Entrepreneurship and Small Business Management

This document provides an overview of entrepreneurship and small business management. It covers different types of entrepreneurial ventures and their relation to typology. It also explores the impact of micro and small businesses on the economy. Additionally, it discusses the characteristic traits and skills of successful entrepreneurs and how background and experience can hinder or foster entrepreneurship.

Entrepreneurship and Small
Business Management
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Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Different type of entrepreneurial ventures and explain how they relate to the typology..3
P2 Similarities and differences between entrepreneurial ventures.........................................6
TASK 2............................................................................................................................................9
P3 Relevant data and statistics to illustrate how micro and small businesses impact on the
economy.................................................................................................................................9
P4 Importance of small business and business start-ups to the growth of the social economy
..............................................................................................................................................11
TASK 3..........................................................................................................................................13
P5 Characteristic traits and skills of successful entrepreneurs that different them from other
business managers................................................................................................................13
Difference between entrepreneur and business manager...............................................14
P6 Entrepreneurial personality reflect entrepreneurial motivation and mindset..................15
TASK 4..........................................................................................................................................17
P7 Background and experience can hinder or foster entrepreneurship................................17
CONCLUSION..............................................................................................................................17
REFERENCES..............................................................................................................................19
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INTRODUCTION
Entrepreneurship is considered as an important procedures of launching and running an
innovative business to generate larger profitability at market place. In this, a person who give
new and innovative ideas is called entrepreneur as they take risk with the aim of converting into
financial benefits. The main focus of an entrepreneur is to establishment of new business with
new ideas that help in inviting more and more customers towards its ideas. This can be beneficial
in improving the possibilities of attaining competitive advantage (Berglund, Johannisson and
Schwartz, 2012). In addition of this, involvement of new and innovative ways is also play a
significant role in attaining success in diversified market place. The main purpose of this report
is to increase knowledge about how to become a successful entrepreneur. This report also cover
different type of entrepreneurial ventures with its typologies along with similarities and
difference between various entrepreneurial venture. Impact of small and micro business over the
development of economy is also mentioned in this project. Furthermore, it also covered skills,
traits, characteristic of an successful entrepreneur that make them different from business
managers. Entrepreneur personality that also reflect their mindset and motivation level. At last,
contribution of background and experience also hinder or fostering the entrepreneurship is also
discussed here.
TASK 1
P1 Different type of entrepreneurial ventures and explain how they relate to the typology
Entrepreneurship: It is referred as an act of determining as well as identifying their own
new ideas for staring a innovative business instead of working for someone others. Mainly, it is a
process that includes various activities related with designing and launching a new business with
the aim of generating huge profitability level. Along with this, it also includes various innovative
ways, risk factors and many more that affect the overall activities of a new venture at the time of
introducing an innovative concept at market place. Basically, it is based in different types like
small, large, social and scalable business (Bridge and O'Neill, 2012). For attaining success in
competitive market, taking risk and introducing innovative ideas are best way through which
business can easily sustain in diversified business environment. Being in the world of internet,
where companies has a open and fairly ultimate chance of increasing customer’s base “lifestyle
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entrepreneurs” are increasing on a good speed. It can be said that lifestyle entrepreneurs are those
who earn their living through online platforms thing they all need is just their laptops and a
proper connection to internet. Their main phenomena of operating a business is to “keep it
simple” and pick a profitable target audience. Basically, lifestyle entrepreneurs are likely to take
a job where they enjoy the activities and gain appropriate amount of incomes from the same.
Whereas, in relation with survival entrepreneurs the basic goal considering which they operate
their business is to meet the financial obligations facing by the company and focus on staying
with the business for a longer period of time however, this makes the employment freeze. On the
other hand, growth entrepreneurs during the initial stage of business invest a high amount of
money and engage themselves in reinvesting as their goal for achieving their growth objectives.
Concept of entrepreneurship: An entrepreneur is an individual who undertake a new
business along with some profits and at the same time also includes amount of risk. Person who
start a new business also have some creative and innovative skill that help them in improving
their business performance at market place. In this regard, entrepreneurship is also based of
creation or extraction of values by focusing on running and controlling a new business.
As there are different type of entrepreneurs who are involved in the concept of entrepreneurship
are as follows:
 Serial entrepreneurs: This type of entrepreneurs or person continuously come up with
innovative ideas in market place (Cardon and et.al., 2012). Serial entrepreneurs also have
created various companies in which some are failed and others were sold. In this,
innovation is the one of the top priorities and the monetary gain is incidental as they
always focus on start a new one in market.
 Intrapreneurs: This type of entrepreneurs is the employee who is always tasked with
identifying an innovative idea within the business organisation. The main aim of
Intrapreneurs is to enhance the company future by developing creative ideas.
 Owner managers: A person who own a business and also manages it with the aim of
attaining all the set personal goals and objectives. Owner managers also focus in
managing or controlling day to day operations within their business organisation.
 Social entrepreneurs: Some who work in under the one who have the ability to address
issues and concerns relevant to community or get a significant impact on environment.
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Public entrepreneurs with their very own interests take chances and explain their projects
to carry out initiatives that are helpful to humanity.
 Female entrepreneurs: They might have the same features as male businessmen; except
they operate their company by themselves. Women entrepreneurs, for even the most part,
work for the charitable purpose and are quite effective at empowering their workers so
that aims and goals can be easily attained.
Along with this, there are different type of entrepreneurial ventures are explained
below:
Small entrepreneurial venture: These businesses are operating their functions at small
scale and also bifurcated on the basis of market size. In this, the capacity of earning profit is low
as compare to other business. Along with this, the main focus of this type of business is to earn
their livelihood by operating their day to day activities. It also put positive impact over the
development of economic condition as it generate job opportunities for local people. Mainly, it
includes companies operate at small scale like electricians, grocery stores and many more.
Large entrepreneurial venture: These types of business are operating their activities at
big level as it is large in size and nature as well. In this regard, the main focus to large business
organisation is to provide quality services to its customers and at the same time company also
work for society development as well (Chell and Karataş-Özkan, 2014). For operating this type
of companies, high amount of capital, resources and all the necessary aspect. The nature of this
type of business organisation is that it includes different sector like manufacturing, hospitality,
retail sector and many more.
Social enterprise: The main purpose of this type of business is to provide social welfare
to people in order to develop society. In this, firm provide better satisfaction of the requirements
of needy people. In context of this, the nature of social business includes providing medical
facilities, working towards food relief and many more. It also helps in improving economic
condition of nation as it contributes in developing the living standard of people by proving them
services as per their needs and wants.
Scalable venture: This type of business is based on the creative aspects in which
entrepreneurs adopt a flexible business plan to accomplish competitive success (Dennis Jr,
2011). As the main focus of this type of business is to providence of higher returns by keeping
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more services, investment of capital. In addition of this, business also get the investment from
the anger investors to manage the enough fund so that they can easily run their business.
P2 Similarities and differences between entrepreneurial ventures
In market place, each entrepreneurial venture operates their business in their own ways
and also includes their different roles and objectives. In this regard, the comparison between
entrepreneurial ventures can be understood by following points:
Basis of
Difference
Small business Scalable start up Large company Social
entrepreneurship
Definition This kind of
venture is defined
at a small scale
because of lack of
skilled employees
and turnover.
Along with this,
small business
also covers only
geographical area
to generate
profitability.
Scalable business
venture is famous
by its continuous
innovation that
help in attaining
higher success at
market place.
Such type of
entrepreneurial
venture includes
huge amount of
investment and
also operate at
large scale in
which the focus
of this company
is to provide
satisfactory
services to its
customers as per
their needs and
wants.
These types of
ventures focus on
fulfilling society
needs and also
solve their issues
to develop
economic
condition and
improve social
welfare as well.
Features Small
entrepreneurial
venture includes
some features like
limited number of
monetary
resources,
This type of
business consider
some features that
they expand their
business with the
help of existing
business along
Large business
organisation
includes big
cycle to operate
its business. As
the focus of this
type of
Such ventures are
focus in fulfilling
society needs.
Along with this,
company also
acquire resources
from government
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government
support and
limited workforce
(Ferreira and
et.al., 2012).
with innovative
ways.
companies to
serve best
quality of
products and
services to it
customers and
attain their
satisfaction as
well.
authorities.
Objectives The main
objective of small
ventures is to
generate profits to
operate day to
day activities in
order to get
livelihood.
Scalable business
has objective to
invite as well
attract
investigator to
invest their
money on their
new ideas so that
business activities
can be
successfully
operated at
market.
Large
entrepreneurial
venture focus on
satisfying
customers
demand by
providing them
quality services
in order to
generate
maximum
profitability
level.
The main purpose
of social
entrepreneurial
venture is to
provide
appropriate ways
to resolve society
issues and at the
same time also
provide them
better services to
get their higher
satisfaction.
Similarities and different between entrepreneurial venture:
Venture Similarities Differences
Male and female
entrepreneurs
In order to keep the business
successfully, both women and
men are strong enough to
carry out their behaviour in
such a way that maximum
profits can be made.
In response to inequalities,
male businessmen take any
risks in order to attain greater
levels of income. In particular,
they become obsessive in
nature, and sometimes they
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may have difficulty
communicating with everyone.
Instead of significant risk in
industry, male employees
never stop investing a
significant amount of money
in company operations.
Although women
entrepreneurs are quite
calculative in nature and,
before engaging in some kind
of company, they reach out
and gather the right
information in order to make
better choices.
Small and Social
entrepreneurial ventures
For all entrepreneurial
ventures, the company's
employees adopt unique ideas
just so the business could
provide its clients with
excellent services and
facilities. To particular to
achieve so, it is also essential
that the organization makes
efficient use of money, for
example: resources to be
utilized accordingly to
activities.
Small companies essentially
start their business to meet the
necessities and desires of their
family members.
In regards to social enterprises,
they operate with the aim of
encouraging and improving the
health of populations
participating in society or in
the environment.
Consequently, they initially
take care of what has been
needed in society and how
needs and desires can be
accomplished.
Scalable start-ups and large Both scalable and large-scale Scalable entrepreneurs always
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entrepreneurial ventures operations with either the goal
of delivering goods and
product according to the needs
and desires of consumers, so
that requirements can indeed
be met.
focus on unique ideas along
with in changing the world.
Large entrepreneurial ventures,
for selling their products and
services, have a significant
amount of money to support
them carry out their action
plan in an efficient way. It
allows the organization deliver
the best quality product that
will slowly increase its sales
and customers base as well.
Discussion on the similarities and differences
While talking about similarities for the different entrepreneurial ventures it is the same
i.e. factors which motivates or drive an entrepreneur in following their passion. Moreover, hey
make proper use of the resources that are available to them so that goals and objectives can be
achieved. Whereas, in terms of differences, requirements from their business operations can be
different as in for some people it is the source of earning a large amount of money. On the other
hand, some of the entrepreneurial ventures work for the betterment of the public instead of
earning profits.
TASK 2
P3 Relevant data and statistics to illustrate how micro and small businesses impact on the
economy
Small business is suggesting as the organizations whose yearly deals just as resources
estimated is around £ 250000/year and have some staff including owner of the business. It is
reasoned as the sub class of small business and framed into an assortment of enterprises. On the
other side, small businesses are commonly the exclusive firms, organization which have more
employees in contrast with micro and less yearly income than basic measured organization.
Impact of SME's upon economy:
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 Local impact: Both small and micro business have impacts upon local economy as this
works its exercises at nearby commercial market. In addition of this, these types of
organization gives business open doors for local people of society for making them
conformable just as permit them to carry on with its existence and at the same time also
improve their living standard as well (Goss, 2015).
 Regional impact: SME's includes huge impacts upon local economy as it encourages
work open doors for local people with the aim of provide various job opportunities to
people that contributes in improving their living standard. Additionally, it influences
positively upon local economy as it has effective just as capable staff who encourage its
more commitment into organizational activities that supportive for the local economy
development.
 National Impact: SME's has power upon national economy because of its essence is vast
into United Kingdom as around 15 million people are employed through these
organizations that states positive impacts of that organization upon enhancing the
economic condition. These types of businesses are shaped relying on the inventive
thoughts in light by which they can develop into wider market place (Jones and Rowley,
2011). By considering these developments they can encourage more facilities that will
consequently contributes more in context of financial improvement in all over nation.
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As per above mentioned graph it can be analysed that small business are more than micro
business and along with this, rate of medium business is higher than small businesses. As it can
be stated that business is increasing their impact over the economy by developing or improving
its condition. Mainly, it provides several opportunities by creating employment opportunities. By
this local people can easily improve their condition.
According to the study, in United Kingdom, in the year 2019 around 5.9 million private
business were started in which more than 99% were under the category of small or medium
enterprise. All the companies who were operating their businesses provided employment
opportunity through 60% of job vacancies which is a total of approximately 16.6 million. Thus,
they have contributed a lot of money to the economy of United Kingdom.
Figure 1: Private Sector Business
Whatever business is going in the market whether small, medium or large they all
provide with employment opportunities and other factors as well. According to the chart
mentioned above, it can be determined that with the increase in the percentage of businesses
employment rate has also increased. In terms of medium enterprise around 35, 585 new business
was established that provided employment to approximately 3, 473 people and the turnover
which was gained was close to £639, 322 million (UK SME Data. Stats & Charts, 2020).
P4 Importance of small business and business start-ups to the growth of the social economy
For developing economic condition, small business and start-ups are refers to the
backbone of economy as it helps in generating revenue (Mitchelmore and Rowley, 2013). Along
with this, it also provides various job opportunities to people in enhancement of their living
standard. In this regards, small business help in fulfilling daily life and business demand
whereas, start-ups create a large portion of new job that directly contributes to the economic
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growth of nation. As there are some important of small and start-up's business in context to the
development of social economy are as follows:
 Creation of employment: Small business and start-ups operate their activities with small
scale but at the same time also generate huge employment opportunities to people. It may
directly contribute in eliminating poverty from the economy. Creating of job
opportunities may support in developing living standard of people.
 Innovation: In market place, small business and start-ups are come up with new and
innovative ideas that may invite more and more people towards the same (Obeng, Robson
and Haugh, 2014). This can be beneficial in generating profitability level. Innovation is
business is also effective in producing quality and attractive products that capture
customers attention. With the help of this, company generate profitability and at the same
time also keep economic condition stronger.
 Meeting social purpose: The main purpose of small and start-up's business is to meet
social needs in which enterprise provide best quality of services to needy people. This
can be beneficial in developing society by resolving issues. Along with this, small
business also contributes in creating the effectiveness by providing welfare to the society
and local people as well.
 Local improvement: Both enterprises play a significant role in development of the
country as it effective in creation of job opportunities for local people that make them
engage with company. It may contribute in increasing the rate of per capital of the nation
that assist in improving local condition.
Impact of SME’s in the social economy:
Small and medium-sized companies are considered to be a critical method of generating jobs
and reducing poverty in developing countries. The involvement of small and medium-sized
businesses allows the productive use of local assets and boosts economies around the world.
Small and medium-sized enterprises (SMEs) are assuming an indispensable part in developing
economies by importing and importing goods, which stimulates the global economy and social
growth as well.
Small companies have around 250 employees and around 5.7 million small and medium-
sized enterprises in 2017, which constitutes about 99 per cent of all companies. At the local
level, micro and small enterprises operate, and there are about 5.4 million in the United
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Kingdom, responsible for 96 per cent of the sector. Apart from this, they help to generate work
prospects for people living at the local level. In relation to the regional level, these businesses
produce goods and products as per the requirements and desires of the consumers in terms of
developing an industry that can be used for expansion purposes.
TASK 3
P5 Characteristic traits and skills of successful entrepreneurs that different them from other
business managers
The job of qualities, characteristics and abilities are crucial in being developed of fruitful
business person. This is comprehended from the determination that gave beneath along with
from other ordinary business managers. In this regard, there are two successful British
entrepreneurs along with this skill incorporates Richard Branson and Peter Jones.
Characteristic:
 Hard-working: Both above discussed entrepreneurs are dedicated in nature and enjoy
diversified business activities in a same time. This would be the explanation that their
interest can achieve accomplishment in different business task and its activities as well.
Individual stand up to assist with building collaboration and trust with their employees
and subordinates (Preuss, 2011). On the other side, business manager have tendency
about providing as well as allocating the work activities to employees without proper
guidance. It can reduce employee performance at workplace.
 Risk Taker: Richard Branson and Peter Jones are risk takers because they like to accept
challenges and convert into positive returns. This was delineated from their tendency of
having enhanced business exercises diversified venture (Shaw, 2014). This is the reason
that both have enthusiasm for differentiated business exercises. In context to this,
business managers are not daring individuals since they have fear of disappointment as,
uncertainty of work and also operate a normal operation with the aim of generating
minimal profitability level.
Skills:
 Effective communication: It is one of the important skills for an successful
entrepreneurs at the time of operating its business activities at market place because it
support in communicating with customers towards its services. Both the entrepreneurs
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have appropriate communication skill by which they share their thoughts as well as listen
the others too. This would be the explanation that ready to have enormous measure of
workforce that works with the motivation and positive attitude towards the allotted task
and activities at working area. Apart from this, business managers need listening which
significant essential piece of interaction. This hinder them to achieve benefits at same
amount as accomplished by entrepreneurs who are successful within their business.
 Critical thinking: Both have the ability to think creatively and determine innovative
ways. The equivalent is represented from their business domain and accomplishment in
market place. They generally focus over structure associations within the business
organization to improve its performance. This is the way that help to improve everyday
working alongside establishing positive workplace. Furthermore, other business
managers are simply apportioning the obligations and toward the end of period break
down the outcome. This leads in low execution because of determination of high measure
of issues at working area.
Difference between entrepreneur and business manager
Entrepreneur Business manager
Entrepreneur is risk taker. It performs the task
with the view of accomplishment in optimised
manner through use of new ways of working
techniques.
Business manager is not risk taker. It is the
person who just performs allocated duties by
adhering the same standards that provided by
an organisation.
Entrepreneur is the person who generates
business idea through market study and called
as promoter or owner of an organisation.
Business manager is not the owner or
promoter. It is the person who just hold the
post for organized level of working within an
organisation.
The nature of an individual is what that makes the person different from one another.
While operating a business there are many factors which collaborates with other elements and
drives the person towards success. If a comparison is made on the basis of difference between
entrepreneur and a business manager. Former is a risk taker which means for achieving the
targets they can go to any level whatever it may cost, make proper use of resources available to
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them and finally achieve their set targets. The reason for doing all these activities is because of
an entrepreneur is the owner and can do whatever positive activities he/she feels like to gain
success. Whereas, business manager, whose prime role is to manage and supervise daily
activities so that goals and objectives of an organisation can be meet. But even this, they are
considered to be less risk takers the reason could be working under superiors or boss who just
command them and considering the rules and regulations they perform their job. Managers
prioritise their work and take effective decisions. On the other hand, some managers only give
instructions to its fellow employees and demand a productive outcome.
P6 Entrepreneurial personality reflect entrepreneurial motivation and mindset
The entrepreneurial motivation is the process with the help of which an ordinary person
can transform their ideas into successful business opportunities that can create opportunities for
maximising the wealth as well as for the economic development. Such entrepreneurial
motivation forces direction, intensity and persistence in the entrepreneur with the help of which
they can efficiently manage their behaviour for the successful business venture. They play a
significance role in economic development as they create new jobs and have capability to invent
innovative products and services that can effective in making the whole world a better place
(Turner and Gianiodis, 2018).
An entrepreneurial mindset is considered to be the skills set with the help of which the
people can identify the opportunities present in the market that can be satisfied profitably by
identifying the resources required and utilising them efficiently. The mindset of each and every
entrepreneur is unique as it can be creative, communicative, dedicated, consistent etc. and this
can highly motivate an individual to be to successful.
Personality trait can be defined as the characteristics of an individual which reflects their
pattern of thinking, behaviour, feelings and thoughts. This brings consistency and stability in the
behaviour of the person on the basis of which they tends to achieve specific goals and objectives.
The traits of an entrepreneur facilitates them in making them distinct then others and to adopt a
lifestyle that make them successful. For assessment of entrepreneurial personality, OCEAN is
one of the effective models that is based on different dimensions of entrepreneurs. With the help
of this, entrepreneurial personality along with their level of motivation and mind set can be
understood. With the help of application of this model the personality traits possessed by the two
entrepreneurs Peter Jones and Richard Branson are evaluated.
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Openness: This personality trait facilitate to understand the ability of an entrepreneur in
accepting the new art, idea, challenges and changes taking place in the business environment
(Kuratko and Morris, 2018). the one who are more open to such changes becomes successful as
it becomes the motivating factor for them while the one who do not openly accept such changes
it becomes challenging for them to survive. In relation to this, Peter is creative in nature as he
invests in operating as well as running a new business in market place with the aim of attaining
competitive success. Along with this, Richard has diversified and famous business in various
sector because of their creative in nature. Both are successful entrepreneur as they operate their
successful business in diversified market.
With such open mindset entrepreneurs can provides its employees an opportunity to
discuss various elements which are unique and can help the company in getting into a better
position. Mindset with openness to new ideas provides with a platform to converse on new and
innovative ideas as per the requirement of the business environment.
Conscientiousness: Under this factor, it shows the caring nature of a person for others as
which reflects their concern. Also it reflects the hard-working behaviour of an individual which
facilitates them to be successful. Both entrepreneurs are high level of care and also well
organised because they focus on implementing and following all the necessary guidelines within
their business. This type of nature helps them in improving the possibilities of accomplishing
competitive success at wider market place.
Caring about the employees reflects the mindset of an entrepreneur and their concern for
their employees and this helps them in establishing better relationship with them and creates a
sense of belongingness towards the company and the work they do. Therefore, this motivates
them in pushing their limits and provides company with a productive result.
Extraversion: This type of personality trait reflect the level of sociability and
connectivity of an individual with others so that they can make them feel comfortable within the
organisation. In context of Richard and Peter, they are communicative in nature and also tries to
build a positive relation with their employees by listing others views and sharing their activities
them. This is the reason that both entrepreneurs having strong connection and it also motivated
them to attain a competitive growth in market place.
This personality trait of both the entrepreneur reflect their mindset of connecting with
different people and sharing thoughts which gives a wider picture of level of understanding as
16

well as their needs on the basis of which they can offer their employees what they require.
Therefore, it assists them in achieving goals by ultimately motivating the individual working
within their organisation.
Agreeableness: This is considered to be a important personality trait as it helps in
determining the helpful and kindness of a person in their personal life. Both Richard and Peter
considerate towards their career and also tries to put their efforts to attain their set targets. With
the help of this personality, they can easily win trust within the business in context of their
business and personal life.
This mindset develops an ability to influence other with their thoughts and views is very
rare because making people agree to the same viewpoint is very difficult. Also an entrepreneur
with this mindset can easily motivate others and make them understand that they can achieve
their goals and objectives if they do some kind of efforts.
Neuroticism: This trait helps in analysing emotional stability of an individual as it
determines the nature that they react towards the specific situation. In this regard, both Richard
and Peter are stable in nature as they never get depressed from any kind of failure situation and
also get motivated within their business activities (Nyadu-Addo and Mensah, 2018). This will
assist in keeping them positive and influenced to operate their business successfully because
positiveness in their life help in providing a way of success.
With this mindset they can ensure that all the entrepreneur have control over their
emotions and on the basis of which they can manage the negative behaviour due to anger, worry
etc.
TASK 4
P7 Background and experience can hinder or foster entrepreneurship
The contribution of experience as well as background towards hindering entrepreneurship
is known from the statement given below in regards to one of the successful entrepreneurs i.e.
Richard Branson.
Background and experience: Richard Branson, born on July 18, in Surrey, England.
Edward James Branson is father of Richard Branson that work as a barrister (Parker, 2018).
Richard Branson struggled with dyslexia and had a more difficult period with educational
17

institutions. They not had experience about the entrepreneurship but they start their business
which was successful.
Background of Branson show that their mother was entrepreneur as well as had entire
support from its family. This would be the main reason that Richard Branson has quality or
characteristic of risk taker apart from trait of confidence as of very primal stage that encourages
to start their own business successfully.
Experience of Branson show that he was passionate as well as hard-working within
nature as at primal phase he faced some issues or failure but subsequently capable to open new
business functions of magazine, that is successful. They have experience for starting a new
business that is a biggest point of its successful in marketplace (Wang and Wang, 2019). Along
with this, The Virgin group founder as well as entrepreneur shares how effective experience has
driven the manner, he interprets markets, and what it takes to be a accountable business leader.
Peter Jones is a British entrepreneur, businessman and is also a reality TV personality
having interest in mobile phones, television, media, leisure, retail, and property.
Background and experience: Peter Jones was born on 18 march 1966 in Berkshire,
England and he grew up in Maidenhead and attended the Desborough school and subsequently
shifted to The Windsor Boys School. When he was 16 years old he started his business of
personal computers under his own brand name which he later on lost to IBM for £200,000. In
his early year he use to earn money from this passion, tennis and business. He is an observer and
by learning from the various sources he implied in different aspect of his business.
The experience of Peter Jones facilitated in analysing the things efficiently such as he
tried different ventures as per his nature of interest but being inspired from the movie of Tom
cruise he started up a bar. He started various business and sold them in loss because the decision
which he take are prompt due to which they hinder his growth. But the ability of observing
situations and starting up business foster him to be an entrepreneur as he can introduce new
ideas.
CONCLUSION
From the above-mentioned report, it can be summarised that entrepreneurship is referred
as the process of identifying new ideas to run a innovative business at market place with the aim
of generating larger profitability level. In this regards, different type of business ventures are
operate in market under different sectors. It can be classified in certain business such as small,
18

scalable, large and social business. All these have their own purpose and aim of running its
activities. Along with this, it also has direct relation with different typologies of entrepreneurship
which directly contributes in accomplishing their targets in market. In addition of this, role of
small and micro business in economic growth of nation by determining various benefits. As it
helps in creating employment opportunities for local people raise living standard of people and
many more. Different characteristic traits and skills are the help an entrepreneur in attaining
competitive success at market place. Apart from this, background of entrepreneur and their past
experience also defined as a positive role in developing their business activities and at the same
time also effective in accomplishing competitive success as well.
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REFERENCES
Books and Journals
Berglund, K., Johannisson, B. and Schwartz, B. eds., 2012. Societal entrepreneurship:
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Online
UK SME Data. Stats & Charts. 2020. [Online]. Available Through:
<https://www.merchantsavvy.co.uk/uk-sme-data-stats charts/#:~:text=With%20over
%205.85%20million%20private,in%20the%20UK%20are%20SMEs.&text=99.9%25%20of
%20all%20UK%20businesses,businesses%20(10%2D49%20employees)>.
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