Entrepreneurship and Small Business Management Report - Module Name

This report delves into the multifaceted world of entrepreneurship and small business management. It begins by defining entrepreneurship and its positive impacts on a country's economy, touching upon the role of organizations like the Federation of Small Businesses (FSB). The report then outlines various types of entrepreneurial ventures, including social, serial, small-business, and scalable start-ups, and links them to entrepreneurial typologies. It further explores the similarities and differences between these ventures, highlighting the distinct characteristics of each. The report analyzes the economic impact of micro and small businesses, emphasizing their role as job creators and contributors to economic growth. It also discusses the importance of small businesses and start-ups in fostering social economic growth. Furthermore, the report examines the characteristics, traits, and skills of successful entrepreneurs, and how entrepreneurial personality influences motivation and mindset. Finally, it addresses how background and experience can either hinder or foster entrepreneurial endeavors, providing a comprehensive overview of the key aspects of entrepreneurship and small business management.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION.............................................................................................................1
TASK 1.............................................................................................................................1
P1.Different types of entrepreneurial ventures and liked with typology of
entrepreneurial ventures .............................................................................................1
P2. Similarities and differences between entrepreneurial ventures.............................3
TASK 2.............................................................................................................................5
P3. How micro and small businesses impact on the economy...................................5
P4 Importance of small businesses and business start –ups growth of the social
economy ..................................................................................................................... 7
TASK 3.............................................................................................................................8
P5. Characteristics, traits and skills of two successful entrepreneurs.........................8
P6. Entrepreneurial personality reflects entrepreneurial motivation and mindset.......9
TASK 4.............................................................................................................................9
P7. How background and experience can hinder or foster entrepreneurship..............9
CONCLUSION............................................................................................................... 10
REFERENCES...............................................................................................................11
...................................................................................................................................... 12

INTRODUCTION
In current scenario, entrepreneurship refers to a individual person who start their
own business firm with new and innovative ideas. This type of business firms are
positively impacts on economy of the country, so that it is necessary to be encourage all
over persons to start their own business. Apart from this, Federation of Small-
businesses (FSB) is a organisation of UK which shows small and medium size of
companies (Schaper and et. al., 2014). Basically, it was formed in 1974 as National
Federation of Self Employed (NFSE). This report will be defining about different type of
entrepreneurial venture as well as it will be liked with typology ventures in effective and
efficient manner. Therefore, will be explaining how micro and small business firms are
directly on economy of nations. Additionally, actual importance or benefits of small-
business and start ups will elaborating in a significant way. In the other hand, will
explaining characteristic, traits and skills of two success entrepreneurs across all over
the world as well as how to entrepreneurial personality affects on motivation and
mindset of persons.
TASK 1
P1.Different types of entrepreneurial ventures and liked with typology of entrepreneurial
ventures
Entrepreneurship can be known as an important aspect because it helps to
provide several opportunities to persons as well as with the help of this economy of the
country become strong (Storey and Greene, 2010). Basically, entrepreneurs is a person
who start their own business firm with their own new and innovative ideas. Therefore,
every business person seeks to be set its brand image in market place as well as tries
to be enhance profitability and productivity in effective and efficient style. At this time,
outside of enterprise regularly increased competition level between small-business
firms. So that it is hard to compete with them as well as set a brand image. Thus, it is
necessary to be find out appropriate and new ideas for producing something new
products and services to customers. Additionally, it is required to be adopt smart and
1

suitable strategies and methods within the organisation so that owner can easy to
attract high number of customers towards business firm (Dennis, 2011). Apart from this,
there are different type of entrepreneurial ventures which are explaining under follows:
 Social entrepreneurs: This type of entrepreneurs are established for society
development as well as society welfare. Thus, one of the major aim or objective
of this type of small-business is seeks to be provide better and necessary
services and facilities to society so that they can full fill its needs in effective and
efficient manner.
 Serial entrepreneurs: It can be understand as a continuous chain of business
firm because this type of entrepreneurs wants to be start their own business firm
as a chain outlets. Hence, this type of business man focuses on to be expand
their enterprises in different areas. So that they can earn high number of profit as
well as they can set a brand image in outside of the market.
 Small-business entrepreneurs: In the context of small-business firms which are
regularly growing across all over the world. Thus, it is positively impacts on
economy of the country as well as it assist to provides several opportunities to
society's persons. So that they can enhance their skills and capabilities in a
impressive manner (Neck and Greene, 2011).
 Scalable start ups entrepreneurship: In this light, this type of entrepreneurs
are wants to be established their own business firm with new ideas. So that they
can build a different and brand image in outside of the company. Hence, one of
the major objective of this firm is set a effective image as well as achieve future
goals in a significant way.
Apart from this entrepreneur's typology divided into three sections so that easy to
differentiate among them. Thus, there are elaborating several type of entrepreneurial
typology such as under below:
Social entrepreneur Serial entrepreneur Life style entrepreneur
Social entrepreneurs are
working for society welfare
Serial entrepreneurs can be
understand as a chain
This type of business firms
are basically established to
2

and development.
Additionally one of the
major aim behind this type
of business firm is providing
better quality of services
and facilities to persons as
per their demand.
outlets businessman which
focuses on to established
their firm as a continues
chain with specific and
special products and
services. One of the major
aim and objective behind
this type of small-business
is seeks to be expand their
organisation in different
areas.
full fill basic needs as well
as for survival in the
external environment.
Hence, at this time its hard
to set a brand image in
outside market because
every businessman seeks
to be earn high number of
profit as well as attract high
number of customers
towards their firm.
P2. Similarities and differences between entrepreneurial ventures.
Generally, there are different type of business firms which working for achieving
their own objectives and goals in effective and efficient manner. Thus, small-business
firms are assist to provides several opportunities to society as well as helps in economic
development of the country (Gorgievski, Ascalon and Stephan, 2011). Therefore, as per
above define different type of entrepreneurial ventures their working style, mission,
vision, aims and objectives are different so that an individual person easy to differentiate
among them. Apart from this, there are explaining some similarities and differences
between various type of entrepreneurial ventures such as follows:
Life style venture (Similarities) Serial entrepreneurs ventures
(Similarities)
This type of entrepreneurial ventures are
concentrate on to find out something new
and innovative ideas so that they can
provides better and effective quality of
necessary products to customers. This
type of business firms are established in
the market for earning maximum profit as
Serial entrepreneurs ventures are also as
like life style entrepreneurs because they
are also working for getting maximum
profit as well as building a image. Hence,
for establishing this type of business firms
must be find out something new and
innovative ideas and methods.
3

well as for getting more attention from
customers.
(Differences) (Differences)
In the context of differences between life
style and serial entrepreneurial ventures is
life style business firms are basically
established into the market for survival.
So that they can full fill basic needs and
requirements of society's persons in
effective and efficient style.
In the other hand, Serial entrepreneur
ventures are working for earning maximum
profit as well as getting high number of
attention from customers. These kind of
business are established in the chain
outlets with specific and particular services
and products.
Female entrepreneurs (Similarities) Male entrepreneurs (Similarities)
At current time, female are also start their
won business firm with their own new and
innovative ideas so that these kind of
enterprises are can be known as female
entrepreneurs. These kind of
entrepreneurs are helps to build equality
between male and female. Thus, female
entrepreneurs are helps to provides
several opportunities to girls so that they
can enhance their skills and capabilities in
effective and efficient style.
Apart from this, male entrepreneurs can be
understand as a male who starts their own
business as well as operates as per their
rules and regulations. This type of
entrepreneurs seeks to be established
their own firm in outside market
environment with smart and innovative
ideas as like female entrepreneurs.
(Differences) (Differences)
These kind of entrepreneurs are operates
and controlled by female owner of the
business firm as per their rules and
regulations.
In the other words, male entrepreneurs are
working for maximum profit as well as its
controlled by male business person.
4

TASK 2
P3. How micro and small businesses impact on the economy.
In recent time, small-business firms are regularly growing so that it helps in
economic development of the nation as well as it assist to provides several
opportunities to society's persons (Nga and Shamuganathan, 2010). Thus, small-
business and micro business firm are directly impacts on economy of the country either
positive or negative in nature. Therefore, for establishing any kind of business firm in
outside environment so that it is necessary to be collect ad identify new and innovative
ideas and methods. Thus, company can significantly provides better and effective
quality of services and facilities to customers as per their needs and requirements. For
establishing small business firms thus it is not required to be invest more funds because
they are belongs to small level organisations. Basically, in the outside environment of
company has high number of competition within small business firm so that it is not
easy to compete with their competitors as well as hard to set loyalty and brand image in
customer's mind (Preuss, 2011).
In the context of micro business firms, these kind of enterprises are establishing
and running at micro level thus it is directly impacts on economy of the country either
positive or negative in nature. These kind of businesses are regulated and controlled by
own of the person as per their rules and regulations. Further, micro and small-business
firms beneficial in economic development such as follows:
 Job creator: Small-business and micro enterprises helps to increase job
opportunities in outside environment. Thus, with the help of them society's
person can enhance their skills and capabilities in effective and efficient manner.
 Increase worker's productivity: In this context, while increasing jobs and
employment so that respectively enhanced productivity and capabilities of
persons. Thus, employees will significantly perform their tasks with better and
efficient manner (Carraher and Paridon, 2015).
 Future growth: Small-business and micro organisations are directly impacts on
economy of the nation either positive or negative. Basically, Economy of the UK
affected by Brexit, because due to the Brexit rules and regulations of business
5

firm has been changed. Thus, changes in rules and working style of
organisations directly impacts on economy of nation.
 Adaptability: Small-business and micro organisations helps to enhance
adaptability of new and innovative ideas within the business firms. At this time all
over companies seeks to be provide effective and smart services and facilities to
customers so that they can get proper satisfaction towards their needs and
requirements (Chittithaworn and et. al., 2011).
Illustration 1: Impacts of small and micro businesses on economy
(Source- KIERSZ, 2015)
As per above represent graph in which shows the impacts on small and micro
business on economy of UK such as as compare to 2000 in 2012 number of
employment increases (The impact of small business on the US economy in 2 extreme
charts, 2015). Thus it represents the small and micro business firms are positively
provides several job opportunities to persons so that respectively increase employment
level in a significant way (Blackburn, Hart and Wainwright, 2013).
6

P4 Importance of small businesses and business start –ups growth of the social
economy
Number of SMEs in UK is increasing because of various reasons. Government of
this country understand that growth of SMEs is good for social economy and this is the
main reason that they are promoting it. Below are some of the importance of SMEs and
Start-ups in growth of social economy:
Generation of wealth – When small enterprise make goods and services then
they make a significant contribution in in economic growth of country. People avail
various kind of benefits when new product or service comes in market. Wealth
generation is always beneficial for society.
Increment in productivity – Their are many young people who do not get chance
to use their potential in big companies but small enterprises always support them to try
something new and increase own productivity.
Creation of Jobs – Unemployment is a big problem of every country. Start-ups
are playing crucial role in generating millions of jobs and their significance is increasing
with time.
Improve living standard – When people get money in their hand then they also
get the capacity of spending more money. If they will buy more products for fulfilling
their needs which also have high quality then it will ultimately improve their living
standard.
TASK 3
P5. Characteristics, traits and skills of two successful entrepreneurs.
At worldwide level has several successful entrepreneurs which start their own
business firm in external environment with new and innovative ideas. So that they
established a brand image in customer's mind as well as set loyalty. Therefore, every
person have their own different ideas, thinking, views, working style. So that
entrepreneurs start their business as per their ideas and views (Hall, Daneke and
Lenox, 2010). Apart from this, small-business firms are helps in economic development
of the country as well as provides several opportunities to society's persons so that they
7

can enhance their skills and capabilities in a significant manner. Apart from this, Bill
Gates is one of the famous entrepreneur across all over the world. He is the
entrepreneur of computer software. In the other hand MARK ZUCKERBERG is also
famous entrepreneur he is the CEO of Facebook ( Naudé, 2010). Basically, it is the
social site with the help of this every person can easy to connect with each others as
well as easy to communicate with each others. Therefore, there are explaining,
characteristic, traits and skills of two selected entrepreneurs such as follows:
Characteristic, traits and skills of Bill Gates:
 Motivation and passion: Bill Gates is one of the motivated person due to this
nature he got success in their life. As well as he is the great entrepreneur and
CEO of Apple company.
 Bill Gates is the smart worker: Bill Gates is the smart worker in the natures due
to he complete their tasks and projects with smart ideas as well as with effective
management system (McGowan and et. al., 2012).
Characteristic, traits and skills of MARK ZUCKERBERG
 Zeal to make ideas a reality: MARK ZUCKERBERG focus on to find out
something new and innovative ideas and views so that with the help of new ideas
and things will significantly produce something new devices.
 Do business for higher purposes: MARK ZUCKERBERG believes should be
decide their goals and objectives in their life, because without targets a person
cannot get success as well as cannot learn something new things.
P6. Entrepreneurial personality reflects entrepreneurial motivation and mindset.
Generally, entrepreneur is a person who start their own business firm with their
own new and innovative ideas. Every entrepreneurs seeks to be get success in their
business as well as wants to be enhance profitability and productivity in effective and
efficient manner. Thus, entrepreneurial personality positively affects a person's life so
that a person can motivate for starting their new business firm as well as they can set
their mind regarding entrepreneurship. With the help of effective entrepreneurial
personality a person can learn and get smart ideas for starting small-business in outside
environment. As well as can understand how to attract high number of customers also
how to give them proper satisfaction to them towards their needs. Basically, every
8

entrepreneurial are motivated from family, friends, surrounding ( Nakara, Benmoussa
and Jaouen, 2012). So that it is required to be family support, friends and society and
culture. Because as per all these aspects a person's attitude, ideas, nature will be
generated.
 Achievement motivation: Generally, entrepreneurs are affected by family,
friends, surroundings. Therefore in which included ethics, norms, values,
attitudes, living style and so more. All these terms are helps to creates
personality of a person. With the help of them a person can easily motivated for
getting success as well as for achieving targets.
 Self efficiency: It is necessary to be enhance self efficiency of a person because
this type of quality a person can easy to increase skills and capabilities so that
they can get success as well as easy to face any kind of problems and issues.
TASK 4
P7. How background and experience can hinder or foster entrepreneurship.
Every entrepreneurs has some unique qualities. Some entrepreneurs become
successful by making taking high risks while other believe in taking calculated risks. In
the case of Bill Gates, this person is from a background where he had freedom to try to
new things. He was passionate about his work and his parents also support his
decisions. These past experience played crucial role in fostering entrepreneurship skills.
Bill gates is born and brought up in a society where people embrace those who try new
things and focus on making this place a better place to live. This environment is the
prime reason behind their impressive entrepreneurship skills of Bill gates. Mark
Zuckerberg, on the other hand, lived in family which allow him to take aggressive risks.
His parent never forced him to get goods marks. They just asked him to take continuous
risks and become number one in whatever the field he is working. Taking big risk and
getting favourable background is reason behind success of Mark. He got the reward of
taking big risks.
CONCLUSION
From the above mentioned report, it has been concluded that entrepreneurship is
a aspect in which a person who start their won business with their own ideas and things.
9

So that there has been defined different type of entrepreneurs such as social, serial, life
style and so more as well as these has been liked with typology ventures. Therefore,
this report has been elaborated about actual impacts on small-business on economy of
UK either positive or negative. Additionally, importance of small-business and start ups
on nation has been discussed in a systematic style. In this last, there has been chosen
Bill Gates and MARK ZUCKERBERG. These both are two successful entrepreneurs
who already set their won brand image at worldwide level. So in which having some
qualities as well as motivated, smart worker and so more.
10

REFERENCES
Books, Online and Journals
Blackburn, R. A., Hart, M. and Wainwright, T., 2013. Small business performance:
business, strategy and owner-manager characteristics. Journal of small
business and enterprise development. 20(1). pp.8-27.
Carland, J. C., Carland, J. W. and Stewart, W. H., 2015. Seeing what's not there: The
enigma of entrepreneurship. Journal of small business strategy. 7(1). pp.1-20.
Carraher, S. M. and Paridon, T. J., 2015. Entrepreneurship journal rankings across the
discipline. Journal of Small Business Strategy. 19(2). pp.89-98.
Chittithaworn, C. and et. al., 2011. Factors affecting business success of small &
medium enterprises (SMEs) in Thailand. Asian Social Science. 7(5). p.180.
Dennis Jr, W. J., 2011. Entrepreneurship, small business and public policy levers.
Journal of Small Business Management. 49(1). pp.92-106.
Gorgievski, M. J., Ascalon, M. E. and Stephan, U., 2011. Small business owners'
success criteria, a values approach to personal differences. Journal of Small
Business Management. 49(2). pp.207-232.
Hall, J. K., Daneke, G. A. and Lenox, M. J., 2010. Sustainable development and
entrepreneurship: Past contributions and future directions. Journal of Business
Venturing. 25(5). pp.439-448.
McGowan, P., and et. al., 2012. Female entrepreneurship and the management of
business and domestic roles: Motivations, expectations and realities.
Entrepreneurship & Regional Development. 24(1-2). pp.53-72.
Nakara, W. A., Benmoussa, F. Z. and Jaouen, A., 2012. Entrepreneurship and social
media marketing: evidence from French small business. International Journal of
Entrepreneurship and Small Business. 16(4). pp.386-405.
Naudé, W., 2010. Entrepreneurship, developing countries, and development
economics: new approaches and insights. Small business economics. 34(1).
p.1.
Neck, H. M. and Greene, P. G., 2011. Entrepreneurship education: known worlds and
new frontiers. Journal of Small Business Management. 49(1). pp.55-70.
Nga, J. K. H. and Shamuganathan, G., 2010. The influence of personality traits and
demographic factors on social entrepreneurship start up intentions. Journal of
business ethics. 95(2). pp.259-282.
Preuss, L., 2011. On the contribution of public procurement to entrepreneurship and
small business policy. Entrepreneurship & Regional Development. 23(9-10).
pp.787-814.
Schaper, M. T. and et. al., 2014. Entrepreneurship and small business.
Shane, S., 2012. Reflections on the 2010 AMR decade award: Delivering on the
promise of entrepreneurship as a field of research. Academy of Management
Review. 37(1). pp.10-20.
Storey, D. J. and Greene, F. J., 2010. Small business and entrepreneurship. Financial
Times/Prentice Hall.
Welter, F., 2011. Contextualizing entrepreneurship—conceptual challenges and ways
forward. Entrepreneurship theory and Practice. 35(1). pp.165-184.
11

Wiklund, J. and et. al., 2011. The future of entrepreneurship research.
Entrepreneurship Theory and Practice. 35(1). pp.1-9.
Online
The impact of small business on the US economy in 2 extreme charts, 2015. [Online]
Available through:<http://www.businessinsider.in/The-impact-of-small-business-
on-the-US-economy-in-2-extreme-charts/articleshow/47694164.cms>.
[Accessed on 9th October, 2017].
12