Entrepreneurship and Small Business Management

This document explores the concepts of entrepreneurship and small business management. It discusses different types of entrepreneurial ventures and their interrelation to typologies. It also highlights the similarities and differences between public, private, and social sector ventures. The document further examines the growth, scope, and development of entrepreneurial ventures. Additionally, it explores the impact of micro and small businesses on the economy and the importance of small businesses and start-ups for social economy growth.

Entrepreneurship and
Small Business
Management

Table Of Content
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Entrepreneurial ventures and interrelation to typologies.......................................................1
P2. Similarities as well as differences between ventures of entrepreneurial...............................3
M1. Entrepreneurial ventures for demonstrating entrepreneurship understanding in corporate
as well as public sector................................................................................................................4
D1. Growth, scope together with development of entrepreneurial ventures. .............................4
TASK 2............................................................................................................................................5
P3. Data interpretation illustrating the ways in which micro as well as small businesses
impacts on economy....................................................................................................................5
P4. Importance of small businesses together with start-ups towards social economy growth....7
M2. Differentiation among small, medium along with large businesses making economy........8
D2. Examination of small businesses having impacts at distinct economic level.......................8
TASK 3............................................................................................................................................9
P5. Characteristic traits together with skills of entrepreneurs.....................................................9
P6. Aspects of entrepreneurial personality................................................................................10
M3. Different lines of arguments in relevance to entrepreneurial characteristics.....................11
D3. Analysis of characteristic traits and motivational drivers of entrepreneurs........................11
TASK 4..........................................................................................................................................11
P7. Background and experience.................................................................................................11
M4. Linkage among entrepreneurial characteristic together with influences of experience and
background.................................................................................................................................13
D4. Critical evaluation of experience and background that influences entrepreneurs in negative
and positive manner...................................................................................................................13
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................15

INTRODUCTION
Entrepreneurship is described as willingness, potentiality addition to capacity for
discovering and acting on distinct opportunities for translating technologies along with
inventions into unique commodity (Adhikari, 2018). It captures innovative activities that are part
of existing business together with similar operations that are part of new venture. To manage
small businesses, it is necessary for entrepreneurs to have diverse knowledge about business
related field. The report illustrates various venture types which are considered entrepreneurial. It
also assess impacts that micro as well as small businesses have on economy. In addition, key
aspects of entrepreneurial mindset are properly determined along with characteristic traits and
skills of entrepreneurs. At last, the report discusses distinct environment which hinders or fosters
entrepreneurship.
TASK 1
P1. Entrepreneurial ventures and interrelation to typologies.
Entrepreneurs: These are human beings works across disciplines, meets with distinct
people, think ahead, develop transferable skills and are in charge of their own fate. These human
beings takes various risks for organising as well as operating business at distinct level.
Enterprise: It is used for profit businesses and is concerned with entrepreneurial venture.
It is usually associated with bringing production factors in conjunction, allotting each factor its
accurate tasks and making regular payment at the time of work completion. Organisations
possessing entrepreneurial success are referred to enterprising.
Entrepreneurial venture: Firms which emphasises more on innovation and opportunism
in order to produce economic together with social values are entrepreneurial ventures. These
ventures creates solid wealth by targeting rapid growth in order to achieve high returns.
Following are entrepreneurial venture types:
Public sector ventures: The ventures that are generally owned addition to managed by
government and its authorities. The entrepreneurs of these ventures works to provide services
for citizenships. Organisations in public sector includes fire services, infrastructure, education,
police services, social services, law enforcement, healthcare and so on that works under guidance
of government authorities. These are formed in distinct forms such as departmental undertakings,
government company as well as public corporations Some of the companies like Illuminate
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Frontiers, TurnItIn, TriTech, Checkmarx which helps in enforcing laws, preventing harmful
activities and works to make feels safe to communities.
Private sector ventures: This venture has objective to make huge profits so to sustain in
competitive market. They operates tasks in finite business cycle so that they can sustain
innovation for long time phase. Such entrepreneurial ventures offers new commodities with
unique attributes that are distinct from their core products. These businesses needs huge financial
resources in investment so that existing companies converts into large firms through merging
with other small companies so that they can make attempt to diversify their existing portfolios.
Companies like Coca-Cola, Yahoo, Microsoft and BBC are considered as private sector
entrepreneurship.
Social sector ventures: In such venture types, originators works to resolve issues along
with providing social development. The entrepreneurs who has aim to gain respect from social
members by resolving all their issues generally takes such initiation. They works with such rule
that none of the operations results in negative impacts on society members. Social sector
entrepreneurs have objective to make the nation a better location instead of creating wealth or
achieving market share. Such entrepreneurial venture develop, funds together with implements
solutions for environment and social problems. With social media websites, using internet and
social networking, these ventures reaches numerous people to understand the pertaining issues
and accordingly invest funds and resources to manufacture suitable solution that can resolve all
the needs or problems. Sanergy, Good Eggs, GoldieBlox and Oxfam are social sector
entrepreneurial ventures.
Relation of entrepreneurial venture with typology of entrepreneurship
Distinct entrepreneurial typologies are as discussed:
Male typology: This sort of typology is associated decision making by male
entrepreneurs in order to execute organisational activities. While discussions or meetings, these
entrepreneurs do not involve female personalities (Bosma, 2013). Private sector typology is
related to male typology as all the responsibilities to fulfil needs of members are usually on
males and they have capacity to take initiations for small ventures.
Female typology: Herein, all the roles and responsibilities are on female entrepreneurs.
In present duration, female entrepreneurs also organises addition to manages ventures in
successful manner. They makes all key decisions after understanding situations so that they can
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reach towards final decisions for functions of entity. Social sector typology is one of the type that
is linked with such typology due to having more patience level among females to understand
social problems and providing solutions that resolves social in addition to environmental issues.
Mixed typology: These typologies are combination of males as well as female
entrepreneurs. All the decisions for the venture are taken after sharing ideas, information
addition to views by both entrepreneurs. Public sector entrepreneurship is interrelated with
mixed typology as these ventures delivers equal chances for making judgements to both
entrepreneurs.
P2. Similarities as well as differences between ventures of entrepreneurial.
Differences between public, private and social sector:
Basis of
differentiation
Public sector Private sector Social sector
Meaning Public sector comprises
companies and entities
that are owned by
government of a country.
Private sector
comprises entities
which are owned by
private individuals as
well as private
companies.
Social sector
comprises foundations
as well as civil society
organisations that are
partially managed by
non governmental
authorities.
Aim Public sector have aim to
prevent concentrations
within economic power
as well as growth of
country.
Private sector have
aim of optimising
profits, selecting
effective
organisational
structure, reporting
clear financial data
and protect business
policies.
Social sector have aim
of promotion
educational,
healthcare, water
supply and poverty
alleviation facilities in
the society.
Sources to raise
money
Public sector raises
money from public
Private sector raises
money through taking
Social sector raises
money from grant
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revenues that are tax,
penalties and duties.
loans, issuing shares as
well as debentures
funding, repayable
finance and
investments through
socials funds as well
as social impact bonds.
Similarities among public, private and social sector
These sectors have one of the similarity that they all are customer service oriented. All
these works to make their customers happy and satisfied at all time. Other than this, they have
similarity that they are open to change in which they adopts technologies as well as manpower to
change the circumstances. These sectors are also open to mentor other people through spending
time with them and sharing experiences as well as additional information.
M1. Entrepreneurial ventures for demonstrating entrepreneurship understanding in corporate as
well as public sector.
Entrepreneurial ventures are institutions that lays business foundation so to adopt
innovation as well as utilising opportunities for gaining huge productivity and profitability.
These ventures are diverse in nature as well as further classified on public and corporate sector.
Public sector entrepreneurship is said to innovative public initiatives which produce huge
economic prosperity through transforming status quo environment into individual which is more
conducive for economic units that are engaged in innovative along with creative tasks in the
uncertainty faces. Social entrepreneurship and scale start-up entrepreneurship falls into public
sector entrepreneurship category (Drucker, 2014). In contrary, corporate sector entrepreneurship
is said to part of nation’s economic system run by companies together with individuals despite of
government authorities. This sector is managed by private organisations with profit making
intentions. Small business as well as large company entrepreneurship is part of corporate sector
entrepreneurship.
D1. Growth, scope together with development of entrepreneurial ventures.
Entrepreneurial ventures plays important role like any other businesses. Small businesses possess
wide scope as they requires less technology and resources to perform various range of tasks. In
coming duration there will be around 5.8 million small businesses that will account more than
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three fifth of total employment and will achieve estimated turnover of £2.2 trillion that shows
that the entrepreneurship is developing and attaining growth (Growth of small enterprises. 2018.
At same time, large companies also have diverse scope to grab growth opportunities to
manufacture items in bulk quantities that helps in capturing most of the market share. Within UK
there are around 750 million large entities performing distinct operations resulting in wide scope
for expansion in global market. In contrary, social entrepreneurship are also part of growing
entrepreneurship venture as there are around 470000 enterprises that employs 1.44 million
individuals for satisfying social needs together with resolving issues by improving standards of
living that states that the venture is on the path of accomplishing objectives of growth and huge
development levels (Growth of social entrepreneurial venture. 2019).
TASK 2
P3. Data interpretation illustrating the ways in which micro as well as small businesses impacts
on economy.
Micro and small businesses are generally small in nature as they are independently owned
addition to operated entity that has limited size and limited revenue. These businesses makes
attempt for economic developments by paying taxations which are further utilised by
government agencies in infrastructural developments contributing towards upliftment of
economic status on nation at international level. At the same time, valued assets of such entities
are £ 196325 per year. These businesses are found stable than another organisations as they have
huge expansion scope and are operated in limited size. One of the researches conducted by
Department of Energy, Industrial together with Business Strategy has found that within UK over
5.7 million organisations are SMEs that are responsible for 60% employment from 16.3 million
businesses (UK SME data and chart. 2019). With year to year, the contribution from such
businesses is increasing. In the Brexit existence, SMEs has playes crucial role in contributing
towards growth of economy of UK by creating jobs as well as opening new market that helped in
achieving far reaching sustainability. The entrepreneurs of such businesses has devised action
strategies and programmes as well as implemented on right phases that resulted in enhancing
profit margins additionally economic growth also. With this, SMEs has acquired recognition in
competing market together with development of economic and venture growth.
Differences among small, medium and micro businesses
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Basis of
differentiation
Small business Medium business Micro businesses
Meaning Small business are
those business that
provided employment
to 49 people.
Medium businesses are
those businesses which
employs 250.
Micro business are those
businesses which employs
only 10 people to work.
Turnover Small businesses
makes annual
turnover of £6.5
million.
Medium businesses
have potentiality to
make £25.9 million
annually.
Micro business only makes
turnover of £632,000
annually.
Similarities among small, medium and micro businesses
These businesses have similarities that they provides employment majorly to local
residents and provide them facilities as per the customer interest. All these business makes
various strategies so that they can function properly in the competing environment. These
businesses undertakes various research activities so to analyse the market needs and satisfy them
properly.
Some of the impacts that small and micro businesses have on economy are further
interpreted with relevant statistical data:
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Figure 1: Impacts on UK economy. 2017
(Source: Impacts on UK economy. 2017)
The above data states that UK has totality of 99.3% small businesses that contributes
48% in employment generation as well as 33% in generating overall business turnover. At same
time, 0.6% businesses falls under the category of medium sized enterprises among which 12%
contributes in employment generation and 14% towards overall economic turnover. In context to
large enterprises, there are 0.3% large businesses in which 40% makes their contribution for
employment generation addition to 53% towards turnovers. As per the data it can be stated that
SMEs impacts in positive aspects as the contribution made by them aids in employment
generation, lift up living standards, improving infrastructural amenities addition to enhancing
foreign exchanges among countries. All these impacts state that UK’s economic position at great
heights.
P4. Importance of small businesses together with start-ups towards social economy growth.
The small businesses and new business start-ups are significant for the growth of social
economy as they are rooted with the local society or community. These small and local business
ventures provide diverse products and services along with the personalised customer experience.
Various researches and statistics provided above also indicates that these micro and small
business organizations provide approx 99% of employment to the population of United
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Kingdom. The importance of these business start-ups can be explained with the below mentioned
points:
Employment for local workers: Micro and small business corporations providing their
contributions in the innovation and growth of local economy as they providing employment
opportunities for those local people who are unable to get the from large or international
organizations. These business ventures helps in bringing forth those hide talents and skilled
individuals of local community who can invent creative products and suggest modern solutions
for current business ideas.
Contribution to local authorities: When people buy some products or services from
local or small business enterprises, ultimately they provide money for the growth of the local
community (Julien, 2018). Micro and small business establishments paid high taxes to the local
authorities when they generate high level of revenue. They also pay sales taxes and property
taxes to the local government that utilize this amount for providing social services and
developing local infrastructure of the community. Hence these start-ups and small companies
helps the society by paying huge amount in form of taxes.
Increase competition: These small businesses are very competitive in nature and utilize
the market with their utmost capacity to sell their products and services. This practice helps in
increasing the competition in the local market due to which prices of the business offerings
comes really very down and local population is able to afford them. By this way, competition
makes the balance between demand and supply into the market and increase the economic status
by expanding the spending limits of the local public.
Adapting to dynamic changes: Local customers are usually remain loyal to their local
services and products providing business due to the customer oriented approached of these small
business. Due to this, customers do not change their sources even at the time of economic crisis
or recessions and business goes on very well. These small firms also earn less profits hence they
have less to loss which do not badly effect them.
M2. Differentiation among small, medium along with large businesses making economy.
Small businesses are defined to those ventures that employ around 49 people so that they
can generate annual turnover of around £1.9 trillion. In addition, they drives growth together
with economic stability through providing valuable services, creating wealth for community
members and delivering tax dollars. On other hand, medium sized businesses employ
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approximately 200 individuals for generating £200,000 revenues. In contrary, large sized
businesses provide job chances to more than 500 people along with makes £ 5400000 revenue
receipts. All these businesses contribute more for uplifting infrastructure, employment,
technology together with communication for making economy.
D2. Examination of small businesses having impacts at distinct economic level.
Small and micro businesses provide employment to the local works and help them in
increasing their economic status and provide them a quality lifestyle. By paying various taxes to
the local and regional governmental authorities they help in improving social services and
developing basic infrastructure at a regional level (Nir, 2018). Large organizations are also
dependent on these micro business for their resources and training new talents for their entities.
By providing raw material and other necessary components to them, these organization help in
increasing growth of national economy. Hence it can be said that small business ventures are
significant for the development of local, regional and national economy.
TASK 3
P5. Characteristic traits together with skills of entrepreneurs
Entrepreneurs are known as owner of business. They possesses certain type of abilities to
recognise potentials. They have skills to organise resources and translate normal invention
towards viable innovation.
Andrew Carnegie and Oprah Gail Winfrey are said to be successful entrepreneurs having
following characteristics traits with skills:
Characteristic traits: Entrepreneurs have distinct attributes or characteristics that are
differs them from business managers (Entrepreneurial characteristic traits. 2017). Some are the
following:
Creativity: It gives birth to new innovation. Without creativity, no innovation is
achievable. Entrepreneur such as Andrew Carnegie have creativity inside them that knacks pin
down for huge ideas addition to acting on them. Unlike other managers, they comes with new
solutions for at hand issues and think out of box that gives them ability to present new
commodity within similar market in which they are at present playing.
Risk taking: Successful entrepreneur takes lot of risks as high risks help in generating high
returns and exploring unknown. Oprah Gail Winfrey have distinct approach for risks as the
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entrepreneur is always ready for investing their efforts, money with time to discover uniqueness.
Other business managers think twice or more for taking risk but Oprah Gail Winfrey is always
ready to take risk and it differentiate them from numerous business managers.
Competitive spirit: Successful entrepreneur like Oprah Gail Winfrey have spirit of
competitive within them that determine them to devise innovation plans which are different from
competitors. Successful entrepreneurs enjoy working despite of any critical situation. In contrary,
business managers lacks spirit of competitive with other due to inability to perform workings in
hard times.
Skills: Skills are termed to potentiality for executing activities with determined results
within set time and energy. Entrepreneurs possesses following skills:
Technical skills: Such skill is associated with ability to perform particular operation
(Ramadani, 2013). Successful entrepreneur such as Oprah Gail Winfrey have understanding
together with proficiency in various particular activity including techniques, processes and
procedures. Other business managers lack programming language as well as technique
knowledge but successful entrepreneurs posses knowledge of mechanical equipments, techniques
and programming language which differs them from other managers.
Social skills: The skill facilitates communication as well as interaction with others.
Andrew Carnegie have relationship building, team strategy formulation addition to talent
sourcing techniques. All these helps in developing healthy relationships, asks for help, protect
themselves, meet needs in accurate ways and interacts with society harmoniously.
P6. Aspects of entrepreneurial personality
Entrepreneurial personality is made up of number of entrepreneurial characteristics, values,
abilities and attitudes which shapes their experiences and actions. It is the reason for the cause of
behavioural together with mental processes of human being. For demonstrating g personality
aspects of entrepreneurs, Ocean Personality model is as follows:
Ocean personality model involves big five personality traits and is known as personality
trait taxonomy. It includes followings:
Openness: This personality trait involves features like insights, cleverness, varied
interests, creativity and imagination. Human beings high in the trait have wide interests where as
low personality are often tradition as well as struggles with thinking. Entrepreneurs like Andrew
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Carnegie as well as Oprah Gail Winfrey are high in openness that boost their mindset through
creativity and imagination.
Conscientiousness: Characteristics of the dimension involves good impulse control, huge
thoughts as well as goal oriented behaviours. Successful entrepreneurs such as Andrew Carnegie
along with Oprah Gail Winfrey have high level of conscientiousness that motivate them to finish
important activities right away and enjoys set schedule which reflects their motivational aspects.
Extraversion: It is featured by assertiveness, emotional expressiveness, excitability and
talkativeness. Andrew Carnegie is high in extraversion which helps them to gain energy during
social situations and increases their excitements.
Agreeableness: Standard characteristics of the dimension are altruism, affection and
prosocial behaviour. Andrew Carnegie addition to Oprah Gail Winfrey have high agreeableness
that helps in caring about others, enjoying help, assisting others and contributing towards other
happiness that reflects their motivation and mindset.
Neuroticism: The personality trait having features of emotionally stable, relaxed,
anxiousness and resilient. Andrew Carnegie as well as Oprah Gail Winfrey possess low
neuroticism that motivates them in dealing with stress and rarely feel depressed that boost their
mindset along with motivation.
M3. Different lines of arguments in relevance to entrepreneurial characteristics
Entrepreneurs are said to the originators having innovative ideas as well as vision to alter
nation. It is well argued by someone that entrepreneurs are born with certain characteristics or
the characteristic are learned (Lines of arguments. 2019). Considering cases of Andrew Carnegie
as well as Oprah Gail Winfrey both were faced poverty and with passage of time attained success
by building key characteristic traits of competitive spirit, creativity addition to risk taking.
Hence, considering the life phases of both entrepreneurs it can be said that entrepreneurs are born
with certain characteristic trait that helps in achieving their vision.
D3. Analysis of characteristic traits and motivational drivers of entrepreneurs.
Successful entrepreneurs posses certain traits, motivational drivers as well as skills which
differentiate them with others. For example, Andrew Carnegie has trait of creativity and social
skill that helps them to get work done. In contrary, Oprah Gail Winfrey has characteristic trait of
risk taking and competitive spirit along with technical skills which motivates to face challenges
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and develop new solutions. Both entrepreneurs have motivational drivers related to high
openness, low neuroticism and so forth.
TASK 4
P7. Background and experience
Experience as well as background of family motivates an entrepreneur in acquiring
knowledge so that they can deal with complex circumstances passionately. Supportive
background as well as excellent experience helps entrepreneurs in grabbing opportunities that
further leads towards developments.
Background and experience of Andrew Carnegie and Oprah Gail Winfrey
Andrew Carnegie
Family background: Andrew Carnegie took birth at Dunfermline, Scotland on
November 25, 1835. Andrew was child of William Carnegie as well as Margaret Morrison
Carnegie (Andrew Carnegie biography. 2019). Once formal education of the personality
completed, the family left Scotland in search of new jobs. The family members of Carnegie were
handloom weavers and local shoemakers. As Andrew Carnegie did not went to higher school and
due to this various failures were experienced while starting any business or working with other.
Hence, the education factor hindered their entrepreneurship.
Experience: Andrew Carnegie is well known Scottish American Industrialist,
philanthropist addition to business magnate. Andrew during the childhood worked in one of the
cotton factory as well as as telegrapher. In context to economy factor, the personality acquired
land, labour and raw material easily while launching the new business of steel company which
fostered their entrepreneurship to great extent. Andrew accumulated the wealth of his father as
bond salesmen and raise money to start enterprise. The personality also has investments in rail
road sleeping cars, oil derricks, railroads along with bridges. Later, with passage of time,
Andrew earned money and built steel company with the name of Pittsburgh’s Carnegie Steel
Company and later sold for $303,450,000. This made him the richest American entrepreneur.
Oprah Gail Winfrey
Family Background: The personality was born on January 29, 1954 at Mississippi,
United States in an isolated farm. Oprah was up bringed by her single mother due to separation
of her unmarried parents. Oprah worked in Mississippi farm with her grandmother who
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encouraged her to love reading in the childhood. Oprah has completed education from school of
Lincoln Middle school, Nicolet High school and Tennessee State University. This helped her to
gain knowledge for applying the management skills and other skills while performing at stage or
taking participation in talk shows. Hence, the education factor fostered the entrepreneurship of
such personality.
Experience: Oprah Gail Winfrey is well known host, author as well as actress. Oprah
faced molestation and even became pregnant during teenage. Winfrey suffered various taboos
that motivated her to enter in the mainstream of television appearances. While launching the
business, the economy factor including business cycle was stable and taxation or labour rates
were favourable as the entrepreneur have took various loans from financial institutions at low
rates which benefit them to invest and attain preferable returns. Thus, as per economic factors the
entrepreneur have gains aspect of fostered entrepreneurship. Oprah inducted into national
Women’s Hall of fame and later reinvented the show with emphasising on literature. Oprah also
co anchored various talk shows and become part of numerous shows including AM Chicago, The
Oprah Winfrey Show and so forth. As an actress, Oprah attended Native Son, Brewster Palace,
Bee movie, Ellen, Beloved and Crow: The Legend.
M4. Linkage among entrepreneurial characteristic together with influences of experience and
background.
Characteristic traits of entrepreneurs are connected with their background and experiences
which are achieved by them in the life (Ratten, 2016). Through influences which are acquired by
support addition to critics the characteristic traits and skills are build over time. For instance,
Oprah Gail Winfrey had belongings from poor family but was supported to become a talk show
host and actor that developed traits of risk taking within her. At same time, Andrew Carnegie
family was also not economically and financially good but due to having various venture ideas
he developed characteristics of risk taking and skills within them that made him successful
entrepreneur.
D4. Critical evaluation of experience and background that influences entrepreneurs in negative
and positive manner.
Background and experiences results in numerous impacts on individual life. It depends on
personalities how they implement the influences of experience and background on the.
Following are some impacts:
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Positive impacts: To become successful, entrepreneurs goes through distinct phases. In
these phases they face struggles together with hurdles which encourage them in initiating
innovations for leading successful life. For example, Andrew Carnegie faced difficulties in
selling the enterprise and Oprah Gail Winfrey was motivated to use her skills. The entrepreneurs
with keen interest on learning new thinks helped in overcoming from failures and critics that
showed positive impacts on their successful life.
Negative impacts: Certain situations restrict entrepreneurs to lead successful phases
(Shepherd, 2015). For instance, Oprah Gail Winfrey and Andrew Carnegie faced failures in
iniating their ideas and worked tirelessly for hitting new ideas but at certain conditions their
motivation level decreased that showed negative impacts on working more hard.
CONCLUSION
The presented report concludes that entrepreneurs think differently addition to implement
their ideas in unique manner. Entrepreneurial ventures are categorised into public sector, private
sector and social sector entrepreneurship having linkage to male, female together with mixed
typologies. Small businesses plays important role in employing local residents, contributing local
authorities, increasing competition addition to adapting dynamic changes. The characteristic
traits of entrepreneurs are risk taking, creativity as well as competitive spirit. At same time, these
entrepreneurs have social and technical skills within them. Entrepreneurs have distinct
background and attains different experiences that impacts in different manner in their
motivational aspect.
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