Entrepreneurship and Small Business Management: A Comprehensive Report

This report delves into the multifaceted world of entrepreneurship and small business management, covering a range of critical aspects. It begins by defining entrepreneurship and explores various types of businesses, including small businesses, scalable start-ups, social businesses, trading businesses, and industrial businesses, highlighting their unique characteristics and differences. The report then assesses the impact of micro and small businesses on the economy, emphasizing their role in job creation, revenue generation, and adaptability. It further examines the significance of small businesses and start-ups in the context of the social economy post-Brexit, discussing their influence on national income and individual opportunities. The report also identifies key characteristics, traits, and skills of successful entrepreneurs, such as motivation and goal-orientation, and analyzes factors that can either hinder or foster entrepreneurial endeavors. Through examples and analyses, the report offers a comprehensive understanding of the entrepreneurial landscape.

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

Contents
INTRODUCTION.......................................................................................................................................1
PART 1.......................................................................................................................................................1
P1. Different kinds of business people and their association with the typology of Entrepreneurship......1
P2 Similarities and contrasts between the entrepreneurial businesses.....................................................2
Part 2...........................................................................................................................................................3
P3 Assessment and translate applicable information and insights and how a miniaturized scale
independent company affect on the economy..........................................................................................3
P4 Explanation about the significance of private company and business start up will adds to
development of the social economy after Brexit......................................................................................4
PART 2.......................................................................................................................................................4
P5 Characteristic, traits and skills successful entrepreneur......................................................................4
P6 Aspects of entrepreneurial motivation as per individual personality..................................................6
P7 Analysis of background and experience can hinder or foster entrepreneurship with example............6
CONCLUSION...........................................................................................................................................7
REFERENCES............................................................................................................................................8

INTRODUCTION
Entrepreneurship is an action under which business visionary begin business alongside his
thought, thought, creation and so on. It is a capacity and eagerness to create , sort out and deal with the
business alongside any of its hazard so as to make a benefit. The clearest case of Entrepreneurship is the
beginning of new organizations. Business Entrepreneurship idea is an extensive variety of implications.
Any individual who needs to work by his own thought and hazard is known as business visionary. In the
business setting, A man who have limit and ability to set up, sort out and deal with a business firm with
any of its own hazard keeping in mind the end goal to pick up benefit and boost return is known as
business visionary. Further, those exercises under which incorporates get arrive, work, normal assets,
working capital which aids create benefit is called business.
PART 1
P1. Different kinds of business people and their association with the typology of
Entrepreneurship
Business visionary is a man who has the ability and ownership of another undertaking, business
or thought and expects fundamentally responsibility for the characteristic dangers and results. He or she is
an aspiring pioneer who puts resources into the land, work and funding to frequently make and market
new merchandise and ventures. There are different sorts of business which are as per the following-
1. Small businesses- Entrepreneurship Small business visionary is any individual who runs his/her
own business. They change over thoughts into the real world and manage both assembling and
exchanging parts of business. For instance: markets, beauticians, specialists, travel operators, web
business retail facades, craftsmen, handymen, electronic, and so forth. They contract nearby
representatives or family.
2. Scalable start-up Entrepreneurship This business Entrepreneurship movement is connected with
sorting out business as per vision and pulling in extraordinary quality highlights in regards to new
pursuits( Durkin and et.al, 2016). Be that as it may, it is proper for versatile plan of action and
quick development of big business. Under this procedure, high sum is required for sorting out and
actualizing plans for powerful reserve and asset assignment.
3. Social business- Social business people are those daring people who focus around giving items
that are valuable to settling society's needs and issues. These are non benefit Entrepreneurship
1

substances in which restricted dangers happen in working business exercises. In this manner, its
objective is to settle on choices related with society's mindfulness and making riches for
organizers. It is valuable for country's improvement and contributing adequately in every single
other part of country. For example, business, tourism, generation identified with send out import
of products and so on
4. Trading business visionary - This sort of business person embraces exchanging exercises and
worried about promoting. The Entrepreneurship isn't worried about the assembling works and
exercises. They don't manage exercises of generation and acquisition. They simply buy the
completed item and specifically pitch it to the clients. In this business Entrepreneurship,
proprietor offer completed item either independent from anyone else or by retailer. This sort of
business person goes about as the go between maker, clients and they are the distributer, retailer
and merchant.
5. Industrial business person Industrial business person is a maker who begins or set up a
mechanical unit. This sort of business person distinguishes the genuine client prerequisite related
with items and benefits and conveys the correct ware to them. The real target of this sort of
Entrepreneurship is to fulfill the requirements and needs of purchasers in the market by
assembling items in like manner. This business visionary is an item situated man who
understands the chance to set up and mechanical unit on account of the likelihood of making
some new item. This sort of business person has the ability to exchange monetary assets and
compelling national innovation in to an extensively gainful business. They change over crude
material into completed wares(Jones,2016)
P2 Similarities and contrasts between the entrepreneurial businesses
From the above dialog, it has discovered that there are different sorts of entrepreneurial which
have their own particular idea with respect to survival of business exercises in the market
Following are the differences between these entrepreneurial businesses
The above characterized entrepreneurial businesses are distinctive in different ways like hazard,
objective, framework, structure, and so forth. All these have different sorts of dangers at different levels
of business. In setting of private company undertaking, it is overseen and controlled at little level of
business under which administrator is capable to take all choices. It includes privately-run companies,
retail organizations and all little medium business that get ready arranging and oversees business
exercises at little level. Then again, adaptable business Entrepreneurship incorporates vital plans for
expansion and productive characteristics of association. Along these lines, as indicated by the vision and
2

necessities, creative thoughts and methodologies are actualized for solidness. In setting of exchanging
business person, the proprietor isn't worried about assembling works and exercises. They are not
managing the exercises of creation and acquisition. Then again vast organizations have inventive
instruments and strategies at largest amount of hazard vulnerability. This sort of business efforts
completed its organizational exercises and capacity at the extensive level and it has additionally its own
particular structure of business. Then again social business person are additionally unique in relation to
alternate business association which settle on the choice identified with delivering merchandise and
ventures keeping in mind the end goal to fulfill the necessities and needs of the general public. It have
significant point is to fulfill client by conveying powerful administrations to them
Similarities
One of the real closeness of the different business is that they all have fundamental target is to
convey high caliber of merchandise and Entrepreneurships to client and procure most extreme
productivity .These all business have different compelling instruments and strategies through which it can
ready to build up an imaginative and viable item and administrations to client. Every one of them director
are capable to create viable and particular system to again powerful accomplishment from the market.
Each other similitude is its successful system and structure through which they can without much of a
stretch make due in the focused condition.
Part 2
P3 Assessment and translate applicable information and insights and how a miniaturized scale
independent company affect on the economy
While private company undertaking may not produce as much cash or speculation as contrast
with the other vast partnership. Be that as it may, independent company businesses assume an
exceptionally vital part with a specific end goal to build up the economy and increment the development
of the economy (Li and et.al, 2018). They are a basic part of and significant supporter to the quality of
neighborhood economies. The smaller scale and independent company venture help with building up the
whole country and development of the nation by producing income, give business chance to residents,
flexibility to changing atmosphere and so forth. These sort of private venture business help with growing
new way of development and producing the nearby and in addition national pay. Notwithstanding this
extension of the new independent venture help in building up the new open doors for the neighborhood
natives. With help of private company business, native of the nation can without much of a stretch pick
3

up the chance of work. Huge numbers of the private company additionally gangs the capacity to react and
receive rapidly to changing monetary atmosphere. This is because of the way that independent company
are frequently exceptionally client situated. While clients belittle nearby private ventures, they are
basically giving cash back to their neighborhood group. A significant number of the client take the offer
of the organization so after the organization's effectiveness; firm give the dividend, which implies that the
business will pay higher duties including neighborhood charges. This cash is then frequently utilized for
neighborhood police and fire division and in addition school.
P4 Explanation about the significance of private company and business start up will adds to
development of the social economy after Brexit.
After than the nation structure has totally changed in the different divisions like monetary,
creation, work and so forth. According to the exploration it has been established that after Brexit, nation
has developed in the different part like budgetary, practical and social. Different new private venture
business has build up after this incident in the nation. These independent venture undertaking put the
positive effect on the national salary and development of the country. Individual have chance to develop
their identity and demonstrable skill since they have chance to get work in the independent company
business. With helps of this Breixt, nation have chance to pick up the vast number of new native from the
other nation so as to get chance of work, This thing help with expanding the nation wage. It is
advantageous for nation's improvement stays ready to lessen migration and upgrading interest for picking
up benefit. Notwithstanding, extraordinary areas of country impact effectively in regards to independently
employed and different occupation manifestations are perceived. It influences on GDP information and
government arrangements to get profited identified with imperative region for boosting development
(Mitic and Kapoulas, 2017).
Each other significant effect available, after brixit consider in the nation ,the request and supply
of item and administrations can likewise affected by this occurrence. Notwithstanding this the expectation
for everyday comforts of residents has likewise influenced on the grounds that their decision, inclinations,
culture, locale has to a great extent impacted by this in the nation.
PART 2
P5 Characteristic, traits and skills successful entrepreneur.
Successful entrepreneur is the person to manage work with full determination and motivation
without considering risk of facing loss, damage to image etc. The success of person is reflected in its
4

work and skills and way of managing risky and uncertain situation. Characteristics and skills of
entrepreneur play an important role for the person because these are traits which helps the person in
successful management of functions (Schermerhorn and et.al, 2014). For example, Philip Green CEO of
Arcadia Group, one of the famous retail firm. The individuals started as shoe importer and with
continuous practices and willingness to accomplish something the individuals indulged in international
trade where he was involved in jeans trading where majority of retailers from London used to work
together (Brown, 2014). However, with continuous efforts he started buying clothes and retails goods in
bulk without thinking of loss. Thus, as per example it clear threat it is important for entrepreneur to be
patients and risk taker in order to attain success like Philip Green who own business of net worth 5 Billion
Dollar. Different characteristics and traits of successful entrepreneur are as follows:
Motivation: It is foremost characteristic which derives individual willingness to attain certain
objective. Motivation plays an important role in success because it is the thing which keep entrepreneur
connected to his or her objectives and aims regardless of risk and uncertain situation of personal and
professionals life. Further, motivation is the key characteristic which determines the interest of person for
fulfilling responsibility.
Goal oriented: It is foremost characteristic trait of entrepreneur because it determines the interest
of towards goals. The goal oriented person can only attain targets because the goals of individual motivate
him or her to taker risk (Volery and Mazzarol, 2015). Orientation towards aim denotes person will to
attain success. Like, if case person understand goals than only the person can make employee work with
shared interest and sales to accomplish certain target. Thus, it can be said that goal characteristic of
entrepreneur denotes determination of entrepreneur.
Creativity: Entrepreneur needs to be innovator and creator because it is the trait which reflects
successful engagement with entrepreneurial ventures. It is quality of person which helps the person in
grabbing growth opportunity instantly. For example Philip green he was involved in trade of jeans and
when he discovered that the business holds profits he started buying retail products despite of getting
bankrupt and manage success with his creativity and attentiveness.
Risk taker: It is the basic trait of person which reflects word entrepreneur. The person needs to
focused and boosted to manage risk and uncertainty like financial investment, generation of new idea,
competition, innovation management etc. Risk is the common situation of entrepreneurial venture. Risk
management and mitigate are the key traits which represents quality of successful entrepreneur.
5

P6 Aspects of entrepreneurial motivation as per individual personality
Motivation of entrepreneur is reflected in characteristics and ways of managing business function.
It is the key characteristics which are in person from birth or upbringing. However, it can be said that
motivation level of person can be determined by his or mind set. For instance, the person cannot be
motivated until and unless the person is clear with plans of attaining something (Mahadea and Kaseeram,
2018). It is the stability of mind that motivates the person for being an entrepreneur. Apparently, it can be
said that motivation of person can be due to various personality development factors that is lifestyle,
family, upbringing, professional and personal learning, will to attain something etc. Motivation level of
person can be seen in idea for which the person wants to recognise. It is important for the person to
execute generated idea because it is only thing which denotes one characteristics and personality of
managing risk of being an entrepreneur.
Personality of entrepreneur is determined by his or motivation therefore it is important for the
person to be boosted up when managing business function. Motivation of entrepreneur is not limited to
willingness to work instead it is based on creativity, learning, development, improvement. Like in case of
Philip Green, motivation was the one characteristic which assisted the individuals in resisting market and
understanding the business scenario and practices which help in attaining his goals. Apparently, it can be
said that individual personality and own circumstances is the motivation of individuals because every
entrepreneur is different as well as their working style (Mariotti and Glackin, 2014). Personality of person
is itself a motivation, if the person has will to take risk for implementing new idea for business, financial
investment and offering differentiated products from market. In accordance, to this the personality if
entrepreneur also depends on individuals learning and knowledge. Apart from this, upbringing and
lifestyle of person also reflects motivation because there are millions of people who gets self dependent
due to various uncertain circumstances like instable financial conditions, health problems, social
inclusions etc. These are few situations which relate to many successful entrepreneurs because the tough
up brings and excessive inclusion with society helps the person in becoming personality which he or she
see in world. However motivational learning and homely environment are another background aspect
which reflects personality of motivated entrepreneur. Thus, from the discussion it can be said that there
are various aspect of individual’s personality which denotes their motivation and are related to one’s
background and upbringing
P7 Analysis of background and experience can hinder or foster entrepreneurship with example
Background of entrepreneur plays an important role in success and failure of business n business.
There are various individuals who have knowledge and have stability to resist situation due to family
6

learning and experience in life. The individual with stability of mind resist the changing market situation
and attain goals but on the other hand there are a million of small owners of entrepreneurial ventures who
do have stability of mind due to failures or risk of facing losses. Moreover, the business visionary needs
to focus on the goals and limitation of life because business is the only scenario which holds major risk of
incline and decline. Apart from this, it can be said that education and individual learning are another
factor which foster entrepreneurship, because when the person is educated than he or she t\able to adapt
dynamic market and business situation (Castrogiovanni, 2018). For instance, Thomas Edison who was
suffering from health issue from childhood ad was the last child of family. Further he used to sell electric
appliance since very early age. He did not consider struggle as degrading part instead he focused on
attaining success regress of his health problem. Now Thomas Edison is a multi million and own business
entrepreneurial venture. This situation of Thomas Edison reflects background to which he did not
consider as weakness and become successful entrepreneur. Apparently, there are numerous small business
owners who starts business but end up as failures due to lack of self determination, control, motivation
and willingness to attain something despite of any weaknesses (Fayolle and Gailly, 2015).
There are various personal influencing factors of individuals’ background such as education,
professional part-time learning, family upbringing etc. which determines individual person background
which represents his or her entrepreneurial characteristics. Hence, it can be outlined that characteristics
and background of entrepreneur are reacted to each other because these are those aspect which either
hinder or foster performance of venture. It is the individual learning and willingness to attain planned
goals.
CONCLUSION
With a specific end goal to get compelling achievement and benefit entrepreneurial gives their
earnest attempts in powerful arranging and system. Business Entrepreneurship is a critical movement
through which business person can without much of a stretch pick up the advantage and achievement in
the market. In this way, business person can without much of a stretch build up a viable achievement and
gainfulness. From this venture report it has been determined that there are different sorts of
Entrepreneurship business which have their own particular structure, framework and size of business. It
has been likewise reasoned that there are different sorts of contrasts and likenesses in the different sorts of
business visionary business which recognize them from each other. It has additionally finished up from
this report a successful business person have different sort of powerful expertise, capacity and trademark
through which they can create imaginative thought, arranging, technique and structure for business.
7

REFERENCES
Books and Journals
Castrogiovanni, G. J., 2018. Guest editor’s introduction: so what is entrepreneurship
research?. International Entrepreneurship and Management Journal. pp.1-3.
Fayolle, A. and Gailly, B., 2015. The impact of entrepreneurship education on entrepreneurial attitudes
and intention: Hysteresis and persistence. Journal of Small Business Management. 53(1). pp.75-93.
Mahadea, D. and Kaseeram, I., 2018. Impact of unemployment and income on entrepreneurship in post-
apartheid South Africa: 1994–2015. The Southern African Journal of Entrepreneurship and Small
Business Management. 10(1). p.9.
Mariotti, S. and Glackin, C., 2014. Entrepreneurship and small business management. Pearson Higher
Ed.
Schermerhorn, J. and et.al., 2014. Management: Foundations and Applications (2nd Asia-Pacific
Edition). John Wiley & Sons.
Volery, T. and Mazzarol, T., 2015. The evolution of the small business and entrepreneurship field: A
bibliometric investigation of articles published in the International Small Business
Journal. International Small Business Journal. 33(4). pp.374-396.
Durkin, M., Howcroft, B. and Fairless, C., 2016. Business. International Journal of Educational
Management. 30(3). pp.354-369.
Jones, B.A., 2016. A Comparative Analysis of Entrepreneurship Among Undergraduate Integrated
Marketing Communications Programs (Doctoral dissertation, University of Mississippi).
Li, Y.M. and Li, T.Y., 2018, January. Deriving marketing intelligence over microblogs. In System
Sciences (HICSS), 2011 44th Hawaii International Conference on (pp. 1-10). IEEE.
Mitic, M. and Kapoulas, A., 2017. Understanding the role of social media in bank marketing. Marketing
Intelligence & Planning. 30(7). pp.668-686.
Online
8