Entrepreneurship and Small Business: Ventures, Economy & Traits

This report examines various aspects of entrepreneurship and small business management, focusing on project types of entrepreneurial ventures and their relationship to the typology of entrepreneurship, which includes growth and lifestyle topologies. It explores the similarities and differences between entrepreneurial ventures, such as learning opportunities and risk involvement, and interprets data and statistics to illustrate the impact of micro and small businesses on the economy, highlighting their role in job creation and market share. The report also explains the importance of small businesses and startups to the growth of the social economy and determines the characteristics, traits, and skills of successful entrepreneurs, assessing how their personality reflects motivation and mindset. Furthermore, it examines how background and experience can either hinder or foster entrepreneurship, emphasizing the importance of innovation and customer satisfaction in sustaining business growth.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRDUCTION..............................................................................................................................4
TASK...............................................................................................................................................4
Examine project types of entrepreneurial ventures and explain how they relate to the typology
of entrepreneurship......................................................................................................................4
Explore the similarities and differences between entrepreneurial ventures................................6
Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy...............................................................................................................7
Explain the importance of small business and business startups to the growth of social
economy......................................................................................................................................8
Determine the characteristics trait and skills of successful entrepreneurs that projectiate them
from other business managers...................................................................................................10
Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mindset......................................................................................................................................11
Examine using relevant examples, how background and experience can hinders or foster
entrepreneurship........................................................................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRDUCTION
Entrepreneurship is a method of establishing effective and new business which is also
known as a enterprise. But the main motive of running any type of business by the entrepreneur
is to facilitate best quality goods and services to customers in every location. Because reliable
product and services are highly essential for sustaining the satisfaction level of customers for
long time. In entrepreneurship the single person are fully responsible for managing the whole
activities of business and all categories of employees (Abuzjarova, 2018). Because with help of
effective skills and talents entrepreneur are able to easily identifying various opportunities in
market. Therefore, when opportunities are effectively utilized then definitely the popularity of
small business enterprise are easily increased between public. This report will cover examine
project types of entrepreneurial ventures and explain how they relate to the topology of
entrepreneurship, exploring the similarities and difference between entrepreneurial ventures. It
also covers the access relevant data and statistics to illustrate how micro and small business
impact on the economy, importance of small business and business statup business to the growth
of social economy, Determine the characteristics trait and skills of successful entrepreneurs that
projectiate them from other business managers etc.
TASK
Examine project types of entrepreneurial ventures and explain how they relate to the typology of
entrepreneurship
In the process of entrepreneurship various types of elements are involved by entrepreneur
for run the business activities smoothly which includes risk taking, innovation and others. In
startups and small business entrepreneurs used their own styles and techniques for increasing the
productivity and work efficiency of the employees regarding their services and products for
delivering to customers in fast manner. The typology of entrepreneurship is refer to that type of
company structure which plays major role for motivating the employees and also for running
their operational activities smoothly. In this process entrepreneurship is divided in two types
which includes growth and lifestyle (Ahsan, 2020). In lifestyle topology management mostly
focused on fulfilling the recruitments of the employees and society by solving various problems
which was faced by them. Due to following this structure living standard of people are highly
improved and also increased the revenue of organization. But in aspect of growth topology

entrepreneur fully focused on enhancing the company profit by using different strategies and
techniques in their activities. This type of structure are also focusing on demand of customers for
their products and then, according to that demand goods are delivered to customers in time which
leads to increase their satisfaction level at higher rate. But out these topologies most of the
companies used the growth topology for maintaining standard in their business activities and also
for enhancing their profit in long term. In market various types of business organizations are run
their functions which are described below -
 Big companies – In this type of companies entrepreneur operate their functions in large
scale or in international level. Here innovations are highly considered by the management
for maintaining their brand reputation between at global level (Alonso-Dos-Santos and
Llanos-Contreras, 2019). Due to high focus on innovation portfolio and income of
employees within firm are easily increased. In big organization talented and qualified
candidates are highly demanded for increasing their market share and sustaining their
brand popularity in market. With help of using talented employees the risk in business
activities are highly reduced. Because due to increasing risk chances are also enhanced
for damaging relationship between employees and employer or employee or customer.
Due to using innovation, the wants and desires of customers are easily fulfilled in their
product in time.
 Small companies – In this type of companies entrepreneur operates their functions in
low area or in national level (Byrne, Fattoum and Diaz Garcia, 2019). Here management
mostly focused on motivating the workers for increasing their earning capacity and
income. But the fact is that in this type of enterprise operational functions are managed in
complicated manner and innovation are also not worked effectively in this phase. In this
structure company owner did not listen or applied the ideas of other employees because
here entrepreneur believes that only his decisions are right for using various methods in
their operational activities. The other feature of this company is that owner use their own
money and taking some small amount of loan from other sources for making investment
in their business.
 Welfare companies – This type of companies operates their activities in both small and
large manner. The main role of this type of organization is to fulfil the requirements of
society and employees and also solving their problems effectively. These type of

organization are formed by using group of individuals and these peoples are directly
connected with some specific issues. Due to facing these issues the emotional and social
relationship between customers are effectively maintained for long time (Cao and Shi,
2021). The major highlight of this structure is that profit is not highly considered by
entrepreneur because ultimate purpose is to facilitate best quality products to customers
in cheap price. In this organization employees are worked in the form of voluntary that
means salary is not required for them. The ultimate highlight in this structure is that
professional employees are hired from organization for doing risky and difficult tasks.
Explore the similarities and differences between entrepreneurial ventures
Similarities between the entrepreneurial ventures are -
 Learning and job opportunity – The learning and job opportunity is facilitated by all
type of entrepreneurial ventures according to the candidates interest, qualification and
specialization. In above mentioned companies the difference is that small organizations
facilitates less job opportunities to outside candidates. Because in small business
entrepreneurs are given preference to inside which comes under the category of families
and relatives. The main reason for appointing that type of employees is that expenditure
are highly reduced in various aspects which includes employees wages, operational
activities etc. But in the aspect of big companies learning and job opportunities are easily
increased which is essential for maintaining stability in countries economy (Garefalakis,
2022). In aspect of big organization management are hiring large number of from various
locations according to analysing their ability and talent for various departments . Due to
large hiring productivity and work efficiency of organization are effectively. In this way
the career growth of workers are also secured for long time and here also cost are
effectively decreased due to high productivity of organization.
 Growth – It basically refer to increasing the professional and career growth of employees
in their life consistently with help achieving success in their work for long time. Due to
using growth factor work and power puts full contribution to business for achieving the
vision, mission and objectives for long time. Therefore, all categories of entrepreneurial
ventures mostly focused on increasing the growth level in their activities effectively. In
aspect of small organizations entrepreneur always try to expand their activities at large
scale for increasing the reach of their products and services to all customer segments

easily. But in aspect of large companies task are effectively analysed by senior level
management which helps them to facilitate competitive advantage from other
organizations in market. But in welfare organization various types of task are captured
by the entrepreneur in the form of donations. It leads to increase the productivity of firm
with help of collecting large amount of people in form of voluntary employees.
Differences between entrepreneurial ventures are -
 Involvement of risk – Risk is a very dangerous element for all categories of organization
which increased the chances for their failure in business activities (Goryushkina and et.
al., 2019). The main reason for occurring this situation is that employees did not
complete their job roles and responsibilities in time. Because due to incomplete work
companies are not able to sustain their vision, mission and objectives in long run. In
aspect of small organization risk are very low in their activities due to their effective and
strong structure. Because in this structure operational activities are directly monitored by
company owner. But in large businesses level of risk are high due to some factors which
includes high amount of investment , competition in market etc. In welfare companies
also risk are very less because here profit is not the ultimate aim for organization.
 Capital – It is basically refer to the amount and money which is invested by the
entrepreneur in their business. The main purpose of using capital by the various
organization is to enhance the financial support in their operational activities. In aspect of
small companies they always generate their portfolio with help of using their own savings
and borrowing money from family and friends. In context to big companies high
investment are essential for enhancing their profit in low time. Whereas in welfare
companies capital are generated with help of donations which are collected from the
public. But in welfare organization the main problem is that revenue are generated in
slow manner which is not good for their service.
Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy
There are number of small business and micro entities which are present in all over world
and country. The most important highlight of small business is that it is established high in
number in comparison with other companies. Because small business is a effective support and
backbone for big and average industries to supply their products in various locations without any

delay. These types of organizations are effectively spread in various urban and rural areas which
leads to increase the job or employment opportunities to peoples. It highly produce the positive
impact on the development of economy. Due to establishing this type of organization in huge
number competition are highly increased in market (Igwe and Icha-Ituma, 2020). There are some
specific regions or areas which are based on particular type of a industry or work and also comes
under the category of micro and small enterprises. But these type of company did not using
inventory technique in their operational activities for producing good quality product. In small
business enterprise management always used local people in aspect of employees and suppliers
for facilitating good products to customers. At the time of concerning data and statics of UK in
relation to small business and micro organizations, there are around 5.7 million business
companies in the UK economy. Out of which 99.9% of the market share is hold by these small,
micro and some medium scaled business enterprise. In aspect of large organizations they always
maintained large market share in the form of revenue. Then according to that growth and
economy of the organization are continuously sustained in market effectively (Irwin and et. al.,
2018). But when we consider employment in local and rural areas then definitely small scale
industries are better than large companies for increasing their presence in various locations.
Because due to increasing presence in various locations convenience are increased to customers
for buying the product easily. Only micro or startup companies are able to hold 96% of the
market share in business. After considering these turnover and portfolio small businesses have
the share of 21% according to profile building criteria. The need of this type of organization are
very low and due to this investment are also made in low quantity by entrepreneur in their
business activities and the investment is around 64%. This desire of the workforce is also
promoted by the rigid structure that they have learned at the time of working in their company,
Explain the importance of small business and business startups to the growth of social economy
The various importance which is considered by small business and startup
entrepreneurs for developing social economy effectively are -
 Receiving of products and services in fast manner is the first importance for small
businesses. According to this point it is necessary many organizations that they must
provide goods and services to customers in promising time. Here small business plays the
crucial role for reducing the legal risk for owner. When the risk are decreased in business
activities, then definitely the performance of categories of employees are increased

effectively in short time. The main benefit in this type of business is that customer
convenience are enhanced at maximum level for buying the product from any location in
few minutes. Therefore in this way the social requirements of the consumers are fulfilled
in time. It also helps to maintain balance between demand and supply of product during
the time of selling (Kurmanalina and et. al., 2020). Effective balance between demand
and supply also helps to increase the profit of firm in long run.
 Involvement of small business for selling the products of other brands refer to small
entrepreneur plays the major role for increasing the sale of the products of other brands at
wide range. In other words we can say that small business is the financial support of other
companies because without their help big companies are not able to increase their brand
and product popularity in market. For example in small retail shops big companies
displays their product effectively with various prices whether it is a offline and online
mode. With help of using various pricing strategies customers are attracted in large
number for purchasing their product. Then in this way the positive relationship between
small and large enterprise are maintained effectively in market for long time. The other
important in this process is that both enterprises are gained large amount of profit.
 Increasing job opportunities for unskilled and skilled person refer to increasing of
chances of employment for people during the time of starting or running new business.
Because in start up companies are hired talented and qualified peoples according to the
vacant post in all departments. Due to use of energetic employees the productivity of
organization are effectively increased which is important for maintaining social economy
in positive manner for long time. Here the opportunities of employees are directly linked
social economy which leads to increase the economic development of small business in
different locations effectively. In this way good relationship are effectively developed
between all levels of department.
 Development of entrepreneurship refer to maintaining good communication with
stakeholders for run various functions smoothly within organization (Maleki and
Hajipour, 2020). Stakeholder includes CEOs, suppliers, lower and middle level workers,
customers and so on. Due to maintaining good communication with these stakeholder
opportunities are easily increased for startup for expanding their business at global level.
In this way the reach of their product are effectively increased to all categories of

consumers in low time and activities of business are also run in fast mode. It also helps to
increase the market share of company for long term and economic stability are also
maintained effectively.
Determine the characteristics trait and skills of successful entrepreneurs that projectiate them
from other business managers
The chosen entrepreneurs for identifying the skills and traits of successful entrepreneurship are
James Dyson and Richard Branson .
The name of James Dyson is Dyson and this is the biggest technology based organization
in UK. The company was established in 1991 and it is headquartered in UK. This company is
mainly dealing with various electronic equipments which is totally made for customers. It
includes vacuum cleaners ,desk fans, air purifiers, hair dryers, and others.
The Richard Branson company name is Virgin and it is a bioggest conglomerate based
company which was established in 1970 (Meister and Mauer, 2018). The headquarter of this
company is located in UK and today this organization is dealing with variety of products such as
books, health products, grocery items, jewellery, films and others.
Traits of successful entrepreneurs -
 Highly self confidence – Confidence and Motivation is very important concept for
entrepreneurs for controlling whole activities and workers effectively. It also helps to
completing the task in time with full confidence level. Because without these elements
the owners of company are not able to use their own creativity and ideas in their projects.
Due to low confidence entrepreneurs are facing lot of difficulty for increasing the sale of
their product between public. Therefore, it is mandatory for all small business that they
must complete their work with full energy for increase profit in their business.
 Willingness to work hard – In the context James Dyson and Richard Branson , it is
essential for them that they use their full effort and spend time with their team members
for doing the task in systematic manner. With help of using this strategy entrepreneurs
are able to maintain their respect in minds of their employees. In this way company easily
achieved their mission , vision and objectives in short duration. But if the entrepreneur
did not do their work effectively then definitely the relationship are damaged.
Skills of successful entrepreneur -

 Innovation – Here entrepreneurs are highly focusing on made changes in their product
according to the desires and needs of customers. For create changes it is necessary for
entrepreneur that they must made heavy investment in research and development
department. Because in this department company made lot of research on old products
and also analyse the feedback of new and existing customers effectively. Then after
conducting all these research product are finally launched in market with affordable price
and also with good quality for all customer segments.
 Risk taking ability – When entrepreneur use this skill effectively then the problems of
the customers and employees are solved systematically and in few time (Neumeyer,
Santos and Morris, 2019). Due to facilitating effective solution to all customer segments
quickly positive word of mouth are highly spread regarding their product and brand
image for long duration. Therefore it is necessary for both James Dyson and Richard
Branson that they must facilitate effective training to their employees regarding problem
solving ability
Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mindset
OCEAN Model -
It is a tool which is used by all type of organization for managing the employees
effectively and also for increasing their efficiency in their activities for long time. This model are
divided into five stages which are described below -
 Openness – It basically refer to sharing the thought, ideas and creativity between all
levels of employees for developing new product according to the desires and wants of
customers. Here openness also refer to sharing of information about their products with
stakeholders for enhancing company revenue easily.
 Conscientiousness – It is directly related with the behaviour of people and in this process
it is necessary for entrepreneur that they maintain positive relation with customers and
stay committed with their responsibilities. Due to commitment entrepreneur easily
maintain their standards in their product and work of employees in long term. Because
reliability in product is highly important for increasing customer satisfaction level.
 Extraversion – It also comes under the category of behaviour but here difference is that
entrepreneur mostly focused on their employees rather than the customers (Santoro,

Messeni-Petruzzelli and Del Giudice, 2021). For handling employees effectively self
confidence is important for entrepreneur.
 Agreeableness – Agreeableness is a personality dimension which is concerned with how
one gets along with as opposed to gets ahead of others. Individuals that are high in
agreeableness come across a charming, diplomatic, warm, approachable, emphatic and
optimistic.
 Neuroticism – It refers to in which way the behaviour of the business owner and
entrepreneur are changed during the time of facing stress, workload and chances of
increasing failure.
Examine using relevant examples, how background and experience can hinders or foster
entrepreneurship
 About James Dyson – James Dyson started his journey with producing household
appliances and he is a founder of Dyson company. Because during his childhood he
realise that people are facing lot of problems in both aspect physically and mentally for
preparing the food in kitchen. Then for decreasing this difficulty he made different types
of experiments for develop unique and quality product which is useful for both men and
women. The main highlight of their products are difficult problems easily in low time
which is not possible for human on regular basis. There products are electronic
equipments and vacuum cleaners which is used in kitchen.
 About Richard Branson – He started his journey with introducing various music records
and he is the founder of virgin group because at that time music are highly popular
between people. With help of doing various experiments in the field of technology he
realize that business is a very useful activity for developing good relation with all
customer segments. Then, after some time his business are expand in large area with wide
range of services and products which includes music instruments, banking services, retail
stores, telecommunications, grocery items, jewellery and others. The company
headquarter is situated in UK.

CONCLUSION
After the evaluation of above information it is concluded that entrepreneurship and small
business are very important for enhancing the revenue of big brands effectively. Because big
brands are directly linked with small businesses for increasing the sale of their various products
in effectively. Small entrepreneurs includes grocery stores, advertising agencies and others.
Effective entrepreneurship also helps to increase the popularity of brand image in longer time.

REFERENCES
Books and Journals
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Byrne, J., Fattoum, S. and Diaz Garcia, M.C., 2019. Role models and women entrepreneurs:
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Cao, Z. and Shi, X., 2021. A systematic literature review of entrepreneurial ecosystems in
advanced and emerging economies. Small Business Economics, 57(1), pp.75-110.
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