Entrepreneurship and Small Business Management

This document provides an overview of entrepreneurship and small business management. It discusses different types of entrepreneurial businesses and their association with typology of entrepreneurship. It also explores the similarities and differences between entrepreneurial ventures. Additionally, it explains how macro ventures influence national economy and the value of small venture start-ups in raising social economy. Furthermore, it measures the skills, traits, and characteristics of two different entrepreneurs.

Entrepreneurship and Small
Business Management

INTRODUCTION
Entrepreneurship is stated as willing to develop, plan, and operate creative venture. The
risk and profit is shared completely managed by the owner. This type of business are innovative
and are in small size. Governing bodies of the nation should initiates entrepreneurs because they
largely contribute in raising national economy as well as generate huge job opportunities for the
society people (Ayandibu and Houghton, 2017). LNS recruitment is undertaken to complete the
project. This firm is bespoke recruitment solution for both short and long term requirements.
Company aim is to deliver the best nominee in order to full-fill each diverse and distinct
position. It is located in Basingstoke RG25 2BS, United Kingdom. This report covers various
kind of entrepreneurial business and how they are affiliated to typologies. The similarities and
differences between entrepreneurial ventures are studied in order to better understand their
concept. With the help of diagram explain is examined that how macro businesses impact
economy in both positive and negative way. The traits and skills of two businessperson are
studied to understand how this differentiate from other business manager.
LO 1
P1) Illustrate different kind of entrepreneurial business and how they are associated with
typology of entrepreneurship.
Entrepreneurial ventures is explained as organisation which places innovation so as to
produce economic or social values. They directly or indirectly raises overall economy of the
nation that leads in raising living standards of the people which is a positive mark for the
business (Ateljevic and Page, 2017) The several kind of entrepreneurial businesses are
mentioned under:
Small size venture: This kind of venture operates at local area where not more than 250
employees are working in a firm. Small size venture focus more on providing quality products
to the customers as they believe in binding customers for longer time span. As this type of
business requires less funds for operations which leads in providing more opportunities to
financially weaker section. The owner of small scale business focus on gathering huge profits
from the consumers.
Large size venture: In the open market place this type of venture requires huge funds
and resources so as to operate business activity smoothly. They mainly focus on innovating
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product in order to be in the leading position. It is done to reduce the switching ratio of client to
other brand in order to meet their preferences and desire. Along, with this they focus on
continuous expansion through sustaining innovation and technology up gradation. Large
ventures are running towards high level of social service at low-level price for the upliftment of
the community person.
Scalable Start up Entrepreneurship: In the global market scalable start up focus more
on developing or creating something new thing in the market. This type of specific ventures is
based on new creativity or innovation. By this business can grow and develop smoothly among
their competitors. Innovation helps them to gain huge revenue as as well as assist them to create
tough benchmark for others in cut throat competitive world. Some of the examples of scalable
start up are, social media and websites (Brush and Greene, 2015).
Social Entrepreneurship: In cut throat competitive world entrepreneurs coming up with
social ventures proves to be successful as they are working more for the society welfare. The
goods and services designed and provided in the community are for the betterment of the society
people. However,these type of organization does not aim in maximizing huge profit instead their
goal is to create equality and harmony in economy. Additionally, social venture work day and
night to raise the living standard of the person in the nation.
Types of Topology
The several entrepreneurial ventures associated with typology of entrepreneurship are
discussed below:
Male Entrepreneurs: In neck to neck competitive world it is very difficult to attain
better results. Despite of this male entrepreneurs are taking high monetary risk in order to set
tough benchmark for others. Large entrepreneurial venture are related with male entrepreneur as
both focus on expanding their business through innovation in their product or services. Male
entrepreneurs are dealing in large manufacturing business and are task oriented. This type of
business are keen interested in exploring their business across the globe as well as focus on
current trends in the society.
Female Entrepreneurs: In open market place this type of typology does not focus on
taking large risk and are concentrating in operating small business. Female entrepreneurs are
more conservative as compare to other entrepreneurs (Barba-Sánchez and Atienza-Sahuquillo,
2018). Small size venture is interrelated with female entrepreneurs as both these businesses are
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focusing on building healthy relations with their client and try their best to render high standard
quality products. However, women are more sensitive and responsible towards society. Due to
which they take initiatives to fulfil their social responsibility.
Survival firms: This type of typology is more concentrating on survival and
sustainability of the business instead of maximizing huge revenue. In the global market these are
normally start up ventures aim is to remain in marketplace and to grab strong position for
further expansion of the enterprise.
P2) Throw light on similarities and differences between entrepreneurial ventures.
The differences between entrepreneurial ventures are stated as below:
Basis Small size venture Large scale
venture
Scalable Start up
Entrepreneurship
Social
Entrepreneurship
Focus This type of
entrepreneurial
venture focus on
survival of business
in the market as they
are operating in small
local area (Burns,
2016).
Large venture
is mainly
focusing on
maximizing
huge profits as
compare to
their rivalry.
scalable venture are
focusing more on
innovation and
invention in order to
be in the leading
position.
This type of
entrepreneurial
venture is focusing
more on working
for the welfare of
the society or
community.
Aims and
Objectives
Small size venture
aims and objective is
to retain their loyal
customers over the
years by serving
customers
expectation level
product.
The aims and
objectives of
large scale
entrepreneurs
is to grow the
business in
other nation
and be in the
leading
position.
Scalable venture aims
and objective is to
developing or creating
something new thing
in the market.
The aims and
objectives of social
entrepreneurship
is to uplift the
living standard of
the people. As well
as to resolve their
issues prevailing in
the society.
Leadership Autocratic leadership In the working Strategy leadership is Laissez faire
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style style is adopted by
small size venture in
their business
premises.
environment
of large scale
business
Democratic
style is
followed for
better results.
used by scalable
venture in order to
utilize tactics in the
working style of staff
members. By this co-
workers can easily
adopt to innovative
idea.
leadership is
adopted so that all
the community
people can
together take best
decision for the
improvement of
the community
(Cole, 2018).
Technolog
y
investment
s
Less technology
gradation is done in
small business
venture as well as
nile or very nominal
investment is done.
Sufficient
investment is
done of
technology up-
gradation in
order to meet
the set goals
and objectives.
Modern tools are
implemented in the
working environment
in order to mould
creative idea in the real
term so that consumers
are willing to pay for it
in the open market
place.
In this type of
entrepreneurial
venture expenses
in technology is
done as per the
requirements.
Technology is less
used in social
venture as they
work more on
society upliftment.
The similarities between entrepreneurial ventures are highlighted as under:
Basis Small size venture Large scale
venture
Scalable Start
up
Entrepreneurshi
p
Social
Entrepreneurshi
p
Profit The main motive of Large firm main To come up By gathering
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maximization every business is to
earn profit in order to
survive for longer
time duration. Same
way small venture
concentrate on
gaining profit in order
to full-fill customers
needs and demands
(Fayolle and
Gailly,2015).
focus is on
maximization
huge profit in
order to expand
the business in
other nation and
to raise the sales
volume of the
product.
innovative
product in he
marketplace it is
essential to have
huge funds for
which it is
mandatory to
generate profit.
huge revenue
social activities
can be performed
easily so it is
essential to
maximize profit
at a large scale.
To create
tough bench
mark for
others
In order to sustain in
the market it is
mandatory to create
tough bench mark in
the market. So small
scale business bind
customers
emotionally so that
they don't switch to
other firm.
With the help of
creativity in
existing product
or coming up
innovative idea
aid them to build
tough challenges
for others which
is a positive mark
for others.
Scalable venture
focus on
development and
innovation so that
they can be in the
leading position
and can capture
huge market ratio.
By improving the
standards of the
society they are
raising the nations
standards. By this
many other firm
will be coming
ahead to
participate in the
welfare of the
society.
Innovation Here, innovation is
not priority.
Innovation is the
important aspect
to grow business
in other country.
In this innovation
is the core
element without
this survival is
not possible.
Innovation is
exist but are used
whenever needed.
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LO 2
P3) Illustrate with the help of applicable information and statistics how macro venture influence
national economy.
Macro venture are small size administration where less employees are working in an
organization. Whereas, in cut throat competitive small business organization are those where 5
or less staff members in marketplace. On the other hand it can be said that micro business
generally create more job opportunities for those who actually willing to work and want to
mange their living standards (Hatten, 2015.). In intense competitive world organizations work
hard day and night to meet raise their sales ratio and try to maximize huge profit. By this nation
become economically stable which is a positive mark for the company. By continuous up-
gradation in the existing product or services productive outcomes can be attained easily which
leads in upliftment of the community people.
The pie chart explains that both micro and small level venture are trying their best to
upgrade the community status. They are sharing their part of profit for the welfare of the socirty
so that poverty line can be reduced. From the statistical figure it can be calculated that Scotland
and Wales are part of United Kingdom and contributes towards development of economy at a
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large scale. However, the contribution of Scotland is about 21.2% and 16.3% is of Wales
(Karadag, 2015).
Small enterprise play's significant role in providing job opportunities to the people
worldwide as well as raising national economy. Over 69.7% of job possibility in private sector is
created by small scale business in the global market. Thus, it can be said that as compare to small
scale businesses private sector employment are more.
P4) Discuss the value of small venture starts-ups to raise social economy.
Social economy is created by rich diversity of organization and firm like, mutual,
associations, cooperatives, foundations, social enterprises and so on. Exchanging similar values
and features. New starts-ups are directly or indirectly raising social economy which is positive
mark. Governing bodies of the nation should support small business as they are uplifting the
country economic condition. There are numerous importance of small scale businesses starts-ups
in order to raise social economy. Some of them are illustrated below:
Generating job opportunities: In open market place small-business are generating
numerous employment opportunities for society people as they are coming up with innovative
idea . More entrepreneurs leads to more creative business in the global village which directly or
indirectly eliminate poverty from the community and raises living standards of the people.
Innovation: To gain competitive advantages in the market business should come up with
innovative idea in their business. By conducting research and development work creative product
can be designed easily and tough challenges can be created for them. Uniqueness in the business
and it's product helps them to raise customer base which is a positive mark for the organization.
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By this more profit can be maximized easily and can be further used in growth and development
of the venture in other nation.
Social upliftment: Small size business contributes largely in raising standards of people
in the society. As this type of business provide huge job opportunities to them due to which their
disposable income is raised . By this they are able to purchase the goods available in the market
easily for their consumption.
LO 3
P5) Measure the skills, traits and characteristics of two different entrepreneurs
The two successful entrepreneur which are taken for the report are Bill Gates and Steve
Jobs. Their skills, traits and characteristics are studied in order to understand which type of
aspects are need to be a good entrepreneurial in the global market. Their skills, traits and
characteristics are illustrated below:
Microsoft Corporation founder is Bill Gates that leads to bring up creativity with
modern tools and techniques in order to meet the emerging needs of the customers. Microsoft has
become world's largest Personal Computer software company across the globe. Whereas, co
founder of Apple Inc. is Steve jobs. This great personality come up with creative idea and
innovation to be in the leading position.
Characteristic of entrepreneurs:
Risk taker:This is the most essential characteristic which should be there in a
entrepreneur. In order to be successful entrepreneurs they should be able to take risk. By this
business can grow and flourish easily in the international market (Burrows, 2015). Both Bill
gates and Steve Jobs favourite task is to take risk this attributes has made them foster
entrepreneurship.
Communication skills: The main reason of being successful entrepreneurs in the open
market is that they should be able to communicate their information clearly with their team
mates. Bill gates and Steve Jobs both use effective communication tools in order to convey their
plans and tactics in order to gain competitive advantages against rivalry. By this innovative
business set targets can be achieved easily.
Traits of entrepreneurs:
Competitive spirit: In order to grow the business smoothly ion the global market there
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should be competitive spirit in entrepreneurs. Bill gates and Steve Jobs both work day and night
to full-fill the customers needs and wants on priority level as compare to competitors.
Self motivated: Market place is full of challenges so entrepreneur should have the traits
to be self motivated. By this despite of failure entrepreneur can success in the market with it's
business.
Skills of entrepreneurs:
Adoptable to dynamic environment: It is the most mandatory skill which should be
there in entrepreneurs. Both Steve Jobs and Bill Gates has this skill in them which has made
them a successfully entrepreneurs across the globe. By adopting to the dynamic environment best
outcomes can be attained as compare to rivalry and business can survive for longer time
duration.
P6) Assess how entrepreneurial aspects personality reflect entrepreneurial motivation and
mindset.
An successful entrepreneurial personality includes abilities, attitudes, motives, values,
etc. which helps them to shape their experience and actions. Personality of an individual affects
motivation and mindset . Motivation is a fact which is important for every entrepreneur to
perform and manage working of company. The personality of individual also reflects the mindset
of an individual. In this context, the model of Ocean personality has been evaluated that indicate
motivation and mentality of people.
OCEAN MODEL OF PERSONALITY:*
This is a five factor model of personality which reflects motivation and mindset of a successful
entrepreneur. The five factor model are, Openness, Conscientiousness, Extraversion,
Agreeableness, Neuroticism.
Openness: In this step it covers those people who like to acquire new things. It involves
insightful and imaginative traits. Individuals who have this personality are interested to enjoy
new experiences and like to try new things.
Conscientiousness: The another personality trait of ocean model is conscientiousness. It
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involves those people who are dependable, show self-discipline and know aims of their
achievement. High conscientiousness means individual is more focused on their aims to achieve
their goals.
Extraversion: This personality trait involves those individual who are energetic, assertiveness,
surgency and tendency. Extroverted individuals are more dominant than introverted. ***
Agreeableness: These includes those individuals who are warm, friendly, cooperative and
compassionate. They are trustworthy people and are helpful in nature. High agreeableness people
are simple and low agreeableness individuals are competitive and challenging.
Neuroticism: These are also said to be of emotional stability which refers to negative degree of
emotions. It includes those individual who are emotional by nature. People who are high degree
of neuroticism are usually emotional and have negative emotions. They also become moody and
tense sometimes. *
So, these all are personality traits which can reflect mindset and
motivation of a successful entrepreneur.
LO 4
P7 Analyse relevant examples and experience that hinder or foster entrepreneurship
In the growth of the national economy entrepreneurs plays a significant role . They act
the backbone in creating job opportunities for society people at a large scale. As well as
contributes hands in raising the living standards of the community people. Below is briefly
explained the experiences of both the entrepreneur which are stated as under:
Steve jobs: The father of this great personality was Syrian political science professor.
And mother worked as speech therapist. In the early days Steve Jobs was creative thinker and
his father worked in the family garage. He was prankster in elementary school and was tested in
very aspect and later on administration wanted to skip Jobs ahead to high school. During the
college days he dropped the college after six month and later 18 months dropping in on creative
classes at the school.
Bill Gates: He was born in upper middle class family in the year October 28, 1995. In the
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college days he actively involved in students affairs and leadership. The family pushed them to
be competitive and strive for excellence in the market. Taking risk was his favorite task this
made him excelled at Monopoly.
From the above study about about the entrepreneurs it came to known the family and experience
plays a vital role in hindering entrepreneurship.
CONCLUSION
From the above report it can be ended that entrepreneurial ventures helps in raising the
national economy at tremendous scale. They are successful in creating huge job opportunities
and aid in raising the disposable income of the customers which is a positive mark for the
business. Differences and similarities among numerous entrepreneurial business are studies in
order to understand the concept of each one. Through diagram the illustration of micro and
small business impact on the economy is done as it assist in better understanding and easily
information can be captured with the help of data and diagram. The distinguish skills,
knowledge, traits of two different entrepreneurs are evaluated to understand how it reflect
entrepreneurial motivation and mentality. Additionally, deep analysis is done to known how
experience and background can hinder entrepreneurship.
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REFERENCES
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Online
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A Definition of Entrepreneurship. 2019. [Online]. Available Through:
<http://www.quickmba.com/entre/definition/>
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