Entrepreneurship and Small Business Success

This assignment delves into the crucial aspects of entrepreneurship and small business success. It examines various factors influencing entrepreneurial ventures, such as human capital formation, innovation, social media marketing, environmental engagement, and institutional perspectives. The assignment analyzes existing research to highlight key characteristics of successful entrepreneurs and explores challenges faced by small businesses in different economic contexts.

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1 ...........................................................................................................................................3
P1. Different types of entrepreneurial ventures......................................................................3
P2 Similarities and differences between the different type of venture...................................4
P3 Present, interpret and assess the impact micro and small business have on the economy5
P4.The importance that small businesses and business start-ups on the growth of the social
economy.................................................................................................................................6
TASK 2 .........................................................................................................................................7
P5. Determine what makes a successful entrepreneur............................................................7
P6 How aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mindset...................................................................................................................................9
P7. How a person’s background and past experiences can hinder or foster entrepreneurship 9
CONCLUSION..............................................................................................................................10
...............................................................10
..........................................................................................................................................10
REFERENCES .............................................................................................................................11

INTRODUCTION
Entrepreneurship refers to the person who has the capability of managing business along
with risks to make the profits. The entrepreneurship is refer to starting new business having the
new concept to serve the customers. Entrepreneurship having the quality and ability to
innovation and risk taking to get the success. The main focus on the entrepreneurship is on
innovation, Sustainability growth and profitability (Schaper and et. al., 2014). Small business
refers to the enterprises those have small capital to start there business. The main focus of the
small business to year to profit, increase the sales and growth.
In this report different type of entrepreneurship ventures has been explained. The report
as the small, medium, large enterprise and mention the different type of ventures their roles,
features and objectives are discuss in this report. The report discuss about the impact of the small
scale enterprise on the economy. What are factors which make entrepreneurship successful. How
the personality has been develop to being entrepreneur. In this report it is mention traits which
entrepreneur has and what are the risk and reward are there to been a entrepreneur.
TASK 1
P1. Different types of entrepreneurial ventures
Every entrepreneurship is different from others. Their skills, innovations are unique in
their own manner (Bridge and O'Neill, 2012). Entrepreneurship is define as the procedure to
create something unique, Innovative to start a business. The main motive to start the new venture
is to serve the customer in unique way and earn the profits. The best opportunities they have they
can fulfil the needs of the consumers by launching the new products which is not there in the
market. Basically there are four types of Entrepreneurship ventures which are given below. Small business entrepreneurship: These are the ventures which started with small scale
and have the less capital to go for big business. The ventures are non government
workers. These kind of entrepreneurship open the new small businesses such as grocery
store, hairdressers, travel agents, carpenters, plumbers etc. they are the owners of the
company and as employment they can employ their friends and family members. These
kind of entrepreneur having the main aim of earn the profits and feed their family. The
capital is funded by the friends and family.

 Scalable start-up entrepreneurship: This kind of venture knows that their vision and
business can bring the change in the world. Financial investors are attracted to give the
fund to these kind of ventures (Gorgievski, Ascalon and Stephan, 2011). The employees
they hire are more unique and high skilled. There aim is to find the scalable business
model and after finding that they focus of on expansion of that business. With the
expanding of the business these small percentage of entrepreneurship can face the risk of
the outer environment. Large company entrepreneurship: These kind of companies has the limited life cycle.
They get the growth by the bringing new innovation, new product, and by make changes
in features of the core product. Customer taste, preferences, new technology, new laws
can impact on the business operations. So companies need to make regular changes in
the products and technology to sustain in the market.
 Social entrepreneurship:Social entrepreneur are those who focus on creating the goods
and services according to the customers needs. These kind of ventures took place to solve
the problems of the customers. Their main aim to make the world better place on to gain
the high market share. These ventures are non profits, for profits and hybrids. There aim
is serve the customer not to generate the wealth for the founders.
Various type of entrepreneurship is related with the typology of the entrepreneurship.
Typology is used to understand the nature of different type of entrepreneurship and their subject.
The local entrepreneur is focus on the local market and aim to earn the more profit, long term
growth and large marker share. While global firms focus on expanding the market. Typology
help to identify the competence required for various kind of profession.
P2 Similarities and differences between the different type of venture
All the types of entrepreneurship are different from each other. They the difference of
their business nature, size, capital required, market share, profits and others (Carraher and
Paridon, 2015). But all though they have the some similarities for which they are working. The
main similarities among these ventures are they want to operate the business for the long term.
All the ventures need to create the innovation to sustain in the market. Scalable and globe
ventures both are focused on invention to sustain in the market for the longer run.
With the similarities they have the many dissimilarities also social enterprise focus to do
the welfare of the people not for the earning profits and increase the wealth of the founders. But

on the other hand global and large companies are mainly focus on the earning profits, increase
the market shares, satisfy the customers. The global companies work for the international levels.
While small scale companies operate only in the local areas of the countries (Fassin, Van
Rossem and Buelens, 2011). Social ventures is aim to produce the goods and services with fulfil
the customers needs. This can help the society to solve their problems and leads to growth of the
economy. Social and small venture use the traditional approach but on the other hands the global
use the modern technology because they having the large funds to operate the business. The aim
of scalable venture is to bring something new for the economy. The employees hired by the
scalable start up ventures are more creative and high skilled. But the employees of the small
scale business venture are from their family members and friends. The capital in small business
ventures are very less comparative to the global organisation.
P3 Present, interpret and assess the impact micro and small business have on the economy
The small business refers to the producing the good and services and sell in the market
areas. The small and micro help to grow the economy of the UK. The small and micro
enterprises have the long and short impact on the UK economy. These enterprises increase the
employment and give the people chance to for the working. These organisation need the
investment to carry out it business operation effectively. The funds are arise by the these small
business units by the initial public offering (Islam and et. al, 2011). These firms contributing the
employment for 5the growth of UK economy. The capital which is required by the firms is not
very high amount. The enterprise also create the innovative ideas, views, technologies to updated
its process and serve the customers in effective manner within quick time. The enterprise make
continuous changes in their existing product and provide the new features products to its
customers. There is more scope of growing these enterprise because of having the creative ideas,
government support and less risk compare to the large organisation.
Job creation: This is biggest contribution made by these small and micro companies
toward its economy. These organisation provides the goods and services to the customers and
develop the economy by fulfilling the needs and increase the standard of living of the people
living in UK. According to the Hamburg the the job creation in small and micro enterprises is
higher than the larger firms. By this employment level the education of society also improve
which enhance the ability, skills of the people.

Employment practices: By these the small and micro firms creating the employment
from the local community of the country. This bring the job opportunities in the countries. There
are many benefits from employment practices. These benefits are given below.
 The employees get the security of the job and it also gives the advantage to the company
by reducing the frictional of the unemployment.
 The companies gives the traini9ng to its employees so that employees skills get
improves and also increase the efficiency of doing work.
Revenue generation: Small enterprise also generate the revenues for the government in
terms of tax (Sampaio, Thomas and Font,2012). There are different sectors such as retail,
hospitality, information technology sector which gives the large amount of tax to the
government. The enterprise also export the products to the other countries which can help to
growth the economy.
P4.The importance that small businesses and business start-ups on the growth of the social
economy
Small enterprises are very important part of the economy. As they not generating the
profits like large enterprises but still they are major components of the economy. Small business
and new start ups brings the employment opportunities in the economy. Following are
importance of small enterprise and start-ups in the growth of the economy. Economic growth: Small business contribute to the economy by bringing the new
technology, innovation to the community (Carland, Carland and Stewart, 2015). It also
contribute the economy by giving the employment to those people who are not employed
by the large organisation. Start ups tends to attract the new people to produce the new
product and provide the unique services to the customers. As small business impart to
the large organisation. Because large enterprises depends on the small business in one or
another way.
 Future growth: Small business are not gone to remain the small. Some of the enterprise
who started as the small enterprise but become the large player of the market example
Nike. So there is scope for the small companies to become the large organisation by their
different idea to serve the customers.
The small business and start ups has the the positive impact on the economy. That is why
the UK government start supporting the small enterprise and start-ups to grow the economy. The

importance of small and new start-ups will mainly contribute the economy in the following
ways. Income: The small enterprise and start ups contributing to increase the income of the
people. This can leads to increase the buying power of the people and purchasing power
tends to improve the living standard of the society (Blackburn, Hart and Wainwright,
2013). Income factor also brings the education in the economy and by this it has the great
impact on the individual living in that particular country. Employment: After the separation of EU there are many enterprises which are highly
affected. Small and start up enterprise brings the employment opportunities and this leads
to brings the development and growth in the economy. By establishing the small
enterprise and start ups the number of employment increases in UK. Innovations: These small enterprises brings the innovation and new techniques for
serving the customers as well as expanding its businesses. By bringing the innovative
ideas the these enterprises can earn the more profits. These innovative ideas can solve the
society problems. Potential for expansion: Small enterprises providing the wide range of products and
services. The aim of the small organisation and start ups is grow their business and gain
more customers (Luiz, 2011). For this growth they develop different types of goods and
services to serve its customers. These enterprises also understand the customers needs
and provide the products accordingly. Many companies take the support of the small
enterprises to reduce its cost and maintain the quality.
 Reduce the dependability: These new start ups and small enterprise reduce the
dependability of economy on other region. The economy is able to produce the products
effectively and they need take support from the other region of the country.
TASK 2
P5. Determine what makes a successful entrepreneur
The entrepreneur is the person how create the new idea, innovation to start a new
business. The entrepreneur has the certain skills, ability and qualities to become successful
entrepreneur. Their idea and thoughts can bring the change in the world. There are many
successful entrepreneur in the world for example Mark Zuckerberg, Bill Gates etc. they bring the

revolutionary changes information technology sector. Mark Zuckerberg is the founder of the
Facebook which is largest social networking site in the world and after few year it also invented
another social networking site named Instagram (Carland and Carland, 2015). The founder
overtake the most famous messengers company whatsapp. Another one is Bill Gates who is the
founder of Microsoft which is most leading software company in the world. These entrepreneurs
have the certain traits, skills , abilities because of that they make very successful. Following are
the traits, skills and ability required to become a successful entrepreneur. Passion and motivation: The entrepreneur should have the passion to achieve the
objectives which he/she formulated over the period of time. The entrepreneur should be
motivated to implement the ideas into a venture. Risk taking: Risk taking is another trait of the entrepreneur. They should risk taking to
face the future uncertainty. The entrepreneur not taking the risk for the money and time
but also manage and plan all the resources which are gone to use in the future
circumstances. Hard working and self belief: The entrepreneur are hard working they do ever task with
all their sincerity and dedication. Entrepreneur are very disciplined they believe in doing
the right work at the right time.
 Adaptability and flexibility: The entrepreneur are flexible in nature. They are capable to
adopt the new technology new methods of doing work and they flexible enough to handle
the future uncertainty. Market needs are dynamic they are keep changing with the time.
Entrepreneur has the ability to accept all those changes and customize the services
according to the customers needs.
There are many entrepreneurs arises everyday some of them gets the huge success and
some of them became the bankrupt (Ratten, 2011). By this many are thinking whether the
entrepreneurs are born or the develop the skills over the period of time. Entrepreneurs not
naturally born. But they develop their skills over the period of time. Its the qualities which make
entrepreneur successful. They got this qualities by the education and experiences. They have
qualities of being flexible, risk taker, discipline, hard working, future forecasting, passion,
energy, good communication, good listener, innovative and have the experience in domain
industry. So they should have all these qualities to become the entrepreneur. Several years ago

there is not computer software bill gates take that opportunity can develop the computer software
named Microsoft. So they get the success by applying their skills in the proper manner.
P6 How aspects of the entrepreneurial personality reflect entrepreneurial motivation and mindset
Entrepreneur do not only create the ideas. But to implement that idea they enhance the
capability (Nakara, Benmoussa and Jaouen, 2012). Every one can have the idea but only few has
the ability to realize that idea. Both motivation structure as well as the personality traits are
important to understand the mindset of the entrepreneur. It is studied that the person who are
having high openness, extraversion they have the more emotional stability. Entrepreneur is
different from the manger as their traits and qualities differ from each other. There are many
entrepreneur those family members are into this field but still they come with the new idea and
get the success.
The entrepreneur has the positive attitude and behaviour which takes them forward.
Personality development helps the entrepreneur to improve its skills. The personality helps in
following ways.
 It helps to reduce the stress inside the entrepreneurs mind.
 It encourage the positive attitude, punctuality, learning ability, flexibility.
 It helps to increase the self confidence.
 It helps to improve the creditability and encourage to build the better market image.
A person background and experience affects the skills and traits of entrepreneur. The
person of different families has the difference in their traits and beliefs (Lautenschläger and
Haase, 2011). Entrepreneur get the support from the family can they can learn to control the
organisation. They should express about their idea so that it can be implemented at real scenario.
Entrepreneur is affected by his personality, his previous experiences, family background etc.
P7. How a person’s background and past experiences can hinder or foster entrepreneurship
The entrepreneur has the influence of his/her background and experiences. For example
is the person is worked with the retail coming before his has the experiences and the knowledge
of handling the retail operations and that same experience he can imply on the his/her business.
The previous experience can enhance that how he can develop his/her own business(Martin,
McNally and Kay., 2013). The person learn about the potential markets and customers
exceptions by his experiences. Which gives him advantage to use the information in his business.
The back ground also play a very important roles is the person is belonging from the

entrepreneur family he can create his/her own traits of the business. The person has the high
experience can perform well in the changing environment. The education of the entrepreneur
gives the more advantage to start a new business as the person is having the concept knowledge
(Welter and Smallbone, 2011). The size of the family, Type of the family and economic status of
the family can influence the entrepreneurship. The person belongs to political families get the
access of the power and if the person is belonging from the joint family he has the access of the
family property. Education is best way to develop the resources if the entrepreneur is having the
specified education than he can deal with the different dimensions of the business (Onetti and
et.al, 2012).
The entrepreneur exercise his/her talents if he is having the education. The person have
the , good family background, education this all can add the plus point to the entrepreneur to start
it business (Carsrud and Brännback, 2011). There are many entrepreneur those how have less
education. They are not from the business family background but still they are most successful
entrepreneur at the present time.
CONCLUSION
Entrepreneur activities are increasing in UK now a days. May individual are opening
their new business with different ideas and technologies. The rising in the small business and
start ups lead to increase in the people income and increase in the employment level of the
organisation. Today the word needed more entrepreneur to boost it economy. This can improve
the poverty in the country. The entrepreneur is influence by its personality and traits. The
entrepreneur are not naturally born. They develop the skills, knowledge and ability during the
period of time. The entrepreneur is affected by experience and family background. If he is
having experience it can be imply on his/her own business.

REFERENCES
Books and journals
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Online
How Important Are Small Businesses to Local Economies?. 2017. [Online]. Available
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5251.html>. [Accessed on 19th May 2017].
25 Common Characteristics of Successful Entrepreneurs. 2017. [Online]. Available
Through:<https://www.entrepreneur.com/article/200730>. [Accessed on 19th May
2017].