ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMNET Report - Analysis

This report explores the multifaceted world of entrepreneurship and small business management. It begins with an introduction to entrepreneurship, defining its essence and significance in fostering innovative businesses. The report then delves into various types of entrepreneurial ventures, including lifestyle, survival, managed growth, and aggressive growth ventures, highlighting their characteristics and differentiating factors. It also examines the similarities and differences between these ventures, as well as the impact of micro and small businesses on the economy, emphasizing their role in job creation and regional development. Furthermore, the report discusses the importance of start-ups and small businesses in driving social and economic growth, including their ability to foster individual relationships, respond to challenges flexibly, and drive innovation. The report concludes by analyzing the qualities of successful entrepreneurs and aspects of their personality that reflect their mindset, as well as past experiences and backgrounds that may hinder entrepreneurial endeavors.

ENTREPRENEURSHIP AND SMALL
BUSINESS MANAGEMNET

Table of Contents
INTRODUCTION...........................................................................................................................1
PART 1............................................................................................................................................1
P1.Different type of entrepreneurial ventures ............................................................................1
P2 Similarities and difference between entrepreneurial ventures ..............................................2
P3 Micro and small business effect on an economy...................................................................4
P4 Importance that start-ups and small business have on the growth of social economy..........6
PART 2............................................................................................................................................7
P5 Qualities of successful entrepreneur......................................................................................7
P6 Aspects of entrepreneurial personality which reflect their mind-set.....................................8
P7 Past experience and background which hinder entrepreneurship .........................................9
CONCLUSION..............................................................................................................................10
.......................................................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship is a willingness and capability to improve, manage and organise a
business venture. The best example of entrepreneurship is the starting of innovative businesses.
This is the study which is based on improvement or development of new firm with innovative
plan. there are various entrepreneurs in the market which are present and will be contributing to
the economy. This report is based on small business management and in this the various ventures
which are present will be discussed together with there relation to the topologies. The roles and
characteristic of each will also be included in this (Down, 2010). There be some micro
businesses which will be affecting the economy and that will be considered in the below
mentioned report. There are various aspects by which the entrepreneurship will be hindered and
they will also covered in this report.
PART 1
P1.Different type of entrepreneurial ventures
There are various kinds of entrepreneurial ventures that are present in the organisation
and are described below: Lifestyle venture: According to this type of entrepreneurial venture, in the main aim is on
providing stable income to its business owners. Lifestyle venture plays an important role
in market on Company start-up's owners make investment in this industry so as to
control competition in the market. This venture will be located only at one location which
will be helpful for development and growth of a company. Survival venture: These type of venture is totally new in marketplace (Dennis Jr, 2011).
Such kinds of venture do not have formal registration, specific location as well as they
coordinated with bank. Managed growth venture: These kind of ventures are also new in the organisation and
they have stable and appropriate growth. These firms are having a large amount of
investment from its manager or investors.
 Aggressive growth venture: Under this kind are based on new technology that is very
important. They have strong ability to develop business growth and development. These
are achieve various funds from equity share capital.
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We discussed above different types of ventures and they are related with various kinds of
entrepreneurship are as follows: Small business entrepreneurship: These types of businesses are having small firm such
as different shops are grocery stores, travel agents, plumbers and consultants etc. They
start their own company and hire new workers. These businesses are related with survival
ventures as they do not have high funding (Storey and Greene, 2010). Investment of
these ventures is fulfil by the relatives and friends. Scalable start-up entrepreneurship: This kind of entrepreneurs are believe on their
vision and mission, which is built with the support in changing environment. Investment
are made in this companies with the assist financial ventures like capitalists investor. Large business entrepreneurship: Managed growth and large company entrepreneurship
are similar to make growth by supplying new products.
 Social entrepreneurship: These are exist in the society related to the social welfare. They
play essential role as a innovator and make large production of goods which help in
fulfilling social issues. They need and want to make innovative and better place in
market.
As per George and Bock (2011), they say who takes risk and improve product quality are
known as entrepreneur. In this way there global department play important role and will be
develop innovative phase. They properly managed own economy which is depend on big trade
and mass production. Control and manage process is needed for ever organisation because it will
help in the growth of an economy.
P2 Similarities and difference between entrepreneurial ventures
We discussed above several kinds of entrepreneurial venture. Every entrepreneurial
ventures have similarities and difference are as follows:
Types of entrepreneurial
ventures
Similarities Difference
Lifestyles ventures Managed growth and lifestyles
ventures are similar because
both are used same sources of
finance. Both are take capital
In this way there lifestyles and
managed growth venture are
not similar because their
management style is tactical
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funds from their relatives and
friends. Both are paid rewards
to workers on the basis of their
requirement such as salary
(Sampaio, Thomas and Font,
2012).
which is different. They also
have simple structure which is
not similar with other ventures
structures.
Survival ventures In this way there survival and
lifestyles ventures are similar
because both are oriented low
entrepreneurial. Their
aggressive approach is also
similar.
Both such as lifestyles and
survival venture are not
similar. Their management
style is reactive and they have
continuous success which is
not same with other investors.
Managed growth venture In this type there aggressive
and managed growth ventures
are similar and their exit
approach is also same.
Economic motive is also
similar like Wealth creation.
Aggressive and managed
growth ventures are not similar
and their management style is
also different from other
ventures.
Aggressive growth ventures The managed and aggressive
growth ventures are similar
because both are use planning
tool. This technique is related
with management skill and
give rewards on the basis of
equity.
In this way there motivation
theory is not similar from other
ventures.
In this task there also we could consider different types of ventures such as private, social
and public enterprise. With the support of roles, characteristic and objectives are as follows:
Private ventures: The objective of this ventures is to change for the improvement of an economy
by creating high profits and employment opportunities (Preuss, 2011). Managed growth and
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private ventures are similar because both objectives is to improve programs and effectiveness of
policies. The aim of these ventures is to increase profits and make impactive policies such as
choice about organisational structure.
Public ventures: They make fair and desired growth in an organisation and play important role
in the economy of the public. The main objective of this kind to develop and improve their
economy. And is to make improvement of an enterprise or self reliance (Nga and
Shamuganathan, 2010). Scalable company entrepreneurship are similar with the public venture
because both are make business operations for the social welfare.
Social ventures: These type of venture are present in the market. They are play essential role
regarding to development of social welfare. The main aim and objectives is to develop
relationship between environment and society. They are similar with the social entrepreneurship.
Their main motive is to develop and grow social enterprise.
P3 Micro and small business effect on an economy
Micro abs small start-up's is a kinds of businesses where only 1 owner and maximum 5
workers are there including manager. Every one has different are, in this type there mostly
women are establishing these businesses because of they much mobility and flexibility which are
give both such as micro and small companies. This firms are complete as per the condition, skill,
passion and best term of individual. Innovative person ans micro scales reflect on Ninety Two
percent of the United Kingdom trade. Small trades venture which are fulfil by individual helps in
changing economic creation, income level or life quality.
These venture as well as trade also provide various effect on job opportunities in their
location as they also built contribution in improving such as developing youth job opportunities
around twenty six million. Micro start-up's also assist in built production of approx thirteen
induced position and two million indirect jobs. Individual who are operated and employed by
every little companies then it will generate different situation of complete employment in
country.
Small scale is a profit making trades venture which are owned by single people. These
company's have maximum five hundred and minimum five could be here which depends on its
firm and kinds of product (Ligthelm, 2010). There are individual workers approx twenty five
million in United kingdom and also provide public as well as private sector employment approx
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sixty present. These ventures such as trades is very essential and they support to give innovative
job opportunities in community. Their several effects on economy are as follows:
Effect on regions: Both are such as small and micro scale built there present in different types of
regions and provide their direct effect on an economy and employment. There are different
effects related to supply side in various regions. Their main purpose which means challenges
who egress in this region will make modify in their manufacture process.
Impact on locals: Both start-up's are provide direct impact on community. This companies are
provide large amount of offering to society (Leitch, Hill and Neergaard, 2010). Approx sixty
four percent of employment are create by both businesses such as micro and small and who built
offering for the develop of an economy.
Impact on national and internation economy: Both companies are impact on domestic and
foreign economy. They have turnover approx of £2 Trillion in their starting of 2014. it is a major
part of job opportunities which is create in UK. Thirty seven percent of such start-up's are the
part of creative services and new products for their potential buyers.
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Source 1: Dougherty-Choux,l., 2014
P4 Importance that start-ups and small business have on the growth of social economy
The senior manager of federation of micro and small start-ups, it can be define as a act of
small and micro businesses which is a best element for the improvement of a community.
Evaluation of an economy is an essential process which define political, social and economic
factors of an environment. Small scale fulfil the requirement due to social in United kingdom. In
this economy where most of the companies are of little nature and are launched by individual. It
may define contribute a broad percentage of GDP in community (Hall, Daneke and Lenox,
2010). There are different points which define the importance of small and micro business are as
follows:
Improving individual relationships: This is very essential and easy for both such as start-ups
and small businesses to improve good relationship and better understanding with their potential
buyers and workers as they always recognize that who are operating and leading with. They also
built individual relationship that can develop economic success and benefits.
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Responding flexible challenges and issues: Small scale are variable such as flexible in
similarities to large enterprise. They have particular ways of entities operations and can be made
easily. Such companies, it there is several issues and problems, they can respond factly.
Innovations: According to it is a innovative plan and ideas which is very important to changes in
decision making process that is related with products. It is a easy activity for every organisation
to take uncertainty as business owners. It is their own innovative decision.
Low overheads: In small organisation, their expenses are not high regarding to small companies
operations. Expanses like lighting cost or product material overheads or less than for other
organisation. They have to give less rent because of small scale are paying large amount of
wages is also not needed because there is small number of workers.
Future growth: Start-up's company are not a small businesses. They provide great importance in
an economy in international and national exchange market with high image (Gorgievski,
Ascalon and Stephan, 2011). The best example is Microsoft which is helpful to taking growth of
small scale. It is a great industry that is having its command in whole world. These also provide
large number of employment and support in the development of communities by maximising the
rate of employment.
Adaptability to changing surrounding: Small businesses is very important because they are also
ready to face different situation. They are prepared for choosing different changes that define
internal and external factors.
According to all these, start-up's and small scale businesses play an important role in
improving the community of both region and domestic by coming up unique ideas. There are
different number of reasons which define the importance of start-up's and small scale are as
follows:
Maximising the growth of GDP(gross domestic products) due to optimization of direct
investment in foreign.
 Produce and launch innovative goods and creative services.
 Completing the wants and needs of an economic.
 Formation of job requirement such as opportunities.
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PART 2
P5 Qualities of successful entrepreneur
It is a best term that define a process of manufacturing new goods as well as they liable
for managing a small and large scale companies. An individual who is going to control specific
organisation are known as innovator such as entrepreneur (George and Bock, 2011). There are
two successful entrepreneurs is Mark Zuckerberg and Bill Gates that have unique ideas and
quality. Both are have best experience and talent which motive high number of workers by
creating essential plans. Characteristic are as follows:
Plan everything: It is a best characteristic which both entrepreneur are have and plan their policy
before removing and implementing the obstacles which may influence their values. Planning
process is very liable technique for whole enterprise either large and small.
Act seriously: Both entrepreneur required to very serious due to their idea to run their company
for longer time (Down, 2010). Sincere nature is very beneficial for every enterprise because it
motive due to their professional values.
Risk hedger: Mark Spencer and Bill Gates must know about how to control uncertainty and
manage their companies profits.
Self promoter: It is a one of the most important characteristic and merchandise technique to
which goods of an economic is advertised across international level. There are some examples
like sharing their views with relatives and business groups etc.
Traits of both entrepreneur have differentiate them from another which their outer and inter
personality. There are different traits are as follows:
Passion: Both entrepreneur are passionate due to their goals for fulfilling all the activities in a
better manner. Both are must know about how to solve the issues for achieving their targets in a
required time period.
Positive sense of humour: Regarding to this then both are have positive attitude among
enterprise need. They know how to deal with critical circumstances.
Tolerance: Mark & Spencer and Bill Gates have high tolerance, it is a capability and not easy to
manage a large enterprise.
Vision: Both entrepreneur are aware about their mission and vision and they will continue their
companies by considering external and internal factors.
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P6 Aspects of entrepreneurial personality which reflect their mind-set
Entrepreneur are said to be the those persons those are responsible for taking risk in their
business. They are acting as a motivational persons who transform the behaviour and attitude of
a people with their powerful speech and thoughts (Dennis Jr, 2011). One of the famous
entrepreneur Mark Zuckerberg which is known as most inspired and dedicated people which are
always devoted to increase the motivation for other people. In their earlier life they faced so
many struggle to being such a kind of personality. Development of socio-cultural need and
requirement are the main objective of them. There are various ways by which people can get
encourages with the words spoken by such kind of personality:
Full scarifies: Every entrepreneur have some time face such kind of problem that to scarifies
something to become a good human being. This trend to be the great motivation to the people are
following them in their coming year time. Another example is bill gates because his life was full
of struggles and scarifies which are motivated other people to de something different in there
career.
Autobiography: As all those factors that are related with these personality those are born with
that thought to change the entire scenario of the world with their talent and skills (Carland and
Carland, 2015). It consist of full life story of that particular person which help them other to act
as motivational tools in different ways.
Improvising in their learning skills: Generally life of entrepreneur are based on certain skills
and knowledge that they always carried in their working life time. Every entrepreneur have to
share their most crucial view and thought with their employees by which they can get attracted
towards their capability an talent and gain maximum experience.
Family background: In various phase of life most successful entrepreneur also related their
personal values and beliefs and share it with their parent that to create some value to them.
There are various other aspect of entrepreneur that represent their inspirational life style and it
will help to enhance the skills and ability of the other persons.
P7 Past experience and background which hinder entrepreneurship
In order to become a successful entrepreneur it is not easy which is require to increase the
talent and ability that are carried by the personality with positive attitude and capability. In fact
the background and expectation from such kind of personality are higher in most of the time
because it represent a feeling to do something new and creative (Burns, 2010). The main part of
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