Entrepreneurship and Small Business Management

This report discusses various types of entrepreneurial ventures, their impact on the economy, characteristics of successful entrepreneurs, and the background and experience of famous entrepreneurs. It also explores the concept of entrepreneurial personality and its influence on mindset. The report provides valuable insights into the field of entrepreneurship and small business management.

Unit 9: Entrepreneurship and
Small Business Management
(ESBM)

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
TASK 1............................................................................................................................................3
P1 Various types of entrepreneurial ventures related to entrepreneurship typology..............3
P2 Discussing similarity and differences between interpersonal venture..............................4
TASK 2............................................................................................................................................5
P3 Economy Impact due to small & micro businesses...........................................................5
P4 significance of a small businesses and startups on social economy growth.....................6
TASK 3............................................................................................................................................7
P5 Characteristics, skills and traits of successful entrepreneurs............................................7
P6 Concept of entrepreneurs personality that reflect on interpersonal entrepreneurial and
mindset...................................................................................................................................8
TASK 4............................................................................................................................................9
P7 With relevant example, background determination and experience in force hinder or foster
the entrepreneurship...............................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
An entrepreneur refers to a person who operates and organized a business or businesses
taking financial risk and use their skills along with entrepreneurial tendency to make it success.
Entrepreneur are having ability to innovate new ideas and convert them into reality. They wear
risk and enjoy the success rewards. Entrepreneurs are backbone of the countries economy which
help to generate large number of employment opportunity. They are innovative and having
creative idea for business. They work constantly to convert their startup into micro, small and
large businesses and contribute in country growth and economy. In this report, there is discussion
about different type of entrepreneurial venture related with topology and similarity and
difference between entrepreneurial venture. There is also discussion about impact of a small
businesses on economy with relevant data and statics. There is also discussion about
determination and access key aspect for entrepreneurial mindset. This report also consists of
different environments that hinders or foster entrepreneurship (Ilonen, 2021).
MAIN BODY
TASK 1
P1 Various types of entrepreneurial ventures related to entrepreneurship typology
Entrepreneur are always ready to take risk and use their creative mindset for a business
idea. There are different kind of entrepreneurial venture which are going to be discussed
further.
Small Enterprises- This is a kind of venture which consider operations, capital and
employees. This type of venture is having target to earn money from their goods and services.
This type of venture have very low level of scope and size and deliver their services and goods to
specific market area. These ventures generally includes sole proprietorship and partnership firm.
This venture contain less than 50 workers. Example of small Enterprises are Travelodge,
Electrotech Ltd etc.
Large businesses- This entrepreneurial venture are having high level of business
operation along with size and scope. They can cover large area of market along with tendency to
target huge audience. This type of business can operate internationally and having massive
capital and funds. They can fulfill the requirements of their customer. Example of large
enterprises are Morrisons, M&S, Asda, Tesco etc (Preller, 2020).

Social Enterprises- Such Ventures are established to deliver services to the society. They
are having main idea for development and welfare of the society. Such enterprises work
individually for growth of local people. Motive of these Ventures is wealth maximization rather
than making profit. Example of social enterprises are Cafedirect, save the children, hil holt wood
etc.
Entrepreneurship typology
Such type of venture contain various typology which inter-corporate with the growth of
businesses for smooth functioning.
Lifestyle Enterprise- This enterprise is to enhance the standard of living by businesses
into today operation. Such business help to generate employment to the people of local area for
enhancing their lifestyle. Lifestyle enterprise comes under social venture (Nicotra, 2018).
Growth Enterprise- Such enterprises have concerned with earning profit and revenue.
They focus on innovative ideas for higher profitability and productivity. Main motive is to
satisfy customers expectations by covering large market.
It can observe that entrepreneurial venture and typology help to provide a enhancing life
standard and development of country economy.
P2 Discussing similarity and differences between interpersonal venture
Similarity
Basis Small Enterprises Large Enterprises Social Enterprises
Meeting
requirement
Those enterprises
satisfy need of local
area people.
These enterprises address
large area of the market
needs.
These enterprises
supports local people
and society by
contributing in
development.
Society
enhancement
These enterprises
employ local people
(Hussain, 2018).
These enterprises
generates employment on
large number and having
focus on innovative
product to generate more
revenue.
These enterprises
dedicated towards
growth and
development of
society.

Differences
Basis Small enterprises Large enterprises Social enterprises
Scales These enterprises
works on a small
fund which includes
startup.
Such enterprises are having
large scale and due to having
large amount of money
along with resources for
operating different business
activities.
These enterprises are
having lower scale and
support local people to
improve standard of life
along with economic
growth.
Objective These enterprise
have the objective to
earn profit with the
help of local
population.
Making money and revenue
is the main objective of this
enterprise by delivering
product and services to
satisfy customers
expectation (McGee, 2019).
These Enterprises work to
support society and
uplifting standard of life in
effective way.
Traits Such business
requires limited
resources to
performing different
activity and there is
less interference of
government.
This firm required large
funds along with resources
for performing different
activities. Government
involvement is more due to
contribution in economy of
the country.
This type of firm requires
funds. This is generally
provided by government
organization or donation
for working in welfare of
people.
TASK 2
P3 Economy Impact due to small & micro businesses
Small & micro business have crucial role countries growth of economy. There are
different kind of business enterprises.
Small- This enterprise has less than 50 employees and having lower scale. They provide
opportunities for employment to local people.
Medium- These enterprises have number of employees between 50 to 250 and generates
large revenue along with large number of employment and help in country development.

Large- This firm operates on national and international level and having more than 250
employees. They highly contribute in country development and economy (Anwar, 2021).
Impact of small and micro enterprises on the economy
Local impact- Micro and small enterprises directly impact the country economy by
providing goods and services to local people to fulfill their requirement. According to analysis, it
has been identified that purchasing power are recording to goods and services and contribute in
economy of local development.
(Source: Role of Startups & Small Businesses in Today’s Economy, 2018)
Regional impact- Small and Micro firm provide employment opportunity to regional
people and help in eliminating unemployment problem.
National impact- These firm directly impact country economy on national level. They
are having more fund and create innovative ideas to enhance profitability. More than 15.7
million of employed people due to small and micro businesses within UK (Lee, 2017).
P4 significance of a small businesses and startups on social economy growth
Startups and Small businesses plays crucial role in development & growth of social
economy. They are enhancing their importance day to day. GDP rate enhanced due to many
other small and startups businesses. They can provide more employment to the people for their
Illustration 1: Role of Small Businesses & Startups

profit maximization and contribute in GDP of the country. UK Government has taken
appropriate initiative to financially support small businesses and help in getting resources. There
are some of the significance of a startups and small businesses for social economy.
Employment opportunity- Small businesses and startups provides large number of
employment opportunity to people. Such firms provides direct opportunity to local people to
enhance their productivity and profitability. Main purpose of these enterprises to provides good
quality product and services to customer.
Economic development- Many small businesses plays an crucial role in providing
development of economic because to creative ideas and plan. Business get success and help in
earning profit and revenue. Startups have a massive income by delivering their products &
services at lower price. They are able to pay taxes to government that directly enhance the
country economy.
Increased Standard of life- Enterprises and small businesses contribute in the population
lives. They are considered as enhancing lifestyle for common people. Small businesses and
startups provides large number of job opportunity to an unemployed people.
From above discussion, it might be observed that startups and small businesses plays
significant role in social economy development .
TASK 3
P5 Characteristics, skills and traits of successful entrepreneurs
In United Kingdom there are number of entrepreneurs with different skills, traits and
characteristics. To get successful Elizabeth Gooch and Tom Mercer both are successful
entrepreneur with their impressive skills, characteristics & traits.
Elizabeth Gooch
Traits
Tenacity- Elizabeth remains tough when he was getting rough. He could have accepted
rejection & willing to get learn from his mistakes.
Confidence- Elizabeth had confidence within himself and his business. He face rejection
and keep going with confidently.
Characteristics

Reason- Elizabeth has clear vision and clear picture to attend his objectives. Vision is
regarding culture and determination of company.
Self confidence- Elizabeth always ready to invest it's time in important work and
confidently create something better than present. Self confidence promotes effective field and
energy to overcome from issues (Mathews, 2017).
Skills
Innovative thinking- This skill is highly necessary for entrepreneur for new innovative
idea. It also help to resolve issue at workplace.
Leadership- Elizabeth has effective leadership skill which helped him to guide a staff
member to work in right direction.
Tom mercer
Traits
Discipline- Discipline is important for entrepreneurs to get success within business. It
also helped to manage professional life. Tom was focused on his objective and aims which help
to achieve objective.
Vision- Successful entrepreneur have clear vision related with business idea and purpose
of the organization.
Characteristics
Motivation- Entrepreneurs makes the business successful and able to enhance motivation
which can help and entrepreneur to utilize to achieve their objectives.
Passion- Tom is passionate entrepreneur and having focus on his work. He helped several
people for effective solution. These characteristics differentiate Tom from other business
managers with passion.
Skills
Decision making- Tom can take effective decisions regarding business. He also
determine processes which can help to take right decision.
Communication- Entrepreneur requires effective communication and Tom is having
better communication skill which helps to associate with its working staff and others.
P6 Concept of entrepreneurs personality that reflect on interpersonal entrepreneurial and mindset
Entrepreneurs hold traits, characteristics and proper skill to help them to get successful
with their business, It has been analyzed that this key element provides direct impact on

motivation level and mindset of entrepreneurs. OCEAN model allows to show motivation level
& mindset of entrepreneurs.
Openness- It also known by imagination and intellect. This trait help to identification
creativity level along with desire for experience and knowledge.
Conscientiousness- This personality trait associated to flexibility and reliability which
help to improve productivity and to achieve business.
Extroversion- This helps to consider energetic, talkative and social entrepreneur which
can influence people and their staff members (Rashid, 2021).
Agreeableness- This personality traits provide information about Cooperative and
supportive entrepreneurs on which people can easily trust. Entrepreneurs address their staff
members opinion and suggestion during making decision.
Neuroticism- This trade provide information about unstable emotion and feelings in
which entrepreneurs feel jealousy, frustration and fear during negative situation.
TASK 4
P7 With relevant example, background determination and experience in force hinder or foster the
entrepreneurship
Entrepreneurs take risk to run the organization to earn profit and trade with different
people & make better customers relation. There is discussion about background and experience
of Elizabeth Gooch and Tom Mercer.
Elizabeth Gooch
Background- Elizabeth initiated his career at HSBC when he was 18. He was provided
training and consultancy service. Get in operation management and realize that he is having lack
of knowledge and skill. He decided to contract with CEO of Prudential company for providing
Financial Service.
Experience- Elizabeth started his career in odd circumstances and experience many
hurdles like a need of family, need of money along with support of friends. He learned to
manage different problems with any business.
Tom Mercer
Background- Tom completed his graduation from Cambridge University & hired in Bain
& co as management consultant which is a company of London. Got experience in different

companies with new idea. He operates his business and gather opinion of people to make
creative idea (Maran, 2019).
Experience- Tom have lots of experience due to work done in different cities. He have
seen and observed people struggle. He generally think about new ideas related with business.
CONCLUSION
From the above discussion, it is concluded that entrepreneurs are with creative ideas
which can create change within business. this report consists of Entrepreneurial venture and
typology. It also explain about small, medium, large and social enterprise. In this report, there is
also discussion about personality of successful people and their contribution in economy. There
is also discussion about background and experience of famous personality as an entrepreneur.

REFERENCES
Books and Journals
Anwar, 2021. Inspiring future entrepreneurs: The effect of experiential learning on the
entrepreneurial intention at higher education. International Journal of English Literature
and Social Sciences, 6.
Hussain, 2018. Towards nurturing the entrepreneurial intentions of neglected female business
students of Pakistan through proactive personality, self-efficacy and university support
factors. Asia Pacific Journal of Innovation and Entrepreneurship.
Ilonen, 2021. Creating an entrepreneurial learning environment for entrepreneurship education in
HE: The educator’s perspective. Industry and Higher Education, p.09504222211020637.
Lee, 2017. Examining the Formation of Entrepreneurial Activities through Cognitive
Approach. Asia-Pacific Journal of Business Venturing and Entrepreneurship, 12(3),
pp.65-74.
Maran, 2019. Entrepreneurial leadership: An experimental approach investigating the influence
of eye contact on motivation. Journal of Small Business Strategy, 29(3), pp.16-32.
Mathews, 2017. The Structure and Development of Global Mindset. IUP Journal of
Organizational Behavior, 16(4).
McGee, 2019. The long‐term impact of entrepreneurial self‐efficacy and entrepreneurial
orientation on venture performance. Journal of Small Business Management, 57(3),
pp.720-737.
Nicotra, 2018. The causal relation between entrepreneurial ecosystem and productive
entrepreneurship: A measurement framework. The Journal of Technology
Transfer, 43(3), pp.640-673.
Preller, 2020. Entrepreneurial visions in founding teams: Conceptualization, emergence, and
effects on opportunity development. Journal of Business Venturing, 35(2), p.105914.
Rashid, 2021. EXPLORING THE RELATIONSHIP AMONG SUSPENSION OF
JUDGEMENT, SEARCH FOR KNOWLEDGE, INTERPERSONAL
UNDERSTANDING, ETHICAL LEADERSHIP AND INTERNAL AUDIT
EFFECTIVENESS. PalArch's Journal of Archaeology of Egypt/Egyptology, 18(4),
pp.7895-7911.