Small Business Management and Entrepreneurship

This assignment provides an overview of small business management and entrepreneurship, covering topics such as success criteria, sustainable development, entrepreneurial growth, and social entrepreneurship. It includes excerpts from journals like Entrepreneurship Theory and Practice, Journal of Small Business Management, and Small Business Economics, as well as book chapters on enterprise and entrepreneurship. Online resources are also provided for further exploration.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION ..........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Entrepreneurial ventures and their different categories........................................................1
P2. Comparison of different entrepreneurial ventures................................................................3
P3. Impact of micro business on the economy............................................................................5
P4. Influence of small-scale business and start-ups in growth of social economy.....................6
TASK 2............................................................................................................................................7
P5. Unique features and distinct traits of a successful entrepreneur...........................................7
P6. Factors of entrepreneurial personality that lead to motivation.............................................8
P7. In Entrepreneurship background and experience play important role..................................9
CONCLUSION .............................................................................................................................10
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneurship and small business motivates and allows to create a great learning
motive for every student and individuals, and aspire them to start new business with new ideas
and strategies. They tend to provide each and every individual to build some trust for opening
new business or own type of management sector. Entrepreneurship allows people to get latest
ideas and develop some skills to open any kind of ventures. The report basically deals with
explaining the advantages of being an entrepreneur and using entrepreneurship in the businesses
to expand it rapidly. The main purpose of this report is to consider various types of
entrepreneurship and asses some kinds of similarities or difference between them. After
performing the analysis, this report discuss about the impacts of micro factors and small
businesses has on the economy section. There is great requirement of small businesses and
enterprises to expand the revenue. After doing all these analysis, there is a discussion about what
are the features of a successful entrepreneur, that is differentiated from any other kind of
businesses. The need of this kind of methods can help in motivation of young people's mindset
and pave the path of new facts and ideologies for them through this interpretation. In this report,
it is also mentioned that there are some factors which can adversely affect the entrepreneurship
that includes background and experience. It can motivate at the same time it can also demotivate
a person to become an entrepreneur.
TASK 1
P1. Entrepreneurial ventures and their different categories.
Every of Entrepreneur is different from each other, but one thing is unique among all
kinds of entrepreneur which is they share the interest of creating some kind of work and freedom
to do any thing. There is great life through entrepreneurship, as it improves the quality of living
through better concepts. It allows the people to live every one according to themselves. There
can be many reasons why a business is not making any sense and not getting any profit
according to the desires. This can only be encountered by an entrepreneur. Different types of
entrepreneurial ventures are:
Scalable Entrepreneur: This is basically referred to as a financial institution in terms of
finance. They have the ability to handle increased demands among the public in any corporate
environment. They are not responsible for improving the profit margin for the company, but by

their influence the sales volume increases. They do not focus in their own achievements but
always ready to question to other people's success and progress. Also there can be a complain of
inheritance support which they tend to bring in their conversations. There nature is basically kind
of sceptical of success and do believe that if only all stars possible fall in right way then only the
work can be accomplished.
Small Businesses Entrepreneurship: In the country if it seen practically, then maximum
number of entrepreneurs are small businessman. They provide employments to maximum of the
non working members of the society. This category include travel agency, carpentry, plumber,
bangle making factory, where they either hire any local employee or someone from the family.
They can be any one running his own private businesses. There main motto is to earn their
living, feed their family and have a safe and happy life. Their aim is not to take over any kind of
company to make a profit of 100 crore or something. These types are barely profitable.
Lifestyle Business: It is a type of businesses that is set up and run by its founders members with
a most prime aim of sustaining a particular level of income for later use of improving the
lifestyle of any individual work. This is basically used for creating a foundation strategies to
allow peopl to enjoy their particular lifestyle. This kind of category do not have its own mind and
thought of working a establishment , they are just a carbon copy of the already achieved leaders
of the market. This section of people can never have their own identity and cannot carve a path
for any individual who would be looking forward to become an entrepreneur.
Large Company Entrepreneurship: These groups have a definite cycle of work. There majorly
growing factors can be achieved through providing innovations, launching new products that are
basically improved version of their old products and using latest technologies. Sometimes
changes in customer expectation and demands can build up some pressure on these
entrepreneurs, but they are supposed to handle such issues easily and make their company to
achieve some heights and a better position in the market. One attempt of doing this can be, by
acquiring existing companies which are not doing well and has the same ideology and concepts
with their company views.
Second stage: This type of business is known as the next level stage of any start up company or
stage. This is an improved version of the first stage of any company. The cited firm mentioned in
this report also uses the businesses size as one parameter through which the company growth or
maturity level is measured or called as a second stage dimension. This is basically very vital for

economic point of view. It contains more number of employees than the earlier stage and also
more useful technologies arising in the market. They loves to explore new facts and strategies
and learn them as it comes their way. But there is only one kind of problem with such kind of
businesses man, and that is they are only interested in research work and not in organising or
managing that research into practical implementation. There excuse is that they are too much
involved in the analysis of the subject that there is no time of planning those researches into
action.
Social Entrepreneur: This type of entrepreneur has basically to do with the formation of
products that are actually beneficial for solving social requirements. They got a very strong and
focused mindset to accomplish their tasks and achieve success in what ever they do for the
society. Even if the task is difficult or incomplete, their strong action and influence has the power
to complete the task in given time with great accuracy and fulfilment. They do not follow any
kind of practices like the above entrepreneurs, that is they do no copy others not they are envy or
too much concern with others and they also have believe in them selves to complete the work on
time, their main focus is to plan a strategy for benefiting the needs of the general public. They do
not do anything for getting any advantage from their actions. They are self less group working
unconditionally. To start a business is usually a tough job and it do not get popularity so easily,
but it is the responsibility of the entrepreneur to have patience and believe in their work and
work calmly for the progress of that work.
There can be different situations which arise in the life of an entrepreneur. Dealing with
every possible situations and still winning over all those conditions can make a true entrepreneur,
which can fight all situations.
P2. Comparison of different entrepreneurial ventures.
There are many types of similarities and differences that exist between various types of
entrepreneur ventures as mentioned above. The concept of entrepreneurship is basically based on
an individual's capacity and interest of developing, managing, creating and organising any type
of business venture to earn profit. There are many factors on which entrepreneurship is based on,
that are businesses creation, risk taking and innovation for bringing new types of ideas and items
in the market. There can be different types of perception and capability of viewing an
opportunity. This leads to creation of different types of ventures to be formed.

Small-scale and Lifestyle: A lifestyle businesses cannot run with small investments or
income unlike small-scale businesses. There are large number of employee and revenue
requirement in life scale sector, that it is not an easy task, or easy cup of tea. While small-scale
industries are very feasible and can be easily open by any individual with limited amount of
investment. Every entrepreneurship concept is basically based on creativity and innovative ideas
arising in a person's mind. The success of an entrepreneur is mainly dependent on its capacity to
bring new ideas and innovations in the market. Both of them talks about creating something new
which can attract customer and convert a course of business into new heights. Some businesses
like large scale have a mindset of building their market strategies on forward-looking ideas for
the benefits of the company, but at the same time there are categories which work on social
ethics and policies of marketing guidelines like small scale industries..
Social Enterprise and Large Business: Both of them talks about creating something
new which can attract customer and convert a course of business into new heights. The nature of
social enterprise is to help in building new products and higher rate of productivity. Where as in
large businesses, they carry large quantity of risk with the strategy to accomplish a dream which
they have seen. Such risks are a major influence on an entrepreneur which need sot be overcome
by various methods. Social enterprise are government based organisation and some are private
based or non government firms, those which have basically different goals and aspiration of
running their governance. Major aim of some entrepreneurial ventures is to grow into large firms
but may be there are other types which are focused on creating effective sustainable structure
including this also promote good ethical culture and values. Many examples of entrepreneurial
sector that work on private or individual leaders, that are restaurants, retail stores, construction
firms etc. and many work on solving the social issues like health care authorities, promotion of
education etc.
Scalable start up and second stage company: For Scalable venture, there exist an
entrepreneur behind that venture who will be responsible to solve any kinds of risks and
challenges that comes in the company so that it reach to maximum heights and profits. That
means there are not so many people involves in such an institution to make the working very
easy and calm, while at the same time in second stage companies there are so many employees to
do a particular task that the job becomes easy and efficient. In second stage business, the
entrepreneur's main job is to expand the business and improve the organisation to lead to another

level. According to the opportunity that has been received by an entrepreneur, their main aim is
to establish a new venture and successfully run it. Many entrepreneurial systems are non
dominant firms which are headed by company entrepreneurs and basically run for achieving
profit margins. But there are also some firms that are formed for helping a social environment
and for better society. They solve any issues using innovation. Some organisation can achieve
high growth rate only if they inculcate scalable enterprise characteristics. But still there are
organisations which are based on social authorities and so their growth chances are limited by
specific terms.
P3. Impact of micro business on the economy.
There is a clear indication and understanding that small business and micro companies
cover the major part of UK economy. These are emerging and rising enormously. There are
number of start ups that are growing largely. This has great impact on country's economy. Some
of them are discussed below:
Impacts to Employments: New rise of any entrepreneurial venture can result in creating
a large number of employments for those in need. This lead to decrease the poverty rate of the
country and improve employment ratio. There is a large contribution to job creation with the
development of small scale entrepreneurs.
Changes in Turnover: There is a large contribution of small-scale industries on
countries economy because, there is so many start up which are lined up and ready to be
progressive in some time soon. So since they are in large number , so they could affect the
turnover of the country greatly. The most important factor of measuring the country's economy is
by determining any change in the turnover.
Effects in Growth: The new strategies and technologies keep the market fresh and
attractive, else everything may go stagnant. Also it prevents business from becoming passive,
and makes it actively work to uplift the market from unproductive venture to productive sector.
Increase in the number of markets lead to rise in the UK economy. The small-scale businesses
can grow their businesses using innovation and new ideas, and their growth lead to economic
growth of the country apparently. When there are times of recession, then these entrepreneurial
firms help a lot to gain courage to rise again with full spirit.
Progress of the Industry: Many types of profit comes from these sectors. And many of
the small-scale businessman fall under this category. With so many of such industries and

ventures, it is clear that the country's economy will be greatly affected by their presence. They
have been the backbone of the revenue of UK, and vast a strong relationship with country's
overall performance and progress. The heart and core of economic conditions of the UK
government is large industries of retail, repair and manufacturing of vehicles and many small
businesses, which hold most of the part of revenue of the country. They are vital for economic
health of their state and influences the financial climate of the place adversely. There is great
recognition of small-scale business and micro industries to be encouraged and promoted in UK,
which has lead to so much of improvement and development in the overall performance of the
country.
P4. Influence of small-scale business and start-ups in growth of social economy.
Entrepreneurship is a great strategy to bring revolution in the business environment. This
practice was not that common long back ago, where doing business was a very difficult task and
carrying out this task requires a lot of guts and risk taking factor. Big sacrifices were required to
execute a business plan into practice. The thought of failing the idea of business or getting in
debts is a biggest fear of becoming an entrepreneur. But with times the attitude towards the idea
of businesses has changed immensely. It has now become very easy to become an entrepreneur
because there is a lot of support extended by the government and other bigger agencies. This vast
change of sight of so many people has lead to bring large development in the social conditions of
the society with parallel improvement of the economy of country. They are the upcoming pillars
of economic growth and social upliftment. For making the entrepreneurial ventures to promote
more growth and progress of small-scale industries, government has provided various programs
which initiates and encourages entrepreneurial activities to improve the social economy of the
country. The start-up's and small-scale firms have a major impact on improving social culture
and revenue of the nation. The influences that is arisen due to this are :
Creation of New jobs in the country: The more the number of start-up's to come, more
will be the number of job opportunities created in the UK. This will reduce unemployment rate
and so lead to employment ratio increase in the country, which will impact the social life of any
individuals in the country.
Increased in revenue of UK: Since there are more any companies rising, this will lead to
generation of large revenue and improvement in financial state of the country.

Improvement of Economic growth: As above discussed, since there will be rise in the
number of small-scale industries, thus it will create high turnover and so the economic condition
will improve automatically. These corporate sectors lead to innovation and creations of new
ideas and technologies that would attract more investment. This type of investment basically lead
to circulation of money in the market place, and so it will cause economic condition to improve.
Reducing economic gap in UK: By new start-up's and small-scale industries presence in
market, which has lead to uplifting the standard of living of every individual, by creating jobs
and new opportunities.
Elimination of poverty: Since there will be new job opportunities in the market,
maximum people will earn their living through this, so it will decrease the poverty rate, as no one
will die out of hunger and scarcity. There will be enough wages and resources for many people
to live a better standard of life. All these entrepreneur companies in the county of UK help in
improving the life of people and country social culture.
Communities Stability: There is a provision in every entrepreneurial venture that, when
any new rule is to established or brought in the new market, it is seen that society is not affected
at any cause. This helps in improving conditions of many communities in this country by
organising for them different programs that could solve their problems.
TASK 2
P5. Covered in PPT
P6. Covered in PPT
P7. Covered in PPT
CONCLUSION
From the above report, it has been analysed that there are different types of entrepreneur
groups that are divided into different categories. There are certain similarities and differences
between those defined ventures. There is a comparison between each of them. Also in this report
there is a discussion about impact of the external environment on economy of a business. Many
factors could influence the economy growth of the country. The entrepreneurship has major part
of influence to revenue to any area to rise. It is seen that small-scale businesses and many
emerging start ups has lead to rise in the economy. There is great importance of these types of

sectors for the country to grow. There are certain types of characteristics which are necessary to
become a successful entrepreneur that is mentioned in this report. There is a major impact of
entrepreneurial influence on any person for providing them some motivation to become
something extra ordinary. Also in this report, there is an analysis that the past background and
experience of any individual has a great impact on their reaction and adoption of
entrepreneurship. It would differ from person to person according to values they have brought up
with.
REFERENCES
Books and Journals
Berglund, K., Johannisson, B. and Schwartz, B. eds., 2012. Societal entrepreneurship:
positioning, penetrating, promoting. Edward Elgar Publishing.
Blackburn, R.A., Hart, M. and Wainwright, T., 2013. Small business performance: business,
strategy and owner-manager characteristics. Journal of small business and enterprise
development. 20(1). pp.8-27.
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: entrepreneurship and small business.
Palgrave Macmillan.
Burns, P., 2010. Entrepreneurship and Small Business: Start-up. Growth and Maturity. Palgrave
Macmillan.
Carland, J.W. and Carland, J.C., 2015. A model of potential entrepreneurship: Profiles and
educational implications. Journal of Small Business Strategy. 8(1). pp.1-14.
Carraher, S.M. and Paridon, T.J., 2015. Entrepreneurship journal rankings across the discipline.
Journal of Small Business Strategy. 19(2). pp.89-98.
Carsrud, A. and Brännback, M., 2011. Entrepreneurial motivations: what do we still need to
know?. Journal of Small Business Management. 49(1). pp.9-26.
Dennis Jr, W.J., 2011. Entrepreneurship, small business and public policy levers. Journal of
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Gorgievski, M.J., Ascalon, M.E. and Stephan, U., 2011. Small business owners' success criteria,
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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.
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approaches and insights. Small business economics. 34(1). pp.1-12.
Neck, H.M. and Greene, P.G., 2011. Entrepreneurship education: known worlds and new
frontiers. Journal of Small Business Management. 49(1). pp.55-70.
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factors on social entrepreneurship start up intentions. Journal of business ethics. 95(2).
pp.259-282.
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business policy. Entrepreneurship & Regional Development. 23(9-10). pp.787-814.
Sampaio, A.R., Thomas, R. and Font, X., 2012. Small business management and environmental
engagement. Journal of Sustainable Tourism. 20(2). pp.179-193.
Schaper, M.T., and et.al., 2014. Entrepreneurship and small business.
Storey, D.J. and Greene, F.J., 2010. Small business and entrepreneurship. Financial
Times/Prentice Hall.
Welter, F., 2011. Contextualizing entrepreneurship—conceptual challenges and ways forward.
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Online
What is Entrepreneurship?. 2017. [Online]. Available
through:<http://www.businessnewsdaily.com/2642-entrepreneurship.html>. [Accessed
on 10h July 2017].

The Role of Small Business in Economic Development. 2017. [Online]. Available Through:
<http://isbdc.org/small-business-in-economic-development/>. [Accessed on 10th July
2017].