Entrepreneurship and Small Business Management

This document discusses the different types of entrepreneurial ventures, their similarities and differences, and the impact of micro and small businesses on the economy. It also explores the characteristics, traits, and skills of successful entrepreneurs. The subject is Entrepreneurship and Small Business Management.

Unit 9 –
Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................4
P1 Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship. ....................................................................................................4
P2 Explore the similarities and differences between entrepreneurial ventures. .........................5
....................................................................................................................................................6
Entrepreneurial Ventures Similarities .......................................................................................6
TASK 2............................................................................................................................................7
P3 Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy. .............................................................................................................7
P4 Explain the importance of small businesses and business start-ups to the growth of the
social economy. ..........................................................................................................................9
TASK 3..........................................................................................................................................10
P5 Determine the characteristics, traits and skills of successful entrepreneurs that differentiate
them from other business managers. ........................................................................................10
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mindset. .............................................................................................................................12
TASK 4..........................................................................................................................................13
P7 Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship. ......................................................................................................................13
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Entrepreneur is a single person who create a new business idea and take a initiate to
execute their plan. Entrepreneurs bear many risk and challenges to establish their business in
market(Obschonka, Fisch and Boyd, 2017). From their businesses, entrepreneurs playing a
significant contribution for the growth of the country through their start-up's, small enterprise
and micro businesses. Entrepreneurship is contain as a maintaining an developing a company and
business ventures so that businesses van earn profit by their risk and efforts. Entrepreneurs start
their business in a small level like a firm, start-up's and small businesses. Its crucial to manage
the small business at initial level. Small business management is really essential for the
entrepreneurs. The main aim of this report is to identify various kinds of the entrepreneurial
ventures and also discuss about its topology and determine the differences and similarities of
these ventures. This report recognize the impact of micro and small businesses on the country
economy and identify the mind set of entrepreneurial personalities.
TASK 1
P1 Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship.
Entrepreneurs come sunder those individuals who are ready to take a risk and also taking
numerous challenges so that they can plan and execute their idea in the form of business and
firms. There are various types of entrepreneurial ventures which give impact on the development
of the country. These entrepreneurial ventures are discussed below-
Various Kinds of Entrepreneurial Ventures Social Entrepreneurial Ventures – Social enterprises established for the betterment of
the people and the society (Mamabolo, Kerrin and Kele, 2017). Entrepreneurs prepare
products and provide service which help to solve the problems of the people. The main
aim of these type of companies is work for the people not for profit. For example, Shelter
and save the child are the famous social businesses in UK. Small Company Entrepreneurial Ventures - In the current scenario, ,massive number of
small businesses are running across the whole world and the main aim of this types of
entrepreneurial ventures is profit maximization. Large number of people are running
small business because it give more revenue and live their life in a better way and also

help their families. The size of the small businesses is very small, in small business less
than 49 people can work in this who are based on the local areas. The net worth of small
businesses is under €2 million. Grocery , electricity, consultants , bakery consider the
example of small businesses in United Kingdom. Orion electrotech Ltd and Clarasys is
the private firm of the UK.
 Large company Entrepreneurial ventures - Large company need a proper guidance of
the experts and professionals who show the right direction and prepare effective business
strategies so that company sustain at the marketplace and expand their market
internationally(Klofsten, et. al., 2016). These companies use advance technologies so that
their businesses easily operate globally without any hurdle. Tesco, ASDA, Sainsbury are
the example of the large company entrepreneurial ventures.
Entrepreneurship Topology
Two types of entrepreneurship topology are discussed in this report which give impact in the
growth of the businesses. Growth of the firms – For the business growth, companies use new ideas and products
which enhance the company position in the market. Any kind of businesses whether it
can be a small or ,large or social, every businesses need growth at some point. Businesses
mainly choose the customers satisfactions instead of other things. Businesses want to
gain the customers loyalty and satisfaction.
 Lifestyle Businesses - The main motive of this topology is to provide high living
standard to the local people so that they can improve their lifestyle through these
entrepreneurial ventures(Hsu, Simmons and Wieland, 2017). Small businesses and other
firms provide employment opportunities to the local people which help to enhance their
lifestyle.
Topologies of the entrepreneurship and entrepreneurial ventures are related with each
other and help together to provide the good employment opportunities and evolve the livelihood
of the people.
P2 Explore the similarities and differences between entrepreneurial ventures.
There are many differences and similarities of entrepreneurial ventures given which are
discussed below-

Entrepreneurial Ventures Differences
Basis Small business Large business Social business
Means Small Businesses is comes
under those firms which
size and place is small and
in this types of businesses
less number of employees
can work. These
businesses require low
capital and fund to start
business.
Large Businesses is
comes under those
categories which size and
scope and areas is very
large and large number of
employees are working in
that businesses.
Social businesses are
comes under that types
of business which
work only for the
people and provide
their services which
give them benefits in
people living.
Characteristic
s
The main characteristics
of the small businesses is
that they need limited
source and funds to start
the business. These types
of businesses provide their
contribution for the
country growth.
The main characteristics
of the large businesses is
that they need massive
amount of resources and
investments, machinery
and equipments.
The prime
characteristics of this
businesses is to serve
for the society and
offer the convenient
service to the people.
Government help these
organization to support
the common people.
Aim The main aim of this
businesses is to make
more money so that they
can affords a suitable and
comfortable lifestyle.
The main aim of the large
businesses is to generate
more profit instead
wealth. Large companies
earn more profit with
their creative and
effective ideas and plans.
The aim of the social
businesses is to help
population of the
country so that they
can able to live their
life by own.

Entrepreneurial Ventures Similarities
Basis Small business Large business Social business
Getting the
requirement
Small businesses is
create to full fill the
requirements of
common people and
give them employment
so that they can live
healthy life.
Large businesses are
provide full fill the
requirements of the
massive number of
people with that
products and services.
Social businesses are
mainly work for the
the people welfare and
full fill all the
requirements of the
needy public.
Improvement of the
society
The main role of the
small businesses is to
create job for the local
people and give them
better life so that it
improve the society
level.
Large businesses
provide innovative and
creative products so
that they attack large
number of audience
and generate more
profit and also give
huge contribution in
society improvement.
Social business work
fro the society
improvement and also
give their contribution
in the county growth.
TASK 2
P3 Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy.
Micro businesses and small businesses both are essential for the development of the
economy(Henley, et. al.,2017).The role of micro and small business and companies is similar
and both are provide best efforts in the development of the country economy. In this report, the
description of the four types of businesses and companies are discussed below-

Micro
Micro businesses are consider a very small businesses. The size of these businesses is les
than 10 people.
Small
In small businesses, over all 50 people can work. Small businesses help to build the good
society at lower level. Social businesses give positive impact on the country economy.
Medium
The size of the medium businesses is consider less than 250 people. These businesses
provide some facilities so that employees can work without any issues.
Large
Large businesses market size consider more than 250 people. These businesses provide generate
maximum profit and provide good resources and facilities an compensations to their employees
so that they can live standard life.
Illustration 1: Illustration 1: Role of Start-ups and Small Businesses
This chat shows the analyse and measurement about the data and value of small , medium
an large businesses. These measurement analyse and implement according to the market

segmentation. This chat also showing the 99.3% of headlights of small businesses and 0.6%
medium businesses are running in the UK and 0.1% large businesses running in United kingdom.
This chart demonstrate that only single % of the firm and businesses are running under the
medium and large businesses and other comes under small businesses. Small businesses provide
employment to the 48% people and medium businesses provide employment to the 12% of
people and large businesses provide employment to the 40 % of people. Small businesses
turnover is 33% and medium businesses turnover 14 % and large businesses turnover 53%. small
, medium and large businesses all are essential for the growth of the country economy
(Ghalwash, Tolba and Ismail, 2017).Massive number of small businesses are operate in UK and
large businesses generate huge turnover which helpful for the growth of the country.
P4 Explain the importance of small businesses and business start-ups to the growth of the social
economy.
Start-up's and small businesses firms are playing a useful role fro the enhancement of the
society and also social economy. With the help of these businesses and firms full fill the need of
the money of the general population. Start-up's and small businesses provide job and good
employment most of the people in their local areas. The present scenario is totally in favour of
the new start-up's and small firms because UK government provide their support. Here some
points discussed which show the significant of the micro and small businesses in the growth of
the social economy.
Improvement in Living Standard
In this time micro and small businesses are very much capable to improve the
living standard of the population of the UK. Small businesses and also start-up's build a
businesses with their own idea and risk and generate many job for the local and town , Villegas
areas people so that they can live good life. These businesses help to increase their living
standard so that they become more capable to live their life and solve their problem by their own.
Generate many job opportunities
Small businesses and start-up's provide many job opportunities to large number
of people and also give them safe and secure life (Ferreira, et .al., 2017). In this time
competition is increasing rapidly and sometimes deserving people are not get a good job . So
small businesses are hire them and and give them change to build their career. New start-up's and

other small firms are offer a good job to the people so it will help the problem of unemployment
so that the contribution of these businesses is really prominent in social economy growth.
TASK 3
P5 Determine the characteristics, traits and skills of successful entrepreneurs that differentiate
them from other business managers.
For this report, two entrepreneurs are chosen name (J. K. Rowling and Richard Branson ).
The characteristics, traits and skills of both entrepreneurs which differentiate the these
entrepreneurs from other business managers are discussed below-
J. K. Rowling
J.K. Rowling is one of the best author and entrepreneur across the world. The name of the
J.K. Rowling is well known by everyone. She is most famous British author, film producer and
screenwriter. (Edvardsson, et. al., 2018). She is well recognized by her world famous book
series “Harry Potter” which is consider most popular novel and also got many achievements and
J.K. Rowling become the best selling author.
Characteristics : Innovative - Innovative is a very essential characteristics which is required for every
entrepreneurs. J.K. Rowling is one of the most popular name in the world and J.K.
Rowling is very familiar name in this time. J.K. Rowling work is very impressive and
innovative.
 Passionate – Every entrepreneur should be passionate toward their work. J.K. Rowling
is really passionate and serious about her work . Her novel “ harry porter” is famous
worldwide so each and every one knows that she have this characteristics.
Traits : Confident – This is most necessary traits for every entrepreneur without confident no
entrepreneur can develop their organization(Day and Mody , 2017). (Rahdari, Sepasi
and Moradi, 2016) J.K. Rowling is really confident that is the reason she overcome from
their problems very quickly and confidently made her career.

 Self motivate – Self motivation is required for each and every entrepreneur but some
entrepreneurs keep themselves self motivated. J.K. Rowling is a very good and self
motivated women and she always learn from their mistakes and learn lesson from this
and continuously keep motivate .
Skills : Adaptability – Every entrepreneur need to know the how to manage their work and also
adaptable in every situation. J.K. Rowling is know very well how to adapt all the things
and take it as an positive way.
 Problem solving – Every entrepreneur or businesses manager need to be know about this
skills. J.K. Rowling is really good in problem solving skills and she always solve her
problems in a effective way.
Richard Branson
Richard Branson is a famous business person, investor, philanthropist and also author. He
is the owner of Virgin Group which he founded in the year 1970. in this time he is monitoring all
most 400 companies in different fields. There are some characteristics , traits and skills of
Richard Branson discussed below-
Characteristics : Professionalism – Professionalism is the most demanded characteristics which is
necessary for every entrepreneur. Richard Branson is the person who is playing various
roles like business magnate, author, investor and he maintain professionalism in every
role.
 open mindedness - Richard Branson is very open minded person that why he is capable
to manage all the businesses activities with their open mind and also maintain each and
every aspects of the business(Collewaert and Sapienza, 2016 ).
Traits Creative- Richard Branson is really creative person and every country known h9is
creativity. Richard Branson is one of the most creative businesses who handle more than
400 companies.
 Risk taking- This is the main trait of the Richard Branson . He have no fear to take any
types of risk in their business. Risk taking is the most required traits of the entrepreneur
an he have this quality.

Skills Persistence - Richard Branson is very persistence and very serious toward their work.
He is manage all the work in their most famous company Virgin Group.
 Leadership - Richard Branson have a good leadership quality and he use his leadership
power in a positive way. He usually motivate their employees instead of dominate the.
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mindset.
To access and analyse the aspect of the entrepreneurial personality reflect in entrepreneurial
motivation and their mindset ocean model is applied which are discussed below-
OCEAN Model
In OCEAN Model, 5 components are involved which play a prominent role to maintain
the each and every aspect of the entrepreneurial personality(Bujor and Avasilcai, 2016). All the 5
components are explained below-
Openness
Openness is consider the one of the most important traits for the entrepreneurs
personality. Before we discussed about the Richard Branson. He is the most popular entrepreneur
and he is very open minded person. This is personality traits best suits on him. He mainly
focused toward their decision making and take decision of every businesses with openness .
Conscientiousness
This personality traits is consider a highly required and extremely essential
entrepreneurial personality traits. This traits best suits on the J. K. Rowling. She is highly goal
oriented person and very focused toward her goal.
Extraversion
Every entrepreneur need this traits. J.K. Rollwing is very extraversion because she
express herself very well and emotionally express her feeling and ideas to the other people
through her worldwide famous novel. She is really extroverts and very energetic and courageous
person so this traits reflect her personality very well.
Agreeableness
Agreeable entrepreneur is open of the most liked person by everyone. Richard Branson is
a successful business man and he accept all the opportunities and take proper decision toward his

plan of action ( Brown, et. al., 2018). Richard Branson is agreeableness entrepreneur and he
understand the situations of his employees and agree with all the precious suggestions of his
employees.
Neuroticism
This personality traits is consider the last personality traits in the Big five personality
traits model. Neuroticism traits consider as a emotionally instability and unhappiness. These
types of people easily irritate with others and become anxious.
TASK 4
P7 Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship.
In this report, before two entrepreneurs example are taken that is J.K. Rowling and
Richard Branson. The background and experience of these personalities according to the hinder
or foster are discussed below-
J.K. Rowling Background- The full name of J.K. Rowling is Joanne Rowling. She was born in the year
1965 on 31 july. Her father is a science technician and her childhood was not spent well.
In teenage time she was very unhappy and not living a good life. He was not that much
close with their parents and family members in the childhood so that she become very
capable to face her problem by her own and her parents was really educated that why she
is also good in studies since childhood. She completed her schooling from St Michael's
Primary school and she also give entrance exam of the Oxford University but she beame
fail. After that she did BA degree in French so she is really educated person and her
family too . Her upbringing is really nice so this things foster the entrepreneurship. She
have all the quality of an entrepreneurship.
 Experience – J. K. Rowling is one of the most famous writer and film maker. She lean
from her experiences(Bergmann, Hundt and Sternberg, 2016). After her divorce she
become depressed and faced many waste situation. She living a life like a hero and give
inspiration to the other people of the world. J.K. Rowling is a famous name and every on
know her experiences. She is a best entrepreneur in this time only because of her

experience. Her experience foster the entrepreneurship and each and every one motivate
from her life story and experiences.
Richard Branson
 Background- The full name of Richard Branson is Richard Charles Niocholas Branson.
He is the famous business man and author. Richard Branson was born in
Blackheath ,London in the year 1924. he has a two little sisters and hi9s grandfather is
famous judge in the High Court. He is well educated person. He completed his education
from Scaitcliffee School. In 1972 he found the company named Virgin Group. In this
time, he controls and monitor many businesses and companies and also maintain all the
all other firms of national and international countries. His life is very challenging and his
background is really good he lean various things from his childhood. He is a quick
learner that's why is he comes under most effective entrepreneurs. He motivated so many
people and foster the entrepreneurship.
 Experience - Richard Branson experience is really remarkable and effective. Most of the
people highly motivate from his personality and his work(Bellavitis, et. al., 2017) . He
motivate his employees with his story and challenging roles. Richard Branson life
journey is really risky. He learn many things and always stay up to date from all the latest
trends. Richard Branson is the one who control and monitor all the organizational
activities that's why is become a influential entrepreneur. He perceive many
entrepreneurial skills so that he can inspire his co-worker and other staff member. He
expand his business all over the world. He is a successful inverter and a well known
author. He write many books which affect many people life.
CONCLUSION
As per this report it is concluded that, there are various types of entrepreneurial ventures
which play a significant role in the country economy. The importance of new start-up's and small
businesses are increasing day by day in UK because it help to enhance the social economy
growth and anticipate the whole economy. Micro , small, medium and large businesses are very
significant for the growth of the country. In this report, different types of businesses are
discussed like small businesses, large businesses and social businesses and this report also
determine their size and importance of all the business in the context of the country economic
growth. This report found that small businesses is more in UK market and the revenue of the

large businesses is more than every businesses. Small business are providing many jo
opportunities to the common people of the country so that country economy boost. This report
also identify the some personality traits with the help of OCEAN model. In this model all the 5
components are explained and determined. This report also explained about the two famous
entrepreneurs including JK Rowling and Richard Branson. Both entrepreneurs have a proper
characteristics and skills and both are very popular in their own filed.
REFERENCES
Books and Journals
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relevance (and irrelevance) of the university and the regional context for student start-
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Klofsten, M., et. al., 2016. How does angel investor–entrepreneur conflict affect venture
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Mamabolo, M.A., Kerrin, M. and Kele, T., 2017. Entrepreneurship management skills
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