Entrepreneurship and Small Business Trends

This assignment delves into current trends shaping the landscape of entrepreneurship and small businesses. It examines various factors influencing entrepreneurial motivations, ethics, and education within this context. The analysis also explores the role of public policy in fostering entrepreneurial growth and considers the perspectives of small business owners on success criteria and environmental engagement. Finally, it reflects on the future trajectory of entrepreneurship research and its impact on practice.

Understanding
Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1.Different types of entrepreneurial ventures...........................................................................3
P2. Similarities and differences between entrepreneurial ventures............................................4
M1 Entrepreneurial ventures to demonstrate an understanding of entrepreneurship..................5
TASK 2............................................................................................................................................6
P3. How micro and small businesses impact on the economy...................................................6
P4 Important small businesses and business start –ups growth of the social economy .............7
M2 Evaluate the differences small, medium and large businesses.............................................8
TASK 3............................................................................................................................................8
P5. Characteristics, traits and skills of two successful entrepreneurs........................................8
M3 Different lines of argument relating to entrepreneurial characteristics,...............................9
D3 Analyse the characteristic traits, skills and motivational drivers .......................................10
P6. Entrepreneurial personality reflects entrepreneurial motivation and mindset...................10
TASK 4..........................................................................................................................................11
P7. How background and experience can hinder or foster entrepreneurship............................11
M4 entrepreneurial characteristics and the influence of personal background and experience11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship is the systematic process in which start a new business with new and
innovative ideas that help to produces something new products and goods for customers and they
help to give proper satisfaction to them(Blackburn, Hartand Wainwright 2013). Entrepreneurship
in mainly including the two elements one Is the owner of the company that can also called
entrepreneur and second one element of the process is objective and idea of the business. During
the start a new firm or business in the market so have to face many problems and issues
regarding company like competitors in the market its hard to set effective image in the market.
So, to manage and control on the entrepreneurship process and their all activities to start
Federation for small business firms that help to manage and control all activities and properly
analysis and evaluation them. To start the new businesses it is necessary to have new ideas and
various skills and abilities to develop the business over the time.
TASK 1
P1.Different types of entrepreneurial ventures.
The process that helps in the enterprise development is known as entrepreneurship and all
the activities that cater to the needs of entrepreneur for his/her development is known as
entrepreneurial process. This is the process that defines all the activities which needs to be
performed in order to achieve growth of the organizations (Carland, Carland and Stewart2015 ).
The ventures that help the entrepreneurs to grow and develop their business on the operational,
managerial part are known as entrepreneurial ventures. These ventures are related to enterprise
development and are considered essential part of organizational development. The
entrepreneurship is considered as the basic factor that is required for proper training and
development phase and caters all the steps needed at each and every level of business
development. The various business ventures that caters to all the entrepreneurial ventures are :-
 Social Entrepreneurs:-All the entrepreneurs who work for social and business activities
related to society as a whole are known as social entrepreneurs. Their main intention is to
help and support the society for income generation or to live sustainably with new ideas.

 Serial Entrepreneurs: - All the entrepreneurs who start many chain outlets of a single
product and use them to grow and expand their business on the part of generating profits
are known as serial entrepreneurs.
 Profit Entrepreneurs: - All those entrepreneurs who have the main aim of generating
profits are known as profit entrepreneurs. Though, the main aim of every
entrepreneurship is to generate profits but they are driven mainly for profit earning and
they cater to all the needs that help them in generating profits (Carraher and Paridon,
2015).
 Technical Entrepreneurs: - All those entrepreneurs who have the main aim of providing
technical, technological support to the economy are known as technical entrepreneurs.
 Agricultural Entrepreneurs: - All those entrepreneurs who are providing agricultural
products to the economy are known as Agricultural entrepreneurs.
 Lifestyle Entrepreneurs: - Those entrepreneurs who have the main motive of providing
lifestyle, fashionable, knowledge to the economy are known as lifestyle entrepreneurs.
P2. Similarities and differences between entrepreneurial ventures.
All the entrepreneurial ventures are considered important for an economy as when an
economy wants to grow and develop then all the entrepreneurs are to be considered important.
Both enterprises large and small are considered important for economic performance .But all the
small and large business enterprises are evaluated on the grounds of developing business
ventures so that when any enterprise needs to grow and develop it needs to consider all the
factors related with small or large business operations on the grounds of personal, individual
development(Carsrud and Brännback, 2011).
Similarities refers to all the methods and policies that all the enterprises caters together and they
follow while developing and growing. Technical, Profit oriented Serial and social entrepreneurial
ventures have the similarity that they caters to employment generation and helps in providing
economy the suitable level of growth and development.
Differences refers to all the methods, rules, policies which are being followed differently in the
organizations and caters to all the needs and values that are related to organizational

development. There are various entrepreneurs that provide products and services and caters the
needs of the individuals. They are the building blocks of economy and help in growth and
development of all the business activities that are essential. Differences in the entrepreneurial
ventures are between Serial and social, technical and profit oriented are that where ,Serial
enterprises have the aim of developing business ventures While Social enterprises have the aim
of providing employment to all the sections of society. Technical enterprises have the aim to
provide technical support to the economy and profit oriented enterprises have the aim of
providing the flow of money in the economy and to provide monetary benefits to the consumers.
All these similarities and differences are part of business development and caters to all the needs
of the consumers who are looking for the market based products and services as per the low cost
effectiveness and efficiency of the products and services(Dennis 2011).
M1 Entrepreneurial ventures to demonstrate an understanding of entrepreneurship.
Entrepreneurship refers to the start new businesses with new and innovative ideas. There having
many types of entrepreneurial ventures so easy to understand and properly know about the
entrepreneurship. Entrepreneurship process having many problems and issues those have to
manage control by the owner of the firm because they have knowledge and experience to how to
handle to situation and how to resolve the problems and issues regarding business.
Public and private entrepreneurships:
The differences between the sectors include attitudes and practices around time, money, and
process or perceptions about purpose, principles and work ethic. That is why it is important
to create a shared vision and value system.
Private enterprise: It is mainly profit oriented where the owner basically focuses on the
production and marketing of the products and services to increase the profit level. Examples for
these types would be all the retail companies, health and beauty businesses etc. however they
contribute to economy of the company. According to UK stat 2017 between 2015 and 2016 the
number of VAT/PAYE registered businesses grew by 101,000.

Public enterprise:
Entrepreneurship refers to the start a new businesses with new and innovative ideas. There
having many types of entrepreneurial ventures so easy to understand and properly know about
the entrepreneurship. Entrepreneurship process having many problems and issues those have to
manage control by the owner of the firm because they have knowledge and experience to how to
handle to situation and how to resolve the problems and issues regarding business.
TASK 2
P3. How micro and small businesses impact on the economy.
The survey on the small and large enterprises which are being evaluated at the part of
organizational growth and development suggest us that both private and small business
enterprises have the highest percentage of providing employment to all the sections of the society
and this can cater to the development of employment opportunities in the economy. Small
business enterprises are those businesses that caters to needs of small and technical graduates in
the economy and help them to grow and develop on the part of generating employment and
highlighting the business opportunities that are being required for providing growth and
development to all the sections of the society. Micro enterprises are those enterprises that are
considered for developing and generating employment opportunities .These enterprises have
small number of employees on the part of growth and development and are required to generate
resources for all the sections of societies( Fassin, Van Rossem and Buelens, 2011).
High demand for products and services caters to all the needs and tools which are being analysed
so that an economy facing all the resources for effectual development can cater to all the needs
and measures of the economy. These policies can be of prospective employees on the part of
growth and development and will be considered essential for development of economic activities
that can be formulated at the required level of growth and development in the economy. This is
because of the fact that when an economy wants to grow and develop they need to analyse all the
relative and related factors of production which are being considered for successful growth and
development in the economy.
Different sized of businesses contribution to total population, employment and turnover, at start
of 2016. Small - Medium size and the Economy.

According to Business Population Estimates for the UK and Regions 2016 small businesses
accounted for 99.3% of all private businesses at the beginning of 2016 and 99.9% were small or
medium-sized (SMEs). The employment in small or medium was 15.7 million; 60% private
sector and the combined annual turnover of SMEs was £1.8 trillion, 47% of all private sector
turnovers in the UK. (GOV, 2016)
P4 Important small businesses and business start –ups growth of the social economy
Small business firms are help to develop economy of the country and also provide
various kind of new and innovative products to customers. Small businesses start with new idea
so its easy to attract high number of customers towards their products and services. Small
businesses through develop job opportunities in the market and also help to develop standard of
living of society its help to provide better and innovative products and services to all persons. A
small business firms refers to new opportunities, trade of products and profession the main
objective of the firm is earn high profits through the market and also properly give satisfaction to
all customers if their having any issues regarding company and products so they the company
easy to resolve them.

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Illustration 1: Growth rates of small business and start ups
From the above mentioned this graph is concluded that growth rates of start ups and
small businesses among women and men. This graph is divided into five categories there has
been explained women ownership were regularly growing as compare with men and the highest
value of women ownership become approximately 95% whether men possession is 40%.
Developing personal relationship: Small businesses firms through build effective relationship
with customers, suppliers and employees of the businesses so they can work in the systematic
way and easy to achieve the goals and objectives of the company. In the market should maintain
the relationship and proper interaction with all employees and customers as well as competitors
in the market so they can help to promote their products and easy to supple resources and
materials to the firms by the suppliers (Fayolle2013).
Responding flexibly to problems and challenges: to start the new business firm in the market so
have to face many problems and issues and it’s hard to build effective image in the market also
in the customers mind. So through the owner of the businesses should analysis all the problems
an issues and find out the effective solutions. In the other hand, small businesses are flexible in
the nature they face all problems a responding regarding them with flexible nature and find out
the better solution.

Inventiveness and innovation: small business is established with new and innovative ideas on
this basis they start the business to provide better and different products to customers in the
market. Two starts the new business firm in the market so have to require some effective skills
and abilities to manage and control all activities as well as t provide new products so customers
are easy to attract towards products and services.
M2 Evaluate the differences small, medium and large businesses
Small business is help to develop working performance and economic growth of the country.
Small, medium and large business firm are identifying on the basis of their investment in the
business and in the market. Small business through provide job opportunities to all employees
and easy to resolve all kind of problems and issues regarding business firm.
TASK 3
P5. Characteristics, traits and skills of two successful entrepreneurs.
Successful entrepreneurs play an important role to develop business and build a brand
image in the market. They having some smart and effective qualities and skills those developed
by their family, friends and external environment. These elements through develop thinking level
and innovative ideas in the mind all these are help to start business with new ideas. In this world
having many successful entrepreneurs by these were facing many problems in their life but they
were find out the better and effective solution to them and develop their business. They focus on
customer’s requirement as well as earn profits. The famous entrepreneur in the world is Bill
Gates , by this entrepreneur through make smart and innovate computer device that help to do all
kind of works relating to the office, education, business and so more in the systematic manner,
that help to reduce cost as well as the time duration of works and activities of the company. This
entrepreneur through build a brand image in the marketplace (Gorgievski Ascalon and Stephan
2011). Other one successful entrepreneur in the whole world is Donald Trump; this successful
entrepreneur is relating to the real state development by this entrepreneur through also build a
effective brand image in the market. There is having many characteristic, traits and skills in
entrepreneurs those are under the below:
Goal oriented: To start the new business in the market should develop new and innovative ideas
that help to build a effective market image in the market as well as in the customers mind. Any

kind of business firms or businesses through should have to decide goals before start the business
so employees of the business can work effective and work for to achieve decide goals and
objectives of the business.
Uncertainty: In the business risk and chances of loss that uncertainly in the nature. During the
start the business should have capabilities and skills to face problems and issues and find out the
better solution to them. Without taking risk and chances bushiness cannot develop and cannot
understand the market. Risk is the uncertain in the nature that will suddenly occur front of
employees and owner of the company so have to resolve them in the systematic manner.
Continuously look for opportunities to improve: Owner of the small business firm always look
for new opportunities to develop their business in the market and they are always try to give
proper satisfaction to al customers and full fill their needs and wants. Owner of the business
wants to develop business in the effective manner and use properly opportunities to develop
business and earn profits.
M3 Different lines of argument relating to entrepreneurial characteristics,
Entrepreneurs are having many skills and abilities to manage and control all over the works and
activities of the business. They having experience how to handle the situations an problems in
the business and how to resolve them. Characteristics of entrepreneurs refers to the nature,
behaviors, capabilities, skills and working performance all these are play an vital role to develop
business in the effective manner and they can easy to achieve the goals and objectives of the
business.
D3 Analyse the characteristic traits, skills and motivational drivers
Entrepreneurs are help to motivate the person towards their works and objectives. They
having some skills and effective abilities those are help to achieve decided goals and objectives
of the business and they can easy to analyses the problems and issues and resolve them by using
effective methods and ideas(Neck and Greene,2011).

P6. Entrepreneurial personality reflects entrepreneurial motivation and mindset.
Entrepreneurship refers to the start a new business with new and innovative ideas by this
provide something difference and innovative products an goods to customers and easy to
satisfied their wants and needs. Entrepreneurs having many skills and abilities those are develop
or generate by the family on the persons, friends and external environment all these are help to
develop something new and innovative ideas and develop their thinking level. Entrepreneurs
personality help to develop motivation in the persons for their work and set a effective mind set
to achieve the decide goals and objectives of the business.
 Achievement motivation: entrepreneurs are motivated by the family, friends and external
environment of the persons. Motivation process help to achieve goals and objectives of
the company also help to develop business in the effective manner.
 Self efficiency: Self efficiency refers to beliefs and confidence of an entrepreneurs that
help to provide proper satisfaction to all customers and produce products an goods
according to the customer’s needs and wants.
 Entrepreneurial intervention: Entrepreneurship refers to the start a new firm or business
with new innovative ideas that help to build a effective image in the market and also in
the customers mind as well as give proper satisfaction to them. Entrepreneurship process
based on the new and innovation ideas and views that help to build a different image in
market and customers are easy to differentiate them to other products (Preuss 2011).
TASK 4
P7. How background and experience can hinder or foster entrepreneurship.
Entrepreneurship refers to the start a new business or a firm in the market with new and
innovative ideas that help to build a effective image in the market as well as customers mind so
they can easy to differentiate from other products(Welter,2011). Entrepreneurs are having many
skills and abilities those are generated by the family, friends, education and external environment
of the persons all these are play an vital role in entrepreneurs life because of by all these things
through develop new and innovative ideas to start a businesses or firm in the market. But
sometimes friends and friends are not that much effective and suitable to the persons those are
not able to develop something innovative thinking to start the business. So they are not properly

motivated to them to start the new business. A persons in their life get experience and knowledge
by education, work, family , friends, society and so more all these are play an vital role.
Experience of a personal is the very import tool that help to easy to face any problems and easy
to analysis them and find out better solution to resolve them. Because they having expectation in
their past life they know how to resolve them ( Raposo and Do Paço, 2011). During the start the
new business in the market have to face many problems and issues those have to understand
properly and also maintain the relationship with their customers, competitors and suppler in the
market. Experience through easy to develop their business and easy to achieve goals an
objectives of the company also owner of the business having knowledge how to sell products to
customers and how to give proper satisfaction to them towards their products and goods. They
having knowledge regarding business and customers they understand customers needs and wants
according to them (Sampaio, Thomas and Font 2012.).
M4 entrepreneurial characteristics and the influence of personal background and
experience
Entrepreneurship refers to the start a new firm or business with new and innovative ideas
these entrepreneurs’ skills and abilities are developed by the family, friends and external
environment of a person’s those highly impacting on charter of the entrepreneurs. On these basis
they develop their thinking level and generate their ideas to start the business in the market
(Shane,2012).
CONCLUSION
As per this project report, entrepreneurship is the systematic process in which start the
new business with new and innovative ideas those wants to full fill customers needs and want.
To produce something different and innovative products to them so they can easy to differentiate
to other products in the market. Entrepreneurs having ability and skills to manage an control all
over the works and activities of the business these capabilities and skills help to resolve all
problems and issues regarding business firm.

REFERENCES
Books and Journals
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.
Carland, J.C., Carland, J.W and Stewart, W.H., 2015. Seeing what's not there: The enigma of
entrepreneurship. Journal of small business strategy. 7(1). pp.1-20.
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
Small Business Management. 49(1). pp.92-106.
Fassin, Y., Van Rossem, A and Buelens, M., 2011. Small-business owner-managers’ perceptions
of business ethics and CSR-related concepts. Journal of Business ethics. 98(3). pp.425-
453.
Fayolle, A., 2013. Personal views on the future of entrepreneurship education. Entrepreneurship
& Regional Development. 25(7-8). pp.692-701.
Gorgievski, M.J., Ascalon, M.E and Stephan, U., 2011. Small business owners' success criteria, a
values approach to personal differences. Journal of Small Business Management. 49(2).
pp.207-232.
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.
Preuss, L., 2011. On the contribution of public procurement to entrepreneurship and small
business policy. Entrepreneurship & Regional Development. 23(9-10). pp.787-814.
Raposo, M and Do Paço, A., 2011. Entrepreneurship education: Relationship between education
and entrepreneurial activity. Psicothema. 23(3). pp.453-457.
Sampaio, A.R., Thomas, R and Font, X., 2012. Small business management and environmental
engagement. Journal of Sustainable Tourism. 20(2). pp.179-193.

Shane, S., 2012. Reflections on the 2010 AMR decade award: delivering on the promise of
entrepreneurship as a field of research. Academy of Management Review. 37(1). pp.10-
20.
Welter, F and Smallbone, D., 2011. Institutional perspectives on entrepreneurial behavior in
challenging environments. Journal of Small Business Management. 49(1). pp.107-125.
Welter, F., 2011. Contextualizing entrepreneurship—conceptual challenges and ways forward.
Entrepreneurship Theory and Practice. 35(1). pp.165-184.