Entrepreneurship and Small Business Management

This report covers different types of entrepreneurial ventures and their relation with typology of entrepreneurship. It also highlights the similarities and differences between these ventures. It also covers interpretation and assessment of data and statistics to illustrate impact of micro and small business upon economy. Importance of small business and start up is also covered in this report. It also covers characteristics, traits and skills of successful entrepreneurs and their difference from business managers and how their personality reflect entrepreneurial motivation and mindset. It also covers the way in which background and experience hinder or foster entrepreneurship.

Entrepreneurship and small
business management

Table of Contents
INTRODUCTION ..........................................................................................................................3
LO1..................................................................................................................................................3
P1: Types of entrepreneurial ventures and its relation with typology....................................3
P2: Interrelation between Entrepreneurial Ventures..............................................................4
M1: Investigation of Entrepreneurial Ventures .....................................................................6
D1: Scope, development and growth of Entrepreneurial Ventures........................................6
LO2..................................................................................................................................................6
P3: Impact of Micro and Small businesses upon economy....................................................6
P4: Importance of small businesses in social economy..........................................................8
M2: Evaluation.......................................................................................................................9
D2: Impact of small businesses on different economic levels...............................................9
LO3................................................................................................................................................10
P5. Characteristics, traits and skills ....................................................................................10
P6. OCEAN Model..............................................................................................................12
M3, D3.Examination and Analysation ................................................................................13
LO4................................................................................................................................................13
M4, D4. Evaluation..............................................................................................................14
CONCLUSION .............................................................................................................................15
REFERENCES .............................................................................................................................16

INTRODUCTION
Entrepreneurship can be defined as a process to design, launch and run a new enterprise,
that is often a small business organisation. It is referred to a capacity and willingness to manage,
organise and develop a new business in order to attain profit (What is Entrepreneurship?, 2019).
Every kind of business whether large or small have to be entrepreneurial in order to survive in
market. This report covers different types of entrepreneurial ventures and their relation with
typology of entrepreneurship. It also highlights the similarities and differences between these
ventures. It also covers interpretation and assessment of data and statistics to illustrate impact of
micro and small business upon economy. Importance of small business and start up is also
covered in this report. It also covers characteristics, traits and skills of successful entrepreneurs
and their difference from business managers and how their personality reflect entrepreneurial
motivation and mindset. It also covers the way in which background and experience hinder or
foster entrepreneurship.
LO1
P1: Types of entrepreneurial ventures and its relation with typology
Entrepreneurial ventures can be referred as an venture that uses opportunities and
innovation for producing economic or social value (Brush and et. al., 2018). It includes all kinds
of activities of business from small organisations to large enterprises. There are certain types of
entrepreneurial ventures which can be discussed as follows-
Small Business Entrepreneurship- These kind of ventures are independent and it is
managed and owned by private sector. These sectors are limited in size and have limited
resources for conducting its operations. This type of enterprise has few number of workers and
its examples are a local salon with 10 or more employees, a small advertising firm with around
500 workers. Such ventures do not have wide scope in which they can operate its business at
large scale. Also, they have medium scope regarding development of a business. Such
enterprises have medium development scope to make importance of their business at country
level and in developing them at national level by giving employment to people at national level
extent. Such organisations have opportunity in enhancing its sales services instead of product
manufacturing. Due to this, small enterprises have large productivity, low turnover and great
efficiency.

Scalable start up Entrepreneurship- Entrepreneurs of these companies or firms are
young and innovative that has potential for developing a new market or by making changes to
present market with the help of innovative products and services. Some examples are IT
companies, software based businesses, etc. (Dana, 2018).
Large business entrepreneurship- Such type of organisations operates its activities at
high level and have finite life cycles. It includes large number of employees which are more than
500 and utilises more resources. Its examples are big industries like Google, Microsoft, Apple,
Amazon and so on.
Social entrepreneurship- Social entrepreneurship do not carry on its activities in order
to earn profit, instead it works for people and society they are living in (Dana Ratten and
Honyenuga, 2018). It produces goods and services that helps in solving social problems and
fulfilling needs of society. It includes educational programmes, banking services and so on.
Private sector- It determines those organisations which are owned privately and are
administrated at business concern. These are organised and managed by bunch of people who are
private persons. The basic aim of such organisations is to attain probability and helps in
considering high amount of threat and risks. For instance, Aviva, Vodafone, Google are some of
the examples of such enterprises.
Public sector- These business organisations are operated and are controlled by authorities
at national level of the country. Such enterprises are operated and run by state, central and local
government. The basic purpose of such firms is to provide employment opportunities to people
and offer services to public. For instance, banks, Hospitals, and banks which are public sectors.
Social organisation- It refers to such non government organisations that operates their
business activities for the welfare of society and in improving life style which helps in providing
job opportunities to people.
Typology
Typology can be defined as a group, set and category of entrepreneurship and objectives
towards which it works. There are some types of entrepreneurship which are discussed as
follows-
Lifestyle Entrepreneurship- It can be defined as a business that is introduced to attain
profit within a limited duration of time. It operates its activities alone without involving others. It

do not pays attention to growth as much, it focuses on quality of life. It includes small enterprises
having modest investment in fixed assets.
Male Entrepreneurship- It involves entrepreneurs which are bold and not afraid to take
any kind of risks. In Male entrepreneurship, number of workers are large and amount is invested
at grand level. Entrepreneurs that come under this typology are more focused on technology
related organisation and they are risk takers and prone to experiments.
Female Entrepreneurship- Such types of venture includes entrepreneur that are less
prone to risk and afraid of taking risks. These entrepreneurs invests in small scale enterprise and
are hard working and optimistic and maintain a balance between professional and personal life.
Such entrepreneurs take care of their clients and customers and fulfils social responsibility
(Greene and Brush, 2018).
P2: Interrelation between Entrepreneurial Ventures
Entrepreneurial ventures aims at achieving profits by starting up a new business
organisation in order to produce both economic and social value. There are various types of
entrepreneurial ventures and they have certain similarities and differences between them which
are-
Entrepreneurial ventures Similarities Differences
Small venture and large
venture
 The objective of both
these enterprises is to
earn maximum profits
with the help of certain
strategies and plan
(Harrison and Leitch,
2018).
 Both of them pays
attention to its
customers and
produces goods and
services as per
customers demands
 Small enterprises have
few number of
employees whereas
large organisations
have large number of
workers which is more
than 500.
 Small entrepreneurship
venture has limited
resources and limited
growth whereas large
entrepreneurship
venture has more

and preferences. resources and has more
future opportunities.
Social Entrepreneurial
venture and Scalable start-
up Entrepreneurial venture
 The basic aim of both
social entrepreneurial
venture and scalable
start-up entrepreneurial
venture is to fulfil
social responsibility
and to make world a
better place to live in.
 Both of these
enterprises produces
such goods and
services that satisfy
social needs and solve
certain social issues.
 Social entrepreneurial
is not profit oriented
organisations whereas
Scalable start-up
entrepreneurial venture
is aims at achieving
profits (Jones and et.
al., 2018).
 Social entrepreneurial
operates its activities
based on traditional
approach and do not
aim at innovation. On
the other hand,
Scalable start-up
entrepreneurial venture
utilises latest
technology and
innovation to carry on
its business operations.
Similarities and differences between public, social and private enterprises
Particulars Similarities Differences
Private The aim of private enterprise is
to develop options for job and
provide employment
opportunities to people working
The aim of this enterprises is
to earn profits.

in an enterprise.
Public Such kind of business entities
helps in creating employment
opportunities to entire nation
and in providing certain
services to people.
The aim of these business
entities in providing services
to people of the country.
Social Such organisations are the non-
governmental companies which
are formulated to improve the
standard of living of local
people by giving them
employment opportunities.
These enterprises work to
develop living standard of
individuals and work towards
social welfare.
Similarities and differences between micro, small and medium organisation
Particulars Similarities Differences
Micro The basic aim of such entities
is to provide job opportunities
to people who can survive
appropriately.
In such business entities, there
are around 0-10 workers who
contribute in running and
growth of organisational
operations.
Small Such enterprises helps in
creating employment
opportunities to local people
and allow them to run their
business.
The number of workers in this
kind of enterprise are 10-50
who participate in operations
of organisation.
Medium These enterprises creates job
opportunities to people of the
whole nation so that they can
There are around 50 to 250
workers who contributes their
skills and knowledge to

improve their standard of
living.
operate firm's business.
M1: Investigation of Entrepreneurial Ventures
There are various types of entrepreneurship ventures that has different aims and
objectives. These includes large business entrepreneurship that employee large number of
workers, small business that employee workers not more than 500, Scalable start up
Entrepreneurship in which entrepreneurs are young and innovative, and social enterprises that
work for solving issues of society. All these ventures come under public and corporate sector like
TESCO is a large enterprise that is corporate sector, a small government hospital comes under
public sector, and so on (Julien, 2018).
D1: Scope, development and growth of Entrepreneurial Ventures
There is large scope for development and growth of entrepreneurial ventures which helps
these firms to develop their business activities in an appropriate manner. Small scale
entrepreneurship has a limited scope for development and growth as it has limited resources. But
at the same time, it has large scope for future due to large increase in small scale and start up
businesses. Large business venture has large scope for developing and growing in future due to
large quantity of funds. These funds will help this business organisation to expand its market
share and to develop its products in an appropriate manner. Scalable start-up Entrepreneurship
business has large scope for grabbing future opportunities as it uses innovative ideas and
technology for producing its goods and services. Such enterprises use latest innovative ideas and
innovation in order to provide innovative products and services to its customers. Social
entrepreneurship venture has good scope for future development and growth as it works for
solving certain social problems. These enterprise has large scope in future as these business
entities helps people to solve their various issues and problems.

LO2
P3: Impact of Micro and Small businesses upon economy
Small and Micro businesses plays an crucial role in contributing to economies of nation
by bringing up innovation and technology to a community and society in which they are
established (Business Population Estimates for the UK and regions in 2018, 2019). It also serves
to stimulate growth of an economy by providing employment opportunities to people of society
who are unemployed and not getting any job in large corporate sectors. It can be determined as a
search engine in development and growth of an enterprise.
The most important role of small and micro organisations is that it provides employment
to local workers and gives contribution to government by timely payment of taxes (Kuratko and
Morris, 2018). Impact of micro and small businesses over economy of United Kingdom can be
shown more clearly by interpreting and assessing relevant data and statistics. For this purpose, it
is demonstrated by a table given below that shows private sector business in British and number
of workers working under it in 2018-

On the basis of table given above, it is shown that a micro and small business ventures is
employing less than 250 people. In the year 2018, there were 5.7 millions small enterprises in
United Kingdom which were about 99% of all enterprises. This shows the importance of small
and micro business in economic growth and development. Micro environment provides 33%
employment to individuals which is more than medium scale enterprises. On the other hand,
small business ventures provides 15% employment to people which results in 15% turnover.
These figure shows that these sectors have large impact upon economic growth rate and its
development. The complete scenario of UK businesses is shown by following chart-
Source: Change in SMEs by sector (UK), 2008-2014
On the basis of above given chart and table, it is clear that small and micro business
ventures plays an important role in developing and growing an economy. These ventures are
making huge contribution in providing employment opportunities to people and creating jobs by

bringing new ideas and innovation in an economy. In present times, small entrepreneurship
ventures are providing employment opportunities to more than 17 million individuals in United
Kingdom that is accounts for around 60% of private sector employment. This determines the
importance and significance of small enterprises in contributing growth and development of
economy (Masurel and Masurel, 2019).
P4: Importance of small businesses in social economy
Small businesses plays a crucial role in growth and development of an enterprise by
providing various job opportunities to people which results in increasing standard of living of
people. Small entrepreneurship plays a significant role in growth of social economy which can
be seen as follows-
Provides Employment Opportunities- Small enterprises provides large job opportunities
to individuals who are not employed by large scale organisations. It attracts new, fresh and
talented employees and provides them a platform to showcase their set of skills and knowledge.
This will result in growth and development of social economy. These business entities helps in
creating job opportunities for local people which helps in making the economy strong. Moreover,
it also helps in satisfying people needs and desires and give a platform to them to use their skills
and knowledge for the benefits of society.
Increase Standard of Living of People- Small enterprises provides job opportunities to
people which will give them a source of income (Neumeyer and et. al., 2018). This will result in
increasing their standard of living which helps in growth and development of social economy.
This will help in increasing standard of living of people and give them an opportunity to develop
their further skills.
Pay Taxes to Government- Another important role which is played by small scale
business entities is that it helps in paying certain amount of taxes to government. This helps the
government in enhancing its tax value which will be used by government for further social
benefits. Small business enterprises pay timely taxes to government which is used by it to
provide essential resources to economy which helps in solving certain issues and problems of
society. This will help in growth and development of social economy.
Integral part of economies- Small entrepreneurship ventures helps in creating webs of
financial independence that foster wide- based prosperity. This will result in increasing growth
and development of a social economy as a whole.

M2: Evaluation
There are different types of enterprise based upon the size of an organisation which are
small, medium and large organisations. Small enterprises have small number of employees and
generate low revenue, Medium ventures employee comparatively more employees and generate
more revenue thereby. On the other hand, in large enterprises, large number of workers work
which results in generating high amount of revenue (Brush and et. al., 2018). All these sectors
provide employment importunities to individuals which will increase their standard of living.
This will increase in overall economic and social growth of a nation. According to the statistics
of Private sector businesses in UK, 2018, it is estimated that small enterprises are giving job
opportunities to more than 17 million individuals in UK which accounts for around 60% of
private sector employment.
D2: Impact of small businesses on different economic levels
Small businesses plays an significant role in different levels of an economy like local,
regional and national. These kind of enterprises provides employment opportunities to local
people of United Kingdom which has positive impact over local economy and regional economy.
It helps in increasing job opportunities to people, provides timely payment of necessary taxes to
government which will result in improving overall development of an organisation at national
and international level both (Dana, 2018).
LO3
P5. Characteristics, traits and skills
Entrepreneur is a person who sets up a new organisation in order to earn high margin of
profits by taking certain financial risks. To be a successful entrepreneur, a person needs to
possess certain characteristics, skills and traits that distinguished them from business managers.
A very basic difference between entrepreneur and business managers is that entrepreneur is an
owner of an organisation where as business managers are just an employee of same enterprise
(Brush and et. al., 2018).
Peter Jones
A British entrepreneur who operates in services like mobile phones, property, media, television,
leisure and retail. He started his business when he was a teenager, that is 16 years old. He has
certain skills and traits which differentiate him from business managers.

Characteristics -
Team player- The basic characteristics of Peter Jones is that he is a team player. He started his
business when he was a teenager, that is 16 years old. He has certain skills and traits which
differentiate him from business managers.
Confidence- Another important characteristic of this entrepreneur is that he is confident in
whatever he is doing. Most of the managers are not confident enough about their work. They ask
their seniors about what to do and than perform any work related activity.
Skills-
Risk Taker- Peter Jones believes that for success of an enterprise it is very important to take
risks. Unlike mangers, who are afraid of taking risks. On the other hand, managers do not
take risks and work within limits (Dana, 2018). They are afraid of taking risks and therefore
they avoid it, which distinguished them from entrepreneurs.
Time management- This entrepreneur knows the value of time and perform all the activities
within assigned period of time. On the other hand, managers do not take risks and work
within limits. They are afraid of taking risks and therefore they avoid it, which distinguished
them from entrepreneurs (Dana, Ratten and Honyenuga, 2018).
Traits-
Imaginative- Peter Jones is imaginative and creative. On the other hand, business managers are
not creative because their work is limited. On the other hand, the role of managers is limited
and hence they are not imaginative enough to bring new ideas to their business.
Problem Solver- This entrepreneur have the ability to solve problems regarding each and every
business activity. On the contrary, managers are not able to solve problem existing at
workplace like conflicts between employees, cleanliness problems and so on.
James Dyson
An entrepreneur of Britain who is an inventor, chief executive and industrial designer of Dyson
Ltd.
Characteristics
Self Belief- The basic characteristic which is possessed by James Dyson is that he always
believes upon himself. Entrepreneurs believes upon themselves but managers lack this
quality. They are dependent upon their seniors and do not take any decisions before asking
them.

Positive thinker- Another key feature is that failures did not stopped him from keep growing
and learning new things. On the other hand, managers do not always thinks positively
because they are afraid of failures and loss.
Skills-
Leadership- The basic skill that is possessed by James Dyson is that he has all the qualities that
are required to become a great leader (Greene and Brush, 2018.). Managers do not possess
leadership qualities as they act more like a boss than a leader, which distinguished them
from entrepreneurs.
Innovative- This entrepreneur is innovative in nature and keeps on innovating new ideas and
technology to maintain success of his business. Entrepreneurs always brings new ideas to
the business. On the other hand, managers do not possess such quality as they have limited
work to do.
Traits
Optimism- James Dyson is optimistic in nature. He always sees positive side of everything and
work towards achieving his goals. On the other hand, managers are optimistic and see both
positive and negative sides of work for achieving their goals (Harrison and Leitch, 2018).
Creativity- This entrepreneur is creative as he keeps on trying innovative ideas that will help his
business to grow further. Managers, on the contrary, are not creative and do not bring new
ideas to business. Their scope of work is limited and they work within their boundaries.
P6. OCEAN Model
The aspect that makes entrepreneur different from business managers and other people is
their personality which has positive effect over entrepreneurial motivation and mindset. To gain
proper comprehensibility of this, OCEAN model has been taken into use. Personalities of
entrepreneurs are different from each other which can be clearly explained with the help of
OCEAN Model (Jones and et. al., 2018). There are five big traits of this model which helps in
determining personality of different entrepreneurs.
Openness- Entrepreneurs that are open to new challenges and experiences come under this trait.
In this trait, entrepreneur thinks outside the box. Here, example of James Dyson can be
taken. When entrepreneurs are open to new ideas and challenges than it will motivate its
employees to express his ideas and opinions in front of him.

Conscientiousness- It includes those businessmen who has a tendency to control impulses and
can act in socially acceptable ways. They plan in advance, stick to it and work in an
organised form. This trait can be seen in Peter Jones as he plans in advance what he will do
in future. This trait in entrepreneur will motivate its employees to act in socially acceptable
ways. When entrepreneur plans its activities in advance than he will assign all the tasks
among his team members which will help his employees to execute work in a more
appropriate and planned manner.
Extroversion- These people are social, outgoing, confident, talkative, and draws energy by
talking to other people. These qualities can be seen in both Peter Jones and James Dyson as
both of them are extrovert in nature (Julien, 2018). When entrepreneur is extrovert than he
can easily express his ideas, opinions and ways in which work should be done. He will not
act like a boss but will act like a leader. This will create motivation and confidence among
his employees by which they can easily express their opinions without fear of rejection.
Agreeableness- This factor is concerned with person's orientation with other and how well
person can go along with other. This will create a sense of belongingness among his
employees which will motivate them to work in more effective manner and create a friendly
environment at workplace. This trait can be seen in James Dyson as he is very polite, patient
and trustworthy (Kuratko and Morris, 2018).
Neuroticism- It is concerned with comfort of a person in his own personality and their emotional
stability. These factors can be seen in both Peter Jones and James Dyson as both are
confident and emotional stable. When leader is confident than employees will also trust him
which will increase their motivation towards better work. When an entrepreneur is
emotionally strong and is able to control emotions in both happy and sad times, it will
enhancing overall leadership qualities.
M3, D3.Examination and Analysation
Entrepreneurial characteristics, skills and traits plays an vital role in distinguishing them
from business managers. He should be open minded, outgoing, confident, and have good
communications skills which will help in becoming successful. Like Peter Jones is team player
and he do not simply order his team members to accomplish a task instead he himself participate
in those activities (.Masurel and Masurel, 2019). Similarly, James Dyson believes in himself and
he is not afraid of failures. These entrepreneurs are risk takers and they are not afraid to take

risks. They always try to bring innovative ideas in their business activities so that they can arrive
at many innovative solutions and are able to solve certain issues of their workers. These skills,
characteristics and traits of an entrepreneur helped them to achieve different objectives and goals
of their business activities. Strong communication skills and strong leadership qualities of people
helps them in achieving their predetermined business goals and objectives.
LO4
P7 Background and Experience that can hinder and foster relationship
Each entrepreneur belongs to different background and experiences that help them in becoming a
successful businessman (Singh and Gaur, 2018).
Peter Jones-
Background- He do not belong to a wealthy family. From the age of 16, he started earning by
playing tennis and doing business. Peter Jones faced certain problems in his childhood because
he belongs to a not so wealthy family. Because of this, he started earning from the age of 16.
This helped him to become self dependent and to grow as a successful entrepreneur.
Experience- He had studied in Desborough school and he opened his company of personal
computers in his teenage. At his teenage, he started his new company which is of personal
computers. This helped him to grow and develop his knowledge about computer programming
and software skills. This results in helping him to achieve his dreams to become a successful
entrepreneur (Neumeyer and et. al., 2018. His eagerness to learn new things and his interest in
software programming helped this entrepreneur in becoming more successful towards achieving
overall business goals.
James Dyson-
Background- He is born in 1947 in Cromer, Norfolk. His family conditions were good but his
father died of cancer. He has faced personal problems like his father died of cancer, which
helped him to become more responsible towards his family. This incident helped him to become
self-dependent and successful. This circumstances made him more responsible which build up
his leadership qualities.
Experience- He studied in Gresham's school and then studied interior designing from Royal
college of art. He then moved to engineering and invented a sea truck in 1970. His first invention

Ballbarrow, was featured on BBC. This motivated James Dyson and boosted his confidence that
he can do much better. This helped him to grow as a successful entrepreneur.
M4, D4. Evaluation
The background and experience of entrepreneurs plays a significant role in
characteristics, traits and skills possessed by them at present. Peter Jones belongs to a middle
class family which help him to grow the skills of independence and risk taking. Similarly, James
Dyson first invention was featured on BBC which build up his confidence and helped him to
grow as a successful entrepreneur (Sharafizad, 2018). This experience has positively affected the
overall enhancement of confidence in this entrepreneur. Moreover, James Dyson's father died of
cancer and this tough phase of his life had helped him to be a responsible family member. This
helped him to enhance his leadership skills which helped him in becoming successful leader
towards his employees and workforce.
CONCLUSION
From the above report, it has been concluded that entrepreneurship plays a key role in
setting up a small scale business enterprise. There are various types of entrepreneurs and their
typology like small scale entrepreneur ventures employee limited amount of workers and raise
less funds. Differences and similarities between business ventures are also concluded in this
report like small and large enterprise, small enterprise has few number of employees and large
business large number of employees but they both work for earning profits. Small business helps
in providing employment opportunities to people which aids in growth of social economy.
Entrepreneurs possess certain skills and traits like openness, confidence, risk taking, etc. which
distinguished them from business managers is concluded in this presentation. Further, it
concludes that different entrepreneurs has different personalities with the help of OCEAN model.
It also shows how background and experience can hinder and foster success of Peter Jones and
James Dyson.

REFERENCES
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