unit nine

Assignment brief

Entrepreneurship
and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1.................................................................................................................................................3
P2.................................................................................................................................................4
TASK 2............................................................................................................................................6
P3.................................................................................................................................................6
P4.................................................................................................................................................7
TASK 3............................................................................................................................................8
P5.................................................................................................................................................8
P6.................................................................................................................................................9
TASK 4..........................................................................................................................................11
P7...............................................................................................................................................11
CONCLUSION..............................................................................................................................11
REFRENCES.................................................................................................................................13

INTRODUCTION
Entrepreneurship is considered as a procedure of designing, introducing and running a
new company at a potential marketplace. It can be small at the initial stage but if it can be expand
or grow through effective strategies and plans. The entrepreneurship is developing or run by
entrepreneur who is a person who establishes a business through their capabilities as well as
willingness (Brush and et. al., 2019). Along with this small business management is consider as
process at which manager need to conduct management of business operations as well as
functions in successful ways. For an entrepreneur it is necessary to manage their business unit in
effective manner because through it they can attain their goal as well as target in appropriately.
The main aim of developing this report is to create understanding of diverse kinds of
entrepreneurial ventures and their relationship with typology as well as it will also include
difference and similarities with these ventures. Along with this it will also include impact of
small business on the economy of country as well as it will include key aspects related to an
entrepreneurial mindset. At last it will include different environments factors which foster or
hinder an entrepreneurship.
TASK 1
P1
Entrepreneurial venture is consider as business unit that is launched by a person in order
to serve the society by fulfil their requirement and demand. They generally conduct analysis of
market and then develop venture accordingly. There are several types of entrepreneurial venture
from which some are mentioned below:-
 Small business entrepreneurial venture: These are those business units that are run by
owners and very limited number of employees. They have approx 5 to 10 staffs. Profit
generated by respective company is not high as well as they also focus on attracting more
and more customers (Cole, 2018). These business ventures are generally launched or
established by family or along with friends on the basis of partnership. They also conduct
market analysis on regular basis so that they can understand customer need, demand and
expectation.
 Large business entrepreneurial venture: it refers to those enterprise units who have
limited life cycle and they mainly focus on serving new products and development to

their customers so that they can retain at market for long time duration. They have huge
number of employees as compare to other entrepreneurial ventures.
 Societal entrepreneurial venture: It is consider as those entrepreneurial units who
conduct their work in order to serve society. They mainly focus on the resolving issues
and problems of peoples by providing them products and services according to the
requirement of customers (Donckels and Miettinen, 2019). It can be profitable, non
profitable or hybrid organization. They generally have more number of employees from
small business and less then the large business unit.
Typology of Entrepreneurship
 Lifestyle Firms- It is consider as that type of topology which provide products and
services for improving life of the peoples. They conduct work in order to gain
competitive advancement at the local marketplace.
 Growth Firms- The main objective of the firm is to grow business by adopting new as
well as innovative ideas so that they can sustain at market for long time with high
profitability.
Relationship among the entrepreneurial venture and typology:
Entrepreneurial Venture Relationship Reason
Small Entrepreneurial Ventures Growth For sustaining at the market
for long time.
Large Entrepreneurial Ventures Lifestyle For enhancing market shares
by fulfilling consumers need
and demand.
Social Entrepreneurial Ventures Lifestyle For fulfilling need and
requirement of society.
P2
There are different type of entrepreneurial venture who conduct work by providing
products and services according to their desire aim (He, Lu and Qian, 2019). There are some
differences as well as similarities among this entrepreneurial venture, whose explanation are
given below:-
Differences between entrepreneurial ventures are as follows:

Basis Small
entrepreneurial
venture
Large
entrepreneurial
venture
Scalable
entrepreneurial
venture
Social
entrepreneurial
venture
Meaning Respective type of
entrepreneurial
venture or unit
conducts their
business operations
and functions at the
small level as well
as they also have
less number of
employees at
workplace.
This entrepreneurial
venture conducts
their business
practices at the
large level.
Respective type of
firm also adopts
new and innovative
technologies on
continuous basis so
that they can attract
customers and
sustain at market.
This type of
entrepreneurial
units generally
invests their
money or funds in
the start ups
companies which
are scalable in
nature (Hornsby
and et. al., 2018).
These
entrepreneurial
units conduct
work in order to
solve issues and
problems of
society. They
generally develop
those products
which help them
in resolving
current issues of
society or
peoples.
Objectives The major objective
of this type of
venture is to sustain
at marketplace for
the long time
duration by
fulfilling need and
requirement of
customers (Kunaka
and Moos, 2019).
Main goal of
respective
entrepreneurial unit
is to adopt new as
well as innovative
technology so that
they can attract
more and more
customers. Along
with this they also
focus on earning
high profitability
ratio and market
The major
objective of
respective
entrepreneurial
firm is to reach to
their clients by
analysing their
need, demand and
requirement in
effective manner.
The main
objective of social
entrepreneurial
unit is to develop
those products
and services
which help them
in resolving issues
of the society.

shares (Julien,
2018).
TASK 2
P3
Micro and small business enterprise impact on country economy in positive manner
because it provide various benefits such as it lead to job opportunities, develop leaving standards
and many more. This will impact economy at local, national and international level. Explanation
of this is given below:-
Small and medium enterprise on Economy:
 Local Level- The main contribution of small and medium enterprise is that they provide
huge job or employment opportunities for local peoples.
 National Level- By this type of enterprise country able to enhance their GDP because
people are standard of leaving gets increased.
 International Level- It also helps other countries to expand their economy by providing
them job opportunities, transfer of goods and services and many more.
Illustration 1: Impact of SMEs on economy.
Source: (Brexit’s impact on small businesses: the experts may be spot on after all, 2019)
From above data it can be analyse that, small and medium enterprises are playing
different essential role at the economy of United Kingdom (The Role of Start-ups and Small

Businesses in Today’s Economy, 2018). Through the data it can be determine that there are near
by 5.7 million SME are private which provide job opportunities at United Kingdom market up to
60 percent. This will also help in developing business in effective as well as successful way.
Moreover through the development or growth of small and medium enterprise there is increment
of 2 millions employment opportunist since 2010 as well as it will also provide 73 percent of job
opportunist for gross level. Some of the major improvement which can be seen by respective
type of firm is:
 At United Kingdom there are near by 5 million small and medium enterprises which
provide approx 60 percent of private employment.
 Small and medium enterprise leads to economy growth by developing employment
opportunist by 2 million at the respective nation.
From above analysis it can be determine that SME's contribute to growth of nation in
many ways but the major benefits which are gain through these enterprises are growth in
employment opportunist at national, international and local level (Kuratko and Morris, 2018).
But while conducting this national able to increase leaving standard of peoples which directly as
well as indirectly lead to increase growth of economy.
P4
For sustain as well as growth business at the competitive market, it is necessary for the
business to design and create innovative products and services according to need, requirement
and expectation of customers. It is essential that those products and services must be creative, it
means those offerings which is valuable in the nature because of its unique feature or design.
This can be in the form of tangible as well as intangible. On the other hand innovation is also
essential for these companies, which mean identifying new idea which help in develop most
attractive products according to company requirement. Small business as well as start ups firm
helps society in enhancing economy at local, national and international level. Some of the main
importances of small business as well as start ups business are given below:-
Effectiveness of small business units for growing the social economy:
 Hiring of local peoples: Generally small business units operate their practices at local
market and for that they hire local peoples. That will help them in growing economy of
country in effective as well as successful manner.

 Competition- It is generally seen that need as well as requirement of local peoples is low
as compare to others. So it will develop opportunist for small business to sell their
products and services at different location market in order to gain high profitably.
Importance of start ups business to increase social economy:
There are various effectiveness gain by a country through the start ups business units,
from which some are mentioned below:-
 Innovations- These type of enterprise help in enhancing knowledge of society by
implementing technology as well as inventions at the marketplace. It will also contribute
to development of technology at operating place which help start ups in developing more
effective products and services for gaining proper outcome. So it can be determine that
through innovation business able to grow social economy in effective manner.
 Employment Opportunities- This is the major benefits which are gain by development
of Start ups business unit. This is so because when any business establish they required
manpower who will conduct the work that will lead to development in employment
opportunities (Laudano, Marzi and Caputo, 2018). Along with this through this social
economy also get increase because it directly lead to increase in leaving standard of
peoples.
TASK 3
P5
There are various characteristics, traits and skills which are required by a person of they
want to become a successful entrepreneur because through it they able to conduct their work in
effective manner. Along with this characteristic, traits and skills of a manager are different from
an entrepreneur. Below skills as well as trait of two successful entrepreneurs are mentioned
below:-
Entrepreneur Characteristic Traits Skills
Peter Jones Passionate: It is consider
as one of the major
characteristic which is
required for becoming a
successful entrepreneur.
Risk taker: It is
consider as that trait of
entrepreneur which help
them in always come up
with new and
Creative Thinking:
For being an effective
entrepreneur it is
necessary that they
must be creative

Through this character
Peter Jones able to focus
on their vision unit he not
achieve it (Mahadea and
Kaseeram, 2018).The
respective character is
differ from manager
characteristic because they
are more concern in
attaining goal they are not
much passionate like
entrepreneur.
innovative ideas to
attract society toward
them. Peter John is high
risk taker that will
encourage them in
adopting new things
which lead to
attainment of their goal
successfully. This trait
is differ from the
Manager because
manager are not risk
taker, they like to
conduct work in
predetermine form.
thinker because it help
them in identifying
new ideas through
which they can run
business smoothly and
successfully. Peter
John is highly creative
person which help
them in running their
business in effective
manner. This skill is
differ from manager
because manager are
result oriented for
which they didn't
adopt new technology.
By above analysis it can be determine that skills, trait and characteristic of an
entrepreneur is differ from the manager because both have different goal and objective to
conduct or run a business.
P6
An entrepreneur has number of diverse characteristics, skills and traits which help them in
being different from a manager. Through this a person also able to know factors which motivate
as well as derive mindset of an individual to become an entrepreneur. In order to know about this
there are various model, from which OCEAN model is explain below:-
OCEAN MODEL
This is also known as five factor model (FEM) or big five personality traits model which
is adopt for understanding or knowing about characteristics which help a person in running
business units in effective and successful manner (Mahadea and Zogli, 2018). Evaluations of
traits are given below:-
Openness to experience: - It is define a that character of a person according to which he/ she are
always open for new experiences and learning new things. They always try new things so that

they can enhance their knowledge, skills and capabilities. These peoples have various attractive
features such as they are creative, open mind, risk taker, intelligent and many more. They also
like to meet peoples and visit new places because it will provide them opportunities to learn new
things as well as enhance knowledge about it.
Conscientiousness:- This is consider as that aspect according to which a person want to control
acts as well as impulse on the basis of social acceptance because it will help them in attaining
their desire goal successfully. These peoples are not generally good at organize work, plan things
adopting rules and many more. But they are hard working, ambitious, reliable, control things,
consistent and so on. Through high conscientiousness help these peoples in attaining succession
by achieving their desire goal or objective.
Extroversion and Introversion: - An individual character is divided into two type extrovert and
introvert who can be determine by their behaviour. Extrovert peoples are highly talkative,
socialised, energetic, and assertive and so on (Neumeyer and et. al., 2019). On the other hand
introverts are not like to interact others, they like to leave alone or spend time with self. So it is
essential for a person to extrovert but it is also essential to become introverts according to the
situation or condition.
Agreeableness: - This is considering as construct which help in determine where and how a
person interact with others (Ramadani and et. al., 2019). It will include number of traits which
are consider such as patience level, trust, kindness, politeness, loyalty, cheerfulness and many
more. Along with this, in huge cases t is essential to have agreeableness so that both people can
understand each other and their feelings.
Neuroticism: - It is defines as constraint of a person which shows that they are more confident
as well as comfortable with their own personality rather than others. Moreover it will
encompasses along with person’s temper as well as emotional stability that consider different
traits like awkwardness, instability, anxiety, fear, wariness and many more (SEBIKARI, 2019).
If a person has high neuroticism then it is worry situation whereas if it will low then they are
feeling confident, adventurous and so on.

TASK 4
P7
In an individual life background as well s experience will affect in both form i.e. hinder or
foster. This is so because behaviours and thinking of every person is not similar. There are
several cases around the world at which it can be seen that live experiences as well as
background encourage them to be succeeding in the life by attaining their desire or pre
determined goal (Singh and Gaur, 2018). Some which main example of one of the successful
entrepreneur is given below:-
Peter Johns
He is one of the leading and famous British entrepreneur or businessman who born in at
18th march, 1966. He rose up with their family at Berkshire. Peter Johns is regarded as American
Investors at which two major two investments are made by him at the BBC television i.e. Dragon
Den and American. His family background is not so good because their family is facing financial
issue. But this condition not stops him in becoming famous entrepreneur and businessman. He
get encourage to enhance their leaving standard and for this journey start with his own coaching
school of tennis (Soundararajan, Jamali and Spence, 2018). Then at the age of 20 he started
business of computer which is set him and through that he slowly able to buy a house, BMW and
other things. Then after all this he faced huge loss in his business which leads to tough stage for
Peter Johns. But he not lose the hope and come up with his own Phone International Group at
which more than 1000 employees are working as well as company is generating about 250
million pounds. This shows that family background and experience foster Peter John to always
thing out of box as well as never stop trying (Venkataraman, 2019).
CONCLUSION
From the above discussed point it can be summarise that in today's time entrepreneurial
business are increasing day by day and it is also supported by government as well as society.
There are various types of entrepreneurship in which an entrepreneur start their business
according to their capabilities, knowledge and skills such as large entrepreneurship, small
entrepreneur, social entrepreneurship and many more and these are related to topology based on
survival as well as business growth. Along with this, growth in small business entrepreneurship
also lead to impact positively on the international, national and local economy because it will

lead to increase in occupational opportunities, innovations and many more. There are also
several skills as well as capabilities are required in an entrepreneur so that they can conduct
business operations and functions in successful manner. In addition to this these are also several
factors like entrepreneur background, education and family which impact on a person's career
development.