. This made them do the work with
full efforts and dedication. As a result of this, they took their business to great heights.
Grounded
The chosen entrepreneurs were grounded which made them different from others.
These are the entrepreneurs who are great personalities still they never show off their
achievements because they are very down to earth. They do every small to big task as their
needs. They never felt biased for anything. The task whatever was given to them to do was like
the ultimatum for them they fulfill it on time.
P6 Entrepreneurial aspect reflect entrepreneurial motivation and mindset.
There is two entrepreneurs, one is Jeff Bezos founder of Amazon and second one is Mark
Zuckerberg founder of facebook. The things which motivated them to being an entrepreneur are
following :-
Believe in yourself :-
They both are the most popular entrepreneurs and the qualities and motivations which
made them a good entrepreneur is believe in yourself and forget the things what people said and
what they will think because people judges everyone and gives their suggestions to others so
ignore their conversations and move towards to the goal. No one with you in your bad condition
but everyone with you in your good condition so believe in yourself and do what the mind
thinks.
Think there is no tomorrow :-
An entrepreneur has to think that everything is today nothing will happen in tomorrow.
Many peoples are existed with their best idea but everyone has fear to lose everything and they
are not move towards their goal or idea only because of fear. A person who want to being an
entrepreneur is to develop the quality of bearing risk because no one can achieve anything
without taking risk. If anyone can get an idea than take action against the idea and think different

which are not existing in the world. Dream will not convert into reality unless take rapidly action
on it.
Do something different :-
Always think different and do different, move towards the opportunities which will make
the future. No one can like the idea which already existed in the world everyone wants
something new. This is the world of technology where everyday comes with new challenge and
new invention so an entrepreneur has to penetrate the market to himself through using new ideas
and innovations. Take action towards their idea and switch towards the new world because a new
idea can change the life of everyone. Spot the opportunity before anyone else.
Respect yourself and play to win :-
Mark zuckerberg and Jeff Bezos are the persons with a new mind they said that always
respect yourself and give respect to your idea. Always play to win because if a person play to
win than they give their best and maximum to the work and it will be profitable for them. If an
entrepreneur respect their work than the work will respect them. If any opportunity penetrate
anyone then they have to take risk and go for it.
TASK 4
P7Background and experiences which will hinder and foster entrepreneur
There are three types of factors are affecting entrepreneur – Economical factor which
plays a main role in start up of any business. availability of capital makes any situation so easy.
because when an entrepreneur start any business he buy a lot of things like machines and another
raw materials for the production unit. workers also influence an entrepreneur when business
starts .developed countries has rich labor so the need of capital must be essential. Raw materials
are necessary for the productivity of products. it is basic requirement of productivity because raw
materials are the ingredients for production. the role and importance of market for an
entrepreneur is very important. market size influence the market that how much market big is.
Because big markets have many opportunities for entrepreneurs to run their business.
Infrastructure also affect an entrepreneurship because it should have all the communication
qualities and transportation facilities.
Social factor- many social aspect based business are running on the basis of their caste.
caste based business does not allow any individual to move from one market to an another. Some

time family background does not allow any person to starts his business. It would be big
advantage for those entrepreneur whose families have their working background according to
expectations of entrepreneur who wants to set up his business. attitude of society comes when
entrepreneur puts his legs on market. Attitudes of neighbors affect an entrepreneur it can be
positive or negative. there are some psychological factors also which affects entrepreneur.
Because need of motivations and achievements who does not want after hard work. withdrawal
of status and respect an entrepreneur expects more respect from competitors. so above these are
some factors which affect when an entrepreneur run business.
CONCULSION
It is been analysis from the above report that the entrepreneur should have the good skills
and knowledge to make the business started they should know each and everything and take
knowledge from the others and they should have qualities do make their work good and
effective, they should be risk taker and they to make proper plans and has to stay on an one plan
so that no problems will occur in their business they have the capability to take the risk. economy
of any country is important it will helps in growth of the country, so to make the economy
increase opening small business all around is necessary it will make the economy grow more
than before and with that it will make many difference in country like it will provide jobs to
those who has need of it and they can be able to earn money so that they can be able to fulfill
their requirements specially the daily bases requirements. so having the small business in the
country can make many such changes which will be able to make the country good and the
people will get satisfaction which is most important.
REFERENCES
Books and journals
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago press.
Herrington, M., Kew, J., Kew, P and Monitor, G.E., 2010. Tracking entrepreneurship in South
Africa: a GEM perspective. Graduate School of Business. University of Cape Town.
Barringer, B., 2012. Entrepreneurship: Successfully Launching New Ventures.(2012).

Welter, F., 2011. Contextualizing entrepreneurship—conceptual challenges and ways
forward. Entrepreneurship Theory and Practice. 35(1). pp.165-184.
Jones, M.V., Coviello, N and Tang, Y.K., 2011. International entrepreneurship research (1989–
2009): a domain ontology and thematic analysis. Journal of business venturing. 26(6). pp.632-
659.
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
Schaltegger, S and Wagner, M., 2011. Sustainable entrepreneurship and sustainability
innovation: categories and interactions. Business strategy and the environment. 20(4). pp.222-
237..
Hockerts, K and Wüstenhagen, R., 2010. Greening Goliaths versus emerging Davids—
Theorizing about the role of incumbents and new entrants in sustainable
entrepreneurship. Journal of Business Venturing. 25(5). pp.481-492.
Agarwal, R., Audretsch, D and Sarkar, M.B., 2010. Knowledge spillovers and strategic
entrepreneurship. Strategic Entrepreneurship Journal. 4(4). pp.271-283.
Von Graevenitz, G., Harhoff, D and Weber, R., 2010. The effects of entrepreneurship
education. Journal of Economic Behavior & Organization. 76(1). pp.90-112.
Online
entrepreneurship. 2017. [online]. Available through.
<http://www.businessdictionary.com/definition/entrepreneurship.html>.[Accessed on 14th
April2017].