Entrepreneurship and Small Business Management

The provided document appears to be an assignment on entrepreneurship, specifically focusing on small business management. It seems to require students to discuss various topics related to entrepreneurship, such as effective communication, passion, confident risk-taking, and their impact on achieving success in small businesses. The assignment also mentions several references from books and journals, which suggests that it is a academic or educational context. The goal of the assignment might be to assess students' understanding of entrepreneurship principles and their application in real-world scenarios.

ENTREPRENERSHIP

Table of Contents
INTRODUCTION......................................................................................................................3
TASK 1......................................................................................................................................3
P1 Different types of entrepreneurial....................................................................................3
ventures.................................................................................................................................3
P2 Similarities and differences .............................................................................................4
between entrepreneurial ventures..........................................................................................4
TASK 2......................................................................................................................................7
P3 how micro and small businesses impact on .....................................................................7
the economy...........................................................................................................................7
P4 small businesses and.........................................................................................................8
business start–ups will contribute to the ..............................................................................8
growth of the social economy................................................................................................8
TASK 3......................................................................................................................................9
P5 characteristics, traits and skills.........................................................................................9
of successful entrepreneur....................................................................................................9
P6 Aspects of the entrepreneurial personality reflect entrepreneurial motivation and mind-
set.........................................................................................................................................11
TASK4.....................................................................................................................................12
P7 Backgrounds and experiences can hinder entrepreneurship...........................................12
CONCLUSION........................................................................................................................13
REFERENCES.........................................................................................................................14

INTRODUCTION
Entrepreneur is that person who used personal skill such as creative ideas and
innovation to accomplish the target. Business person and their different skills produce the
best product and service to the customers. The present report explains the different types of
entrepreneur ventures and also describes the difference and similarities between the different
enterprise. This report also explains the impact of small and mini business on the economy of
UK. This report tells the role of small business in development of social society. Moreover,
report also explains the different characteristics, traits and skills of successful business
person. Effective communication skill, passion, creative etc. some skills will describe in this
report. At the end report tells the roles of background and family support in the motivation of
employees.
TASK 1
P1 Different types of entrepreneurial ventures
Entrepreneurship is the process of design, launching and maintain creativity at
workplace. Through the creativity skill and other knowledge business person are able to
accomplish effective result. Through the innovation entrepreneur is able to provide positive
result in the business. Further more, entrepreneurship is opportunities which help to launch
new products and services. Different types of entrepreneurial ventures are as following
 Small business entrepreneurs- in this context, business is owned and run by local
people. This type of business does not need high modified architecture and structures.
Some example of small business are carpenters, plumbers, electricians, travel agents
etc. small business person can not provide the scale to attract labours, They start their
business with the help of friends and families. The small entrepreneur select local
people as employees(Drucker, 2014). The main aim or this types of entrepreneurship
is enhancing profits and revenue at workplace through present various activities.
 Large company entrepreneurship- this type of entrepreneurship focuses mainly on
new technology and new products. They attract the customers through the new
technologies and different products. This type of business needs highly modified
architecture and business structures. In this context, business person recruit the hire
qualified and skilled employees to improve their business and profits. Cited

entrepreneurial provide the products according to customer's need and interest.
Moreover, this type of business person focuses on the competition in the market. They
try to bring new opportunities at their workplace.
 Social entrepreneurship- this type of entrepreneurial provides products and services
that solve social needs and problems. They help poor people to increase their living
standard. They work through examining the requirements of society which develops
profitability at workplace.
 Scalable start up entrepreneurship- this type of entrepreneurship focuses on the
motivation of employees. In this context, goals and target of business are
accomplished through the skilled employees. Therefore, the company can easily make
profits and can enhance the performance of employees at workplace. Start up
company is important entrepreneurial venture which emerged in new and fast growing
business. The main aim of emerged is to meet the goals and targets in effective
manner. In this way the main aim of start-up is to developing and offering innovative
products and services within the market.
1. Serial entrepreneur: this type of entrepreneur comes with innovative ideas they start
and lead the one business after another. After some time they give the responsibilities
to someone else and move on to a new venture.
2. Female entrepreneur: in this context, global entrepreneurs are determines their
creativity and skills to improve the brand image of particular country. The Best
example of this entrepreneur is Gisele Bundchen who is working for natural skincare
entrepreneur(Kirzner, 2015).
3. Lifestyle entrepreneur: lifestyle business usually allows flexibility in business person's
schedule and location. This type of business person enjoy their work and have passion
for what they are doing(Mason and Brown, 2014).
P2 Similarities and differences between entrepreneurial ventures.
Following elements are included in different entrepreneurial ventures in order to find
differences and similarities
Size and structure: small size business needs to provide the products according to
customer's needs. This type of business does not need to focus on the size and structure. On

the other hand large business needs to focus on the size and structure of business(Schaper,
Volery and et.al., 2014). But size and structure are not major Factor because all business start
with small size after some time they convert into big business.
Aims and objectives- different entrepreneur have different aims and objectives.
Therefore, there are difference and desirabilities in terms of maintain the product's quality
and services.
Similarities and difference among the business are as following-
similarities in life style businesses and Serial entrepreneurs ventures similarities
Life style entrepreneurship need human
resource management to hire the best and
skilled employees who helps in the success of
business.
Serial entrepreneurs also focus on their human
resource management team to recruit the high
qualified employees.
These types of entrepreneurship are highly
confident and take risk for new projects.
These types of entrepreneurship have capacity to
take risk within the firm.
Life style entrepreneurship focused on the
innovation and development to enhance the
new opportunities and future development.
Innovative features and creativity develops for gain
the new opportunities and futrure target.
Differences Differences
Lifestyle entrepreneurs offers rewars system to
motivate their employees. They focuse on the
employee'smore.
However, serial entrepreneurs have focus on
business strategies and new ideas. They are not
able to motivate their employees.

Female entrepreneur (business similarities) Male entrepreneur business similarities
Generally, for increase the benefits female
are looks towards expansion of the company
in international market(Kelley, 2013).
They are also focused on the expansion of
business in different areas to enhance the
effective results and outcomes.
Less turnover out of 100 million but not
more than 50 million.
Less turnover out of 100 million but not more
than 50 million.
Differences Differences
In this type of business entrepreneur are the
female candidates
in this type of business entrepreneur are the
male candidates
They are take place less than the male
candidates of international market.
Male entrepreneurs are take place high than
the female candidates of international areas.
Small entrepreneur (business similarities) large entrepreneur business similarities
Generally, small entrepreneur focuses on the
customer's satisfaction level. Through the
customer satisfaction they are able to
increase the productivity of business.
Large entrepreneur has main aim to satisfy
their customers. They provide the best
services to increase the customer's loyalty
level towards their organisation.
Differences Differences
In this type of business entrepreneur receive
money from their friends and families
because they do not need high amount of
money to start the small business(Schaper,
2016).
Large venture can raise the money by selling
the shares of stock to the public and by the
bank loan.
Small business does not focus on the
architecture and structure.
Large entrepreneur have to focus on their
architecture and structure to compete with

compition in the market.
So there are some similarities and difference among the various business. Different
enterprise uses different business structures and strategies to improve their business and to
accomplish their targets.
TASK 2
P3 how micro and small businesses impact on the economy.
Micro business: this type of business operate at very low scale, in this type of business
12 employees can work only. In this type of entrepreneur, business person need to mainatain
all records of benefits, expenses, loss etc(Kuratko, 2016).
Small size business: small size business always operated privately. In this business
employees are more than micro business.
Medium size businesses: this type of business has employees more than 200. through
the skilled and qualified employees this type of business are easily achieved their target and
goals.
Small business give the opportunities to the people to increase the living standard and
financial independence. Small business are backbone of the UK economy because this
business creating jobs, opening new market(Jennings and Brush, 2013). In UK small business
contribute 65 percent of all new jobs. It can be analysis that micro and small business plays a
huge role in the economy of country which is essential for an organisation to contributes for
growth of nation. Small business enterprise contributes in country's economy by the
following ways
Contributing through unemployment: through the small business various people got
employment. Small business provide jobs to the people this will help to remove the poverty
in the country. In this way various educated people get opportunities to increase their living
standard. Various people selected and hired for developing result and performance within an
organisation because new business requires workers to accomplish the functions and
operations of corporation(Baum, Frese and Baron, 2014).
Economic impact: small business plays crucial role in the industry which is very
important to improve economic growth of country. Small and large business provides higher

amount of employment so that it improves the economy very fast. Different types of business
give tax to the government this amount used by the government to help the poor people.
P4 small businesses andbusiness start–ups will contribute to the growth of the social
economy
Small business and start- ups plays a huge role to increase the growth of social
economy within the nation. To increase the growth of social economy, small business
continuously trying to improve their productivity and business because through the higher
productivity and growth small business are able to offer big amount to government in t he
form of taxes(Naudé, 2013). This amount of taxes are used to help the poor students and to
develop the country. Mini and small business plays leading role in the local economic
development across the nation. It is so easy to start small business, this type of business
participate in the local charity, provides job and also provide the high amount of tax all these
elements help nation to improve its economy.
 Enhanced employment opportunities: as small business needs different types of
employees to operate the functions and operations. Therefore, they hire more
employees who helps organisation to accomplish the target and goals. Small
business hire people and give them job opportunities through this process people
of country are able to increase their living standard and are finance independence.
Small business helps country to remove t he poverty. As highly skilled employees
will help an organisation to increase its productivity and growth. Through this
process small business are able to provide more revenue to the government in
form of taxes. By the high amount of taxes government of UK are able to provide
more security and high education to the people. So over all small business provide
a big role in the growth of economy within the country(Burrows, 2015).
 Improvement in the society: small enterprises providing financial resources to
the people within the country so that people are able to increase their living
standard. Apart from this small business also participating in different social and
cultural activities they provide fund for the poor children to give them free
education.
 Increase the GDP of nation: small enterprise provides more opportunities to
people to develop the economy of country. Small business also examine effective

result in the nation through raise GDP of the country it is the process to bring
changes in the economy of country.
Moreover, performance will be improve in the market which assist to make effective
outcomes to achieve desire results(Morris, 2015). It generates the growth of the economy
within the country In systematic manner to expand business operations in different areas.
Small business also helps large companies with the help of small business large company will
easily enhance their functions and operations in effective manner. In this context, each
employee at workplace are able to develop their performance and organisation also able to
covert from lower level business to upper level.
Through the innovative ideas small business are able to offer new products and
technologies which also help the people to improve their performance.
TASK 3
P5 characteristics, traits and skills of successful entrepreneur
As entrepreneurial have different skills and ideas through they are able to accomplish
their target and goals in effective manner. There are several business people who has
different creative skills and ideas. Different traits and characteristics helps entrepreneurial to
improve their thinking level so that they can be expand their business in different areas.
Through the different skills and traits business person can achieve the success in good
manner(Bae,Qian and et.al.,2014). Different characteristics, traits and skills of successful
business person are as following
Characteristics: important characteristics of successful business person are as
following
 Passion and motivation: there are many traits and characteristics of successful
business person but passion and motivation are very important. Successful business
person love their work and they do hard work to achieve their target. They are willing
to put in those extra hours and efforts to make the business succeed. Successful
entrepreneurial always trying to research new things and they improve their personal
skills on regular basis. Motivation is very important in the business it helps to
improve the performance of employees as well as organisation. Successful
entrepreneurial are able to motivate their workers they used different techniques and
system such as reward system and trainings to motivate their employees in effective
manner. Through the trainings employees are able to share their skills and knowledge

with each other this process will improve the performance of employees and
organisation as well.
 Disciplined: successful business person are disciplined enough to take decision and
step on regular basis. Discipline is very important in the business because when owner
and business person are disciplined if they follow the rules and regulation in
systematic manner then employees will also follow all the rules and regulation in
systematic manner. Through the discipline workers will come regularly to the office
and will complete the task on time. Through the rules and regulations employees will
be able to improve the productivity and benefits of business at workplace. Due to lack
of discipline workers will not take wok seriously and will not provide the extra efforts
in the success of business.
 Creative: this is one of the most important traits of successful business person.
Successful entrepreneurial are so innovative and creative they have different ideas and
skills through they can launch new products and services in effective manner.
Moreover, through the innovation and creative skills successful business person are
able to resolve the conflicts in business environment(Decker, Haltiwanger and et.al.,
2014).
 Planning for everything: successful business person are able to make effective planes
through their creative and innovative ideas. Through the effective planning business
person are able to check the quality of their products and services. Successful business
men are able to collect and store all the important informations.
 Risk taking: successful entrepreneurs are able to take risk at workplace they do not
believe that something can not be done. To launch new products and services they
always take risks if person are not able to take risk they will not able to achieve the
success.
 Confident: successful business people applied their skills and ideas with confidence.
Through the high level of confidence they are able to satisfy their customers. They are
confident with their experience and knowledge that will make their business succeed.
 Determination: they are able to bring new opportunities at the workplace. From
analysing the different sectors they are able to determine competition level in the
market(Bhachu, 2017).

 Strong people skills: this is one of the most important skill of successful business
person. Successful entrepreneur are able to build good relation with all employees and
customers. They are able to motivate their employees through the good relation they
can enhance the performance of workers. Motivate employees help organisation to
improve its business(Desai, 2013).
 Open minded: successful business person feel that every event and situations is a
business opportunity. They are very open minded and give the rights to their
employees to share their knowledge and skills.
All these skills and traits helps business person to achieve the target and success in
effective manner. Entrepreneur can enhance the performance of employees and organisation
through the different characteristics and skills(Chaston, 2017).
P6 Aspects of the entrepreneurial personality reflect entrepreneurial motivation and mind-set.
For developing the outcomes and results leader can take positive results and
performance. Leader business person can reflect to motivation in the following context:
Encouraging: to improve the performance of employees leader used different
leadership style. The main of leader is to focus on the over all performance of employees.
Leader business person guide the employees in right direction and provide them resources to
accomplish the target in effective manner. Through the leadership employees are able to
enhance their performance.
Decision making: through the decision making skill business person are able to
resolve the issues and matters. Through the effective decision making business person are
able to make effective planes for launch the new products and different services.
Neuroticism: entrepreneur have quality of remove the negative traits if business
person suffer from negative traits such as depression, hostility etc. are not able achieve the
target in effective manner. Business person who are not facing negative traits are emotionally
stable and are characterised as self-confident and calm. This personality of successful
business person make them different from normal people.
Extraversion: to accomplish the target and to develop the future opportunities at
workplace entrepreneur have to be attractive, innovative, talkative and assertive. Through the
positive attitude, business person are able manage healthy business environment.

Agreeableness: some positive traits such as believing, forgiving and cooperative etc.
help the business person to manage the relation with staff members and clients.
TASK4
P7 Backgrounds and experiences can hinder entrepreneurship
Background of an individual play major role in the experience of entrepreneur.
Background of a person has huge role in the development of the personality of an individual.
A person family, standard of living, education, training etc., act as the background of person
and become major factor that determines work ethic and attitude of a person toward its work.
As we have discussed above it play major role in the building the personality of an
entrepreneur and how he handle and runs his business. Personality development or the
background play major role in determining the perception of person regarding different
things. It also helps person in differentiating right from wrong and help person in selecting
right direction. In order to become successful entrepreneur its necessary of a proprietor to go
and think beyond his background and faced various challenges that can help him in achieving
the success.
Background and experience are generally relate to their demographic region,
education and culture all these factors are varied from one person to another. Past experience
of a person can be good or bad and it has its impact on the productivity and business growth.
Every individual is different from other in character, intellectual skill and thinking power.
Good experience promote the entrepreneur to take risk and encourage them toward the new
development which can bring growth to the firm. Good background and experience both
encourage employee to take risk related to uncertain condition. For a person with difficult
background, it became difficult of him to adapt the changes according to environment, this
cause hindrance toward the growth of individual as an entrepreneur. Its necessary of an
entrepreneur to move forward disregard of their background and past experience. They
should always move forward in order to in order to achieve their goals and objectives. In
order to be successful a person has to face many problems in order to overcome this problem
its necessary of them to rely on their skills and characteristic to solve this problems
Having a great past experience motivate entrepreneur in taking risk and making big
investment in research and development. Bad experience on other hand demotivate the
employee , the person does not prefer to take risk and try to find alternative way which have

adverse effect on the growth of the firm. Bad experience also provide entrepreneur new thing
to learn which make them flexible to face various challenges. Decision making ability of a
person is also get affected by this element(Lepoutre, Justo and et.al., 2013). Effective
decision making skill help the individual in grabbing right opportunity at the right time that
help them in bringing development in the firm if its not the case than it can also lead to
decrease in the competency of overall firm. Having good experience helped in increasing the
confidence of the person which assist them in taking right decision. Experience and
background of a person help them in recognising the place with better resources and
opportunity that can help them in achieving success.
CONCLUSION
From the above report it has been concluded that business person are creative and
innovative they are able to achieve success with the help of their personal skills. Report
explained different types of entrepreneur such as small, large, serial, social etc. and also
described the role of small business on the economy of UK. There are many similarities and
difference have been found between different ventures. From the above report it has been
concluded that small business provide the job opportunities to the people. People within the
country are able to improve their living standard by getting the job opportunities through the
small business. It also concluded that through the different skills such as effective
communication, passion, confident and risk taking etc. business person are able to achieve
success.

REFERENCES
Books and journals
Bae, T.J., Qian, S., Miao, C. and Fiet, J.O., 2014. The relationship between
entrepreneurship education and entrepreneurial intentions: A meta‐analytic
review. Entrepreneurship theory and practice.38(2). pp.217-254.
Baum, J.R., Frese, M. and Baron, R.A. eds., 2014. The psychology of entrepreneurship.
Psychology Press.
Bhachu, P. ed., 2017. Immigration and entrepreneurship: culture, capital, and ethnic
networks. Routledge.
Burrows, R. ed., 2015. Deciphering the Enterprise Culture (Routledge Revivals):
Entrepreneurship, Petty Capitalism and the Restructuring of Britain. Routledge.
Chaston, I., 2017. Entrepreneurship. In Technological Entrepreneurship (pp. 1-24).
Palgrave Macmillan, Cham.
Decker, R., Haltiwanger, J., Jarmin, R. and et.al., 2014. The role of entrepreneurship in US
job creation and economic dynamism. The Journal of Economic
Perspectives.28(3).pp.3-24.
Desai, V., 2013. The Dynamics of Entrepreneurship Development Management: Planning
for Future Sustainable Growth. Himalayan Books.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Jennings, J.E. and Brush, C.G., 2013. Research on women entrepreneurs: challenges to (and
from) the broader entrepreneurship literature?. Academy of Management
Annals.7(1). pp.663-715.
Kelley, D.J., 2013. Global Entrepreneurship Monitor: 2010 women's report. Center for
Women's Leadership at Babson College.
Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago press.
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Lepoutre, J., Justo, R., Terjesen, S. and et.al., 2013. Designing a global standardized
methodology for measuring social entrepreneurship activity: the Global
Entrepreneurship Monitor social entrepreneurship study. Small Business
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Mason, C. and Brown, R., 2014. Entrepreneurial ecosystems and growth oriented
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Morris, M.H., 2015. Entrepreneurship as Experience. Wiley Encyclopedia of Management.
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Schaper, M. ed., 2016. Making ecopreneurs: developing sustainable entrepreneurship. CRC
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Schaper, M.T., Volery, T., Weber, P.C. and Gibson, B., 2014. Entrepreneurship and small
business.