Entrepreneurship and Small Business Management

This document discusses the various types of business ventures, including small, scalable, social, and large businesses. It also explores the influence of SMEs on the nation's economy and the skills and characteristics of successful business people.

Entrepreneurship and
Small Business
Management

Contents
INTRODUCTION.......................................................................................................................................3
TASK 1.......................................................................................................................................................3
P1 Various kinds of business venture along with their topology.............................................................3
M1 Public and Private sector...................................................................................................................5
P2 Differentiate and similar features among different business types......................................................5
TASK 3.......................................................................................................................................................7
P3 Influence of SME’s over nation’s economy.......................................................................................7
P4 small Business contributing to the growth of economy......................................................................8
M2 Analysis of differences among small, medium and large businesses into the economy....................9
TASK 3.......................................................................................................................................................9
P5 features and skills of successful business men....................................................................................9
P6 factors that influence a person in becoming a entrepreneur..............................................................11
M3 Explore different lines of argument relating to entrepreneurial characteristics...............................12
TASK 4.....................................................................................................................................................12
P7 background or features of a person that damages or fosters the success of entrepreneurs................12
M4 link between business person background and its characteristics....................................................13
CONCLUSION.........................................................................................................................................13
REFERNCES............................................................................................................................................14

INTRODUCTION
Business person are the people who converts their innovative and creative idea into an
extraordinary plan by putting up into a form of business into the market. These people start their
business by providing the new and innovative product which gets mesmerizing the customers
and customers purchase it. The idea which is brought by the business person is new and so
different that it creates a niche market for a time being until no other business or organization
copies them. The innovative idea satisfies the needs and wants of customers and makes their
lives quite easy. For reference B&W organization is taken. The company was set up by 2 persons
name as Simon and Bobby Arora. The numbers of employees which are hired by the company
are around 28,000. The company is specializing in producing the home products and serves
around the whole world.
The report discusses about the various typology which entrepreneurship has. The report also
talks about the benefits which are acquired from this small and medium scale business to the
local and national level. Furthermore, the report also includes the skills and characteristics which
a business person has. Apart from this the background and the education influences upon the
entrepreneur has also discussed into this report.
TASK 1
P1 Various kinds of business venture along with their topology
An entrepreneur is an individual who thinks of a plan to begin a business with his
accessible assets, and is prepared to take all the dangers related with it. For the most part, the
business thought incorporates another item or administration rather a current business thought.
These entrepreneur looks for circumstances accessible and go about as a 1st person to take the
opportunity & investigating the chance. The business endeavors focuses on exceptional yield
through applying similarly significant stage of hazard & vulnerability (Acs and et. al., 2012). The
business man is happy to face challenge for the funds contributed, investment & crude material,
laborers utilized and so forth. Airbnb can be a great example for this.
Different kinds of entrepreneurial business
Small ventures: It is an entrepreneurial business which is run by an individual and he is the one
who fully acquires all the gains and profits. The small scale organization needs a small amount if
capital and investment. The money which is been put into the business is not more than the
amount which is put into medium scale businesses. The employees who are hired by small scale
organization is in between 1 to 49. The business owner or the idea creator can take the capital
from various sources which may includes his personal savings, bank loans, loans from family or
friends and the like. Some of the examples of small scale business venture includes salons, hair
dressers, dry cleaners, and the like. Likewise these models don't play or hold predominant spot
into their separate enterprises. For instance, salons, beauticians, training classes, etc are a few

instances of little scope organizations. In such the utilized are exceptionally short of what others
and furthermore the extension of the business is little (Audretsch, 2012). B&W which is goods
store is a little scope business which focuses on the neighborhood greatest a city.
Scalable Business venture: They refer as the advancement centered organization. The business
person in these endeavors attempts in make another place through accumulating inventive items
or administrations as they absolutely vogue to open. This inventive thought claims the clients.
Scalable undertaking drastically change a current market with their inventive, innovation based
items or administrations. Such undertakings can get their capital through holy messenger
speculations, investments, quickening agents, companions, family and individual assets. The
objective of these endeavors is to create a critical riches for financial specialists and originators.
Instances of scalable organizations incorporates. Some of the example of scalable businesses is
Instagram, Indeed, twitter and the like. In twitter application the members can post their views
and opinions about a topic or of anything which is up in their mind. The app has many verified
account of people who are known and famous among people. Another app, Instagram, in which
the people can post their pictures and their followers can like and comment on it. In another
business venture, Indeed, where the people who are looking for the job can make an account
their and can upload the resumes. At indeed the employers or the company keep on posting the
vacant position which they have in their department and the candidates apply for the job. This
application is very much useful for the people.
Social business venture: In these organizations point reason for existing is to improve the world
a spot to live. They construct inventive answers for take care of natural and social issues. The
principle point of these businesses adventures are to augment manageability improvement. This
measure for investment enjoy relies on the sort and scale of the entire capital putted. The
undertakings has a gauge to make a critical change and effect on the lives. A few instances of
such businesses adventures incorporate an organization attempting to illuminate winning medical
problems, taking care of explicit social issue winning in a nation, natural concern, etc. For
instance Gravity light, the association principle purpose is for supplant the lamps with power.
The association causes the underdeveloped territories to get the accessibility to power. This
organization has work for the society by claiming them as a social business as they performs the
work for the betterment of the society only.
Large business venture: they are the type of organization at which any rate 500 representatives
work. These are by and large co-activities which significant objective are to creating
considerable benefits and incomes for the organization and its investors. They rise the amount
through their incomes, credits got from assessment, and auxiliaries. Enormous entrepreneur
adventures are significant business in the network (Chugh, 2016). They representative
individuals at a mass number which is useful for economy moreover. They will in general build
up a decent notoriety and are conspicuous by dominant part of populace. Models for enormous
entrepreneur adventure incorporates E&Y, deloitte, tata, ITC and so on. Every one of these
organizations have create an essence through out the world and they are called as practically

everywhere throughout the world. The organizations in above model have utilized a great many
representatives likewise they are operating and have the activity platform in numerous nations
(Dahles and Susilowat, 2015). The accenture organization is built up in excess of 200 urban
areas and has workers more than 5,05,000.
M1 Public and Private sector
The public organization is the organizations which work for the welfare of the society.
Their main motive for their operations is to serve the public not to earn profits. Their mission and
vision surrounds by society welfare through brining equality, infrastructure development, brining
facilities for poor people, equal distribution of resources, equal access to rights and so on. Some
of the examples include financial conduct authority, security service and so on.
Whereas the private organization main motive is to earn profits. They conduct their
business in a view to make money and profits. Their motive is to make profits through cater the
needs and wants of their targeted market. For example tesco, marks and spencer, Audi, BMW
and etc.
P2 Differentiate and similar features among different business types
Difference between business types
Basis Small Business Large Businesses Social
Size
They includes at least
two than two staff
individuals which is
employed by the
proprietor of
organization as
indicated by their
prerequisites.
These kind of
businesses endeavors
comprise of in excess
of 250 workers who
do diverse business
exercises in a viable
way. Large business
entrepreneurs is
controlled just as
overseen through
expert accomplices.
Quantity of
representatives at this
endeavors relies upon
the undertaking and
exercises actualized by
them. Additionally,
25% are full time staff
individuals though
65% are low
maintenance laborers..
Motive satisfaction of essential
labour necessities of
their own just as
families is the
Build of entrepreneur
activities all inclusive
and to acquire higher
benefits is the primary
thought process of
social endeavors is to
improve the states of
social orders and

principle thought
process of small
business adventures
thought process of
Large business
adventures.
increase the living
expectation of needy
individuals winning in
social orders.
Structure In the small business,
there is no appropriate
authoritative structure
and shown for the
most part race to single
proprietor that is sole
ownership.
In this , it is
principally restricted
organizations or
companies too
(Deshpande and
Sharma, 2013).
It is a trustee based
association and
structure is followed
by them.
Examples Salons, hair dressers,
dry cleaners etc.
Instagram, Indeed,
twitter.
Gravity lights
Similarities among Entrepreneurial Ventures
Similarities Social enterprise Small entrepreneurial
ventures
Large company
entrepreneurial
ventures
1 These endeavours
predominantly centres
around satisfaction of
individuals necessity.
These entrepreneurial
endeavours stress on
distinguishing
necessities of clients
and market inclines
that prompts consumer
loyalty.
Large endeavour give
items and
administrations so as
to satisfy client needs.
2 Their primary thought
process is to increase
living expectation of
individuals and
The pay win by these
endeavour contribute
towards development
and advancement of
Large entrepreneurial
endeavours contribute
a portion of benefit for
improvement of social

improve society
conditions.
social orders. orders.
TASK 3
P3 Influence of SME’s over nation’s economy
Micro enterprises includes in excess of 50 staff individuals who can complete exercises
in a legitimate way. They work with maximum capacity so as to upgrade their economic
wellbeing and expectations for everyday comforts (Drucker, 2014).
In the underlying phase, business people put away small sum if cash and plan to acquire
benefits just as to stay in showcase. They face higher challenge and bear all the misfortunes at
their own. They acquire inventive and imaginative thought advertise which legitimately
contributes towards the financial advancement of nation. Additionally, SME’s upgrade the
coating level of individuals that influence decidedly of the economic wellbeing moreover. SMEs
centers around giving those merchandise and administrations in showcase which acquires
positive change social orders. So as to increase better understanding, a model is talked about. For
example, at the hour of BREXIT, United Kingdom status regarding the economic was
confronting part of problems which put impact on individuals and organizations in a wrong way.
At that point, SMEs downs the administration so as to manage the circumstances in a legitimate
way (Fayolle, 2018). Likewise, SME’s help government to keep up successful & tackle the
emergency in powerful way. Along these lines, small and micro enterprises contributes on the
advancement just as development for United Kingdom economy.
Place: the influence upon SME’s, 2017

We can examined the following from the graph which is presented above about the economic
impact on united Kingdom :
 Approx 19 % commitment is through small organizations in advancement of UK.
 From the graph presented above, it can be observed that these small scale businesses do
contribute into the growth of the economy. They also help the economy in generating the
employment which provides the main help to the country.
It has proven that this small scale organization has contributed well into the growth of the
country. They have played a vital role in generating the employment rate into the economy. This
business has helped in raising the living standard of people and also contributes into the up
gradation of the economy (Kerr and Rhodes-Kropf, 2014). The UK government for the growth
and survival of these small companies and business has made up schemes and policies or rebate
which helped these business in their growth. The UK government has also organized the
advisory services for this small scale organization so that they can have apt advice whenever
they feel like.
P4 small Business contributing to the growth of economy
The economic system is characterized as blended economy which includes trademark and
highlights of both open and private segments. Their principle thought process is to upscale the
expectation for everyday comforts of individuals and fulfill fundamental human needs of
destitute individuals. They distinguish how social standards, culture, convictions just as morals
sway on the buying conduct of client's predominant at commercial center. Economic system is an
intentional that works at both domestic and international markets.
Likewise, this legitimately adds to advancement and development of United Kingdom. In
addition, it help which helps in adding the capital which prompts the improvement of UK
economy in a best way. The significance of private companies and new companies is
characterized beneath:
Innovation: Small businesses brings imaginative and creative items and administration at
commercial center. Their significant center is to build up those products and enterprises that gets
positive change social orders and upgrade the living standard. The innovation into the business
ideas is very much necessary to attract the new customers and also to maintain the current
customer base. The business man has to timely need to bring the innovative feature or the
product into the market which can make the lives of customers much easier. Innovation has
always considered as a serious or mandatory thing to adopt.
Higher Job Opportunities: It is resolved the increase in the percentage of small organizations
and new companies expands number of openings for work into the place that influence
emphatically on the general development of country’s economy. So as to discover capable and
gifted workers for organizations, it serves business openings in advertise that enable them to
select powerful possibility for the organization. The information, capabilities just as aptitudes of

staff individuals is used in a legitimate way with a plan to increase positive results adequately
and quickly. Besides, giving business chance to an applicant fulfill their necessity that upgrade
their situation alongside the national pay of the nation. With the assistance of skilled labours,
small organization and new companies make progress at commercial center which encourages
them to continue in advertise for longer timeframe (Neiland and Béné, 2013). Also, Small
organizations upgrade their tasks at worldwide level mind the assistance of their gifted and
successful workers.
M2 Analysis of differences among small, medium and large businesses into the economy
The impact and contribution by these above businesses are very huge and considerable.
The differences lies in the context of employees hired and the amount of output they give into
the market or to the society. For example the employees hired by small scale business would be
in between 1-49, and by medium scale is between 50-250 but whereas the large scale businesses
can employee the members above 250. Here the huge contribution is made by the large scale
businesses into the economy. Also the small scale businesses would produce the output for local
areas, medium scale business generally for a city or a state but the large scale businesses would
produce the output generally for a view to targeting many countries.
TASK 3
P5 features and skills of successful business men
Observable traits and skills in both these business people are as follows:
Simon and Bobby Arora Richard Branson
Traits Build of innovation - Each
business can vanquish any market
in the event that it carries
advancement to their items. So
also case has occurred with Simon
and Bobby Arora. They brought
innovative thoughts and present
them before crowd in type of
items, which was a lot of like by
the market.
Feedbacks and remark
approach- It has been seen that
Creativity- Richard branson
additionally got advancement
their items and administrations
which causes them in set up
themselves into the
commercial center.
Planning- Arranging is
exceptionally fundamental for
any business to succeed.
Arranging includes the future
objectives and ways to
accomplish those objectives.

these the two siblings adjust the
criticisms and comment approach.
By taking inputs and comments
from clients, the organization
make vital upgrades to better
themselves which likewise ends
up being an extraordinary system
for them.
Richard Branson had arranged
his business exercises very
well by breaking down the
both inner and outside
situations of industry.
Skills focused- Both the siblings were
resolved towards their work. They
endeavoured to accomplish the
vision they saw for their business.
What's more, effectively situated
themselves in client's brain
(Nwobu, Faboyede and
Onwuelingo, 2015).
Leadership- Leadership quality is
basic for any business to run.
Demonstrating bearing to their
work power, setting them at their
opportune spot and completing
things from them is a significant
errand.
Influencer - To be a fruitful
business visionary, it is
exceptionally fundamental for
them to assume a major
inspiration job for himself and
furthermore for his work
power. By observing such
propelling leadership, the
representatives will likewise
feel spurred and best can be
accomplished.
Difference between entrepreneur and managers
Basis Entrepreneurs Managers
Purpose They centre around business
over all development and
endurance as they own the
business.
There primary centre is to
convey business exercises and
their separate activities.
Level of management They has a place with top They has a place with centre

administration stage as they
create the missions and vision
for the company.
administration stage as they
have to help the employees or
other people accomplishing the
objective offered to division.
P6 factors that influence a person in becoming a entrepreneur
Entrepreneurial personality alludes to the qualities, demeanor, conduct, abilities and
personality of a business visionary. Business person's personality frames through his training,
companions, ways of life, family, his experience, and past encounters. These elements forms the
entire personality & characterize him before others. Some fundamental elements which
influences business visionary personality are as per the following-
Family- Family is the significant hotspot for an individual to get character from. Family morals
and qualities do assume a central job in forming one's mentality (Santos, 2012). That is the
reason it has been said to give legitimate childhood and qualities to youngsters in light of the fact
that these qualities and morals gets characteristic face to face for lifetime. Qualities, societies,
morals, and standards are simply the variables which an individual get in himself from family.
The attributes in family like advancement, flourish to job for claim & have the self organization,
exploring new territory and enormous likewise arrives in an individual which focuses on opt for
organization &develops a business visionary.
Lifestyles- Lifestyle does assume a job in trim individual's character. The degree of class an
individual leads his life, or his everyday exercises shape his character. On the off chance that an
individual day propensity is to be apathetic, at that point this sluggishness will turn into a piece
of his lasting character. In the event that an individual has a propensity for accomplishing his
work at time, at that point control will get into his character. The lifestyle which an individual
has decided for himself additionally rouses and shapes his outlook in turning into a business
visionary. The living style of not performing job under anyone and having a self manager shape
the conduct and disposition of an individual (Storey, 2016).
These characteristics can also be evaluated through OCEAN model which is as follows:
Openness: This factor states that the person should be open in his ideas and opinions. He should
be open to all and should have the caliber to talk to any random person. That person should be
very extrovert and does not feel shy in respect to talk about any of the topic.
Conscientiousness: It seeks to focus upon the personality where the person should have the
capacity to control the things. The rational decision making would help the person in thinking
intelligently even in the complex situation. That person should be of cool mined and should have
the balance of emotions and practical events.

Extraversion: This feature seeks focus on the person to be an extrovert. He should be able to
talk to others with comfort and should have the ability to listen to them also. That person should
also have the confidence so that they can talk to any random without any hesitation.
Agreeableness: It refers to the degree to which that person gets agree in the ideas and opinions
of others. It is very much necessary for an individual to take in other people opinions and ideas
should if they are talking correctly. They person should not be closed in its though and thinking
pattern. He should be very much open to all (Storey, 2016).
Neuroticism: It alludes to enthusiastic dependability and general conduct of individual. Forceful
feelings help business people in dealing with issues in a sound way.
M3 Explore different lines of argument relating to entrepreneurial characteristics
An entrepreneurial character enables him in conducting the behavior in an ideal way. The
characteristics like being confident, extrovert, Agreeableness, Openness and so on shapes the
true and ideal behavior of a person. These help the employee in attracting many followers
towards him and also keeping them distinct from the crowd. They say that few people has the
such features which would enable them in building an empire or a businesses. These
characteristics also makes the personality of a person, a personality which is strong and pretty
much distinct from others.
TASK 4
P7 background or features of a person that damages or fosters the success of entrepreneurs
The way of picking up progress and development of entrepreneurs is change as contrast
with another. The intention of little endeavors of dynamic is distinctive as correlation with
enormous just as medium undertakings. The choice is changed according to the feature, scale &
extent of organizations. Experience and training of a person assumes a fundamental job in
forming the profession. The most significant trademark that is expected to have a each business
visionary is coordinating, time the board, self inspiration just as self administration. All these is
created by the encounters and instruction of entrepreneurs (Werse and Bernard, 2016). The other
fundamental factor which is required in every single business visionary is eagerness of facing
challenge.
Each organization is related with different types of hazard and it isn't east to investigate this
hazard before commencement of tasks and exercises. Simon and Bobby Arora, the well known
entrepreneurs and an effective business supervisors faced challenge which is the principle reason
of achievement of their organization in showcase. Richard Branson, a popular pioneer and an
inspiration expect hazard as an open door and challenge that encourages him in picking up
progress. It is fundamental for people to be unpredictable just as adaptable which enable them to
adapt up to changing condition and decrease the degree of hazard. It likewise causes them to
accomplish their ideal objectives inside timespan.

JK Rowling, who is a writer, film maker, TV maker, screen essayist and giver as an ideal case of
business visionary. JK Rowling is an informed lady who has performed his education in well
known universities. Her energy for composing has caused the unfathomable to harry potter and
arrangement. The author did confronted issues in her own life separation, partition and single
parent yet she didn't make any trade off in her energy for composing. Her enthusiasm to
compose, her thoughts and advancement encourages her in turning into a fruitful very rich
person business person. Here her inspiration was her eagerness and mental fortitude to seek after
her fantasies to compose has tally (Wilson and Post, 2013). The creator did encountered an
extremely difficult time in her life where she experienced a great deal both genuinely and
expertly however her attribute and character of not surrendering has helped her in turning into
the individual who she is today.
Also, Richard Branson is a firm speculator, humanitarian and a creator. He established
the organization Virgin gathering in the year 1966. Richard of his initial days procures cash from
the store of recordings. Through that cash he introduces or dispatches the virgin studio name.
furthermore continued enhancing his organizations in different zones, for example, occasions
bundles, virgin Atlantic, telecom adventures and some more. In spite of confronting numerous
problems & issues in his own life, Richard has performed fantastically good in his expert life.
His plan to differentiating, assurance, thought age and initiative characteristics have tallies to be
the individual he is today.
M4 link between business person background and its characteristics
The past experiences of both the people above have taught them something which also
helped them in shaping their personalities and behavior. There past experiences has taught them
to be very much empathic and understanding towards others. They also listen carefully to what
other people got to say to them. Their past failure had taught them to be so down to earth. The
family background and traits also forms the personality of a person which does taken as a major
structure for a person’s personality. The family background of both the people, JK Rowling and
The Richard were good and nice due to which also the nature of these two people is very polite.
CONCLUSION
Report which is presented above, the types of ventures is mentioned, some of them
includes small scale, large scale and social organization. The report also includes the skills and
character tics which are commonly found in entrepreneurs and also the factors which influence
them in becoming a one, some of them includes family, lifestyle, past experiences and much
more.

REFERNCES
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