Entrepreneurship & Small-Scale Industries

This assignment delves into the multifaceted world of entrepreneurship, examining diverse conceptions across Europe and the United States. It analyzes the role of entrepreneurship education, the influence of business models, and the effects of corporate taxes on entrepreneurial activity. Furthermore, it explores the crucial contribution of small-scale industries, particularly in India, highlighting their economic significance and impact.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Different types of entrepreneurial ventures and typology of entrepreneurs..........................3
P2 Similarities and differences between the entrepreneurial ventures........................................5
TASK 2 ...........................................................................................................................................6
P3 Micro and the small businesses impact on the economy.......................................................6
P4 Importance of small scale businesses and the start ups in the growth of the economy.........7
P5 Characteristics, traits and the skills of the entrepreneurs ......................................................8
P6 Entrepreneurial personality reflect the entrepreneurial motivation ....................................10
P7 Experience and background can foster and hinder the entrepreneurship.............................11
CONCLUSION..............................................................................................................................12
REFERENCES .............................................................................................................................12

INTRODUCTION
The entrepreneurship means the willingness and the capacity to create the business
venture with the risk for earning the profit. The entrepreneurship is the combination of the
labour, land, natural resources and the capital from which the profit can be produced. And the
business started from the small scale business like the start-up business. And the person who
starts and develops this business is known as entrepreneur. The new business is started from the
small scale because there is less risk in the small scale business (Drucker,2014). The
entrepreneur can be the leader and they are innovative and the creative. They brings the new
business ideas and apply on the business for the development. There are different types of the
entrepreneurs. The individual can start the business and can with the group and the
entrepreneurial ventures invest in the start up business for earning the profit. The entrepreneur
develop the new ideas which are related to marketing the products and selling the products.
TASK 1
P1 Different types of entrepreneurial ventures and typology of entrepreneurs
The entrepreneurial ventures are of different different types. These entrepreneurial
ventures are the:
Managed growth venture- In this type of entrepreneurial ventures the business is
managed the growth (Welter, 2011). And it works on the increase the growth rate and the
productivity of the company. The growth rate is increased by develops the new products, by
making the new market strategies, by changes in the price rate of the products and in the services
and also increase the facilities. This all happen to entering the the new market.
Lifestyle venture- In this type of entrepreneurial venture the fix criteria is set for the
selection of the local firms which are old and those firms are less than five years with the
location of the one or two and the lifestyle ventures focuses on the improving of the local
markets and from it the performance level of that markets are increased and they will maintain
their current operations.
Survival venture- In this types of venture, it is posed the difficulties. These ventures are
wanted to create the income from the entrepreneurs and also from the entrepreneurial activities.

In the survival ventures the researchers are visited in the craft fairs and go in to the informal
markets.
Aggressive growth venture- In this type of venture the businesses are selected on the
basis of the high growth rate records for the last three years. The capabilities of these types of
ventures are strong and it technology based.
The entrepreneurs are not same. They all are different from each other. The typology of
entrepreneur are-
Social entrepreneurs- The social entrepreneurs are innovative and creative. The
develops the new way of doing the business and performing the tasks (.Kirzner, 2015). These
types of entrepreneurs are transformer in the different fields such as workers right, human rights,
business development and related to the environment.
Innovative entrepreneurs- These types of the entrepreneurs are innovative, they have
the ability to create the new and the better ideas and the ideas should be economical. These
entrepreneurs can be the leaders and contribute in the economic development.
Women entrepreneurs- In this the enterprises are controlled, managed and owned by
the women. In any company the minimum shares of the women is 51 percent of the capital.
Private entrepreneurs- In this the business is set and run by the individual. The
individual is the owner of the business. And bears all the risks which are related to the business.
Technical entrepreneurs- These types of the entrepreneurs are setup the business which
is related to the technology based. And these entrepreneurs use the technology and the science in
their business.
Agricultural entrepreneurs- These types of entrepreneurs who take interest in the
agricultural and who undertake the agricultural chase (Herrington & et.al., 2010). In the
agriculture, these types of entrepreneurs covered as wide rage rage such as irrigation, technology,
cultivation and the marketing of the agricultural produce.
P2 Similarities and differences between the entrepreneurial ventures
All the entrepreneurial ventures are not the same. There are some similarities and some
differences in the entrepreneurial ventures. The differences and the similarities are between the
entrepreneurial ventures are:
In lifestyle ventures and the serial entrepreneurs ventures- The difference between
the setal entrepreneurs venture is that the serial entrepreneurs who lead the business after the

another and can be lead and handle the multiple businesses at the same time. And in the lifestyle
entrepreneurial venture, this type of entrepreneurs focus on the improving the lifestyle of the
people and improving in the operation activities of the old firms. And the similarities between
the serial and the lifestyle entrepreneurial ventures are that they both are goal oriented, risk taker,
innovative and the creative.
In the women entrepreneurs and the men entrepreneurs- The difference between the
women and the men entrepreneurial ventures is that the share of men entrepreneur in the
business is 49 percent and the business is handled, managed and owned by the men entrepreneur.
But in the female entrepreneur the business is managed, handled and owned by the female
entrepreneur and the share of the female entrepreneur is 51 percent on the capital (Dacin, Dacin
and Matear, 2010). The similarities between in the both are that their focus is on making the
profit. They have the problem solving skills and also have the strong integrity.
Technical entrepreneur and agricultural entrepreneurial ventures- The differences
between the technical entrepreneurial ventures and the agricultural entrepreneurial ventures are
that the technical entrepreneurs start the business which is based on the technology and in this
business they use the science and the technology. And in the agricultural ventures, the
entrepreneurs take interest in the agricultural activities. In the agricultural activities included
cultivation, marketing of produced goods, irrigation. The similarities are that they both are brings
new new ideas one is related to the technology and the other is related to the agriculture. They
both are self motivated, and they have the ability to collect the resources and they are committed.
Private entrepreneurial ventures and the joint venture entrepreneurial ventures-
The differences between the private and the joint entrepreneurial ventures are that in the private
entrepreneurial ventures the businesses is set by the individual and he or she is the owner of that
business and he or she bears the entire risks. In the joint entrepreneurial ventures, the
government and the private entrepreneur run the business jointly (Bridge and O'Neill, 2012). The
similarities between both the entrepreneurial ventures are that they both are the risk taker and
innovative.
Small scale entrepreneur and the large scale entrepreneur- The difference between
both are that in the small scale entrepreneur, the investment on the machinery and the plant is
less, it can be up to Rs. One crore. And in the large scale, the investment on the plant and
machinery is large, it can be more than the five crore. The similarities between both the

entrepreneurs that they have the strong managerial and the organisational skills, they both are the
independent an do not want any type of support.
TASK 2
P3 Micro and the small businesses impact on the economy
The micro, small and the large businesses are different from each other and the size of
these businesses are also different. In the micro businesses, these types of businesses are operates
on the very small scale. The turnover of the micro businesses is small as comparison to the small
scale businesses and the large businesses. And in the micro enterprise there are many few people
works. These businesses faces many problems but in the micro businesses the less risk is
involved. In the small scale enterprises, the small number of employees are working in the
business and the sales does not very high but the risks involved in the small scale businesses is
very less. These types of businesses are mostly private owned and operated by individually and
the in the partnership (Defourny and Nyssens, 2010). The size of these enterprises are small. In
the small scale businesses includes the businesses like restaurants, day cares,grocery
stores,bakeries, guest houses and the photographers. In the medium scale businesses, there are
few employees are working about 250 employees and the annual turnover of this company is not
nor than 50 million euro. In this the owner is separated from the management. In the medium
size business the risk is less involved higher than the small bushinesses and less than the large
businesses.
The characteristics or the nature of the micro businesses, small scale businesses and the medium
size businesses are as follows:
 less risk involved in the small and micro businesses.
 The capital is low on the start-up
 turnover is less in the small and the micro businesses
 in the small and the micro businesses, there are only few employees.
 In the small and the micro businesses the owner acts as the managers.
 The small and the micro businesses are mostly introduced in the local areas.
There are some impacts of the micro businesses and the small scale businesses on the economy-
Future growth- The UK economy was directly influenced by the Brexit (Storey, 2016). And
after then the UK government was taking some steps for the development and for the growth of

the small scale business. And from it the gross domestic product (GDP) rate was increases and
from it the revenue is generated. Some policies and the procedures which can help in to the
expansion of the business internationally and it helps in increase in the GDP.
Job creator- From the micro and the small businesses , the employment is generated. These
businesses provides the emplacement for the local people and from it the living standard of the
people will be improved. And it helps in improvement of the per capita income and the economic
growth of the country will be increase.
Adaptability- From the adoption of the new techniques and the advanced technologies, it
helps in the regular development of the bushiness (Oosterbeek, Van Praag and Ijsselstein, 2010).
And with the help of this the small scale businesses can stay in the market.
P4 Importance of small scale businesses and the start ups in the growth of the economy
At the time of start the business whether it is small scale businesses, medium size
businesses and the large scale businesses. These all the businesses contributed in the social
economic growth of the country. If there is introducing and develop the new products and any
type of changes and the advancement in the existing products and the services then it helps in the
economic growth. The technology advancement is very helpful in the economic growth of the
country. The start ups businesses are for the not for profit. From the new business set up the
more and more employment will generate and it helps in the development of the society. There is
the difference between the small scale businesses an the start-up business. In the start-up
businesses, the investors are treated the start-up as the small part of the large companies. In the
start ups businesses there are less products because the business is newly setup (George and
Bock, 2011). But in the small scale there are more products available and the investors highly
invest in these businesses if they know that from this company they make profit. The small scale
businesses are important for the economy. There are some importance of the small scale
businesses and the start up businesses towards the growth of the economy:
Level of spending- In the UK when the income rate of the people is increased then from
this the economic rate also increases. And from this the enterprises can earn and generate the
more profits and it can be beneficial for the growth of the businesses. The growth rate and the
development of the business will be improved.
Financial support- When the UK and the European union are separated then the
economy rate of the UK is decreased. After this the government and the banks both are help to

the start-up businesses for improving the operations of the businesses. And from improving in
the operations the business can earn more and more profits. And it helps in increase the
economic rate of the country.
Technologies and the innovation-The technology and the innovation makes the business
effective. To adopt the new and the advanced technologies, the businesses can improve in the
business operations and the efficiency of the business increases. And with the help of new
technologies, we can improve in the product quality from this the quality of the product
increased and the need of the customer will satisfied (Karlan and Valdivia, 2011). And from the
innovation, bring new and economical ideas and find the way to complete the work in an
effective and in the efficient manner.
P5 Characteristics, traits and the skills of the entrepreneurs
For the successful entrepreneur is is easy to start new ventures on everyday. For the
successful entrepreneur it is necessary to have the strong sense and the self confidence. And have
the good skills and the abilities. There are two successful entrepreneurs one is Mark Zuckerberg
and the other is Jeff Bezos. Mark Zuckerberg creates the Facebook which is the social site. With
the help of Facebook the people can communicated with each other. And the Jeff Bezos develops
the Amazon company which provides many types of products and the person can buy or sell the
products on online. The entrepreneurs are those people who can take risk and who can deal with
the risks. The abilities and the skills of every entrepreneurs are different. It is necessary to have
the qualities, abilities and have the innovative ideas (Santos, 2012). And these all are helps in
making the successful business. Every entrepreneurs have some traits and the characteristic. The
characteristics and the traits are:
Risk taker- The entrepreneur is the risk taker. He knows very well that how to deal with
the risk. Risk is the basic reason because from this many of the entrepreneurs are failure. It is not
necessary that every successful entrepreneur is the risk taker. The entrepreneurs are not afraid
from taking the risks.
Self motivators- Some of the entrepreneurs are the self motivators. They do not want
any type of motivation from the other people. They can motivate themselves. The entrepreneurs
are very passionate towards the work.
Innovative- The entrepreneurs are innovative. They brings the new ideas and implement
their ideas in the businesses. And they find out the new ways of doing the wok.

Planner- The entrepreneurs are the good planner. They planned everything before the
doing of any work. The planning of the entrepreneurs never stops. After making the plans they
implemented it in the business.
Passionate towards the work- The entrepreneurs are very passionate towards their
work. They are very confident about their work. The successful entrepreneurs are not take any
type of stress related to work (Delgado, Porter and Stern, 2010). And they work well happily
without taking any type of risk.
In the entrepreneurs they have skills to perform the tasks and for doing the businesses. These
skills are:
Communication skills- Every entrepreneur should have the good communication skills.
The entrepreneur communicated well with their employees, suppliers, customers. From the
proper communication they all are satisfied and the relationship between the entrepreneur and
the stakeholders will be harmonious and good.
Team building skills- The entrepreneur have the team building skills. He motivate the
employees to work in a team. Because from the team work the employees will work well and in
an effective manner.
Decision making skills- The entrepreneur has the good decision making skills. From this
they are able to take good and effective decision related to the business. And it is beneficial for
the employees as well as the business.
P6 Entrepreneurial personality reflect the entrepreneurial motivation
Motivation is necessary for the successful entrepreneurs. For the successful entrepreneurs
it is necessary to create the new ideas and find the new ways of doing the work. For the success
of the business, it is important that the entrepreneur should be passionate towards the work. And
he has the ability to take the decision and having the team building skills. He takes the decisions
related to the business and the decisions are beneficial for the business as well as for the
employees (Neck and Greene, 2011). The motivational theories are helpful in motivate the
employees through which they will perform well. There is an OCEAN acronym motivational
theory and this theory helps in motivating the employees and from it the performance level will
increased. The OCEAN stands for openness, conscientiousness, extraversion, agreeableness and
the neuroticism. It is the five factors model an these five factors tells that what we think about
personality. These all factors describe the personality of the person.

Openness- The openness means that the entrepreneur is to be innovative, creative,
passionate and curious towards the work and do not believe in the tradition and do not follow.
The entrepreneur is independent.
Conscientiousness- It means that the entrepreneurs are self disciplined and have the
spontaneous behaviour. They are able to complete work on the proper time or in the given time.
They show the high level of motivation and show the performance level. They do not have any
problem if they have the chance to do the job across the many occupations.
Extraversion- Some of the entrepreneurs are extraversion. It is good that to be the
extraversion. From this the entrepreneurs communicate and interact well with their em
employees, suppliers and then customers. The entrepreneurs should be the interactive.
Agreeableness- In the agreeableness, the entrepreneurs are cooperative, trustworthy and
capable. They have the good communication skills from that the entrepreneurs deal to others
with the friendly nature (Djankov & et.al., 2010). And from this the employees, customers,
suppliers etc. will be satisfied from the entrepreneurs.
Neuroticism- In the neuroticism, the persons have the unpleasant emotions like anger,
depression and the vulnerability. These types of entrepreneurs are very active and very talented.
They have the capabilities to face with any problems and the risks.
These all five factor model helps in motivating the employees. These five factors are help in
show the difference between the academic behaviour and the entrepreneurial personality. From
this model the traits are to be reduced.
P7 Experience and background can foster and hinder the entrepreneurship
The Mark Zuckerberg and the Jeff Bezos these two are the successful entrepreneurs.
There are some rewards and some drawbacks of the entrepreneurship (Jones, Coviello and Tang,
2011). The rewards are:
Fulfilling the dreams- If the business is set up successfully and there are no barriers and
the business is growing day to day then the entrepreneur is successful and he/she is able to
achieve his/ her objectives.
Flexibility and the power- Have the power to deciding the working. And the employees
complete their tasks on the given period of time. Then there is flexibility in the work. It is the
reward for the entrepreneur.
But with the reward there are some drawbacks of the entrepreneurship. Theses are:

Risk- The risk is involved in the business. If the entrepreneur is able to handle the risks
then it is good for the business. But sometimes the entrepreneur is fail to handle the risks then in
this case, he/she will suffer from the capital loss (Schaltegger and Wagner, 2011). It is the main
drawback of the entrepreneurship.
Wrong decisions- Sometimes the entrepreneur take the wrong decisions related to the
business. And it is harmful for the employees and for the business.
Poor quality plan- It is important to make the plan correctly. But sometimes, the
entrepreneurs face from the many difficulties because of the poor plan. And it is not helpful in
taking the decisions. It is the disadvantage of the entrepreneurship.
These all drawback are not good for the business. And it can affect on the business activities.
The entrepreneur's background and the past experience can be good and can be bad for the
entrepreneurship. Like for instance, the Mark Zuckerberg created the social site which is
Facebook. And after this experience he started the changes in the Facebook activities. And the
Jeff Bezos introduced the Amazon company. He provided all types of the products to satisfy the
customers need. If the past experience of the person is good then the may be succeed. And the
person has the education. With the help of the education have some idea that what is important in
the business. If the family of the person is supportive then he gets motivated and doing the
business successfully without any stress. So the background and the family affect on the
entrepreneurial activities.
CONCLUSION
It is concluded from the above report that to be a successful entrepreneur the innovation,
creativity and have the good communication skills, good decision making skills. The
entrepreneurs have the ability to deal with the risks. The employment will generated with the
help of micro businesses and the small scale businesses. The entrepreneurial personality reflect
by the entrepreneurial mindset. The background and the education affects on the entrepreneurial
activities. If the parent of the person is supportive then he will motivated and take the interest in
the business activities and do the work without any stress.

REFERENCES
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ONLINE

Entrepreneurship. 2017. [Online]. Available
through:<http://www.businessdictionary.com/definition/entrepreneurship.html>. [Accessed on ]
27th April 2017].
What is the Role and Importance of Small Scale Industry in India?
2012. Available through:<http://www.preservearticles.com/201101153373/role-and-importance-
of-small-scale-industry-in-india.html>. [Accessed on 27th April 2017].