Report on Entrepreneurship: Small Business, Economy & Key Factors

This report provides an overview of entrepreneurship and small business management, examining various types of entrepreneurial ventures, their similarities and differences, and their impact on the economy. It discusses the importance of small and start-up businesses in social economic growth, highlighting their contributions to employment, innovation, and community development. The report also identifies key factors that contribute to the success of entrepreneurs, including dedication, risk-taking, adaptability, and a positive mindset. Furthermore, it emphasizes the role of an entrepreneur's personality and mindset in navigating the complexities of the market environment. This document, contributed by a student, is available on Desklib, a platform offering AI-based study tools and a wide range of academic resources.

Entrepreneurship And Small
Business management

Table of Contents
INTRODUCTION ..........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Types of entrepreneurial ventures and relation with different entrepreneurship...................1
P2 Similarities and difference between entrepreneurial ventures ..............................................2
P3 Impact of small business on the economy.............................................................................3
P4 Importance of small and start up business on social economy' growth ................................4
TASK 2............................................................................................................................................5
P5 Factors which makes successful entrepreneur ......................................................................5
P 6 Aspects of entrepreneurial personality which reflects their mindset....................................6
P7 Person's background can hinder foster entrepreneurship.......................................................6
CONCLUSION ...............................................................................................................................7
REFRENCES...................................................................................................................................8

INTRODUCTION
Entrepreneurship is that kind of process which is engaged in introduction, moving new
business, designing, offering products and selling them. Individuals who create this type of
business known as entrepreneurs (Tracey, 2011). While defining businessperson they mainly
focused on their business decision making, launching and running that business smooth-textured.
They deal with high risks while actuation of an start up. Management referred as organize
business with control and coordination by managing activities done by employees to complete
respective target of that business. This study is going to present various aspects of Federation of
Small Businesses (FSB) and entrepreneurialism, will explore types of businessperson how they
deal with different type of organisation. It will going to present importance of start ups and key
factors which will affect market (Hockerts, 2010).
TASK 1
P1 Types of entrepreneurial ventures and relation with different entrepreneurship.
It is analysed that, there are various types of entrepreneurial entrepreneurial ventures
some of them are as follows :-
Survival ventures :- This business generally make available subsistence to families of
entrepreneur and themselves too. They don't maintain any bonding with banks, doesn't consider
any land site, they do operation on the basis of cash and barter system although they don't make
their firm register formally.
Lifestyle venture :- This venture provide stabilise income to proprietor through the basis
of business model and entrepreneur. They invest some times on the maintenance so, they should
stand in competitive market. These have individual positioning, they have very few numbers of
employees along with they don't find growth and progress (Schaltegger, 2011).
Managed growth ventures :- This venture got stable growth , and feasible model of
business. They regularly invest on the business through which they easily catch up development
and growth. They timely launch products, firm location is stabilised, staff and employees are
generally few.
Aggressive growth ventures :- They are one who go with technologies and doing timely
strong innovations through which they go with development. They are unfunded by equity
capital (Djankov, 2010) .
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Some different type of entrepreneur typologies are as follows :-
Small business Entrepreneurship :- These ventures go along with their own business
and hire local employees. They engage with grocery stores, travel agents, plumbers, electrician,
consultants and many more.
Social entrepreneurship :- These are focus more on innovators who create products and
services which satisfy problems and needs socially. Their objective is to make better world
through their inventions.
Large company entrepreneurship :- These ventures basically go with maintaining
growth. They have large company which pursue variations in product, innovations, launching
products in particular interval of time. They try to make unique product by using technology.
Scalable start up entrepreneurship :- They already set vision although they try to make
change the word. They specifically attract financial investors by invest good place and amount
for example :- venture capitalist. These on going projects make them repeatable and scalable
model of business (Neck, 2011).
P2 Similarities and difference between entrepreneurial ventures .
Entrepreneur venture Similarities Difference
Survival venture Entrepreneurial Presentation of
lifestyle and survival ventures are
generally lower and they approach
same time of exists. Example :- shut
down.
Their style is very activated
and different from other ones
too. Along with this their
yearly growth is analysed at
last so, they conclude their
maintenance and progress.
Lifestyle Venture They managed fund of their lifestyle
by own, friends, family and they got
reward on the basis of their respected
salary.
They consist of simple manned
structure and plan action of
management which is quite
different from others.
Managed growth
venture
managed maturation venture is also
known as exit growth, assertive
growth. For example :- Combine and
They have very plan of action
and entrepreneurial style of
management while analgesic
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sell the economic motives for the
creation of wealth.
orientation.
Aggressive growth This aggressive and managed
transformation use some management
skills which is consisted by
preparation although they got
payment on the basis of interest.
Their application investment in
entrepreneur's emplacement is
already very high which is far
unique from other ventures.
The roles, characteristics and objectives of different types of ventures are as follows:- Private enterprises: - Main motive of private sector is profit maximisation, support
economic organic process and provide opportunity to people for their employment
growth. They plan structure of company and target in that way (Djankov, 2010). So, they
will lie to profit maximisation. Public enterprises: - They are the key factors of growth of nation. Their main motive is
to provide goods and services as well as they work mainly for public welfare. They
engage in various activities like develop backward areas, economic growth, consumer
welfare, provide services, etc. They do generate profit but their priority is to provide
welfare to society.
 Social enterprises: - These kind of businesses are those which consider social and
environmental objectives as well as they invest their profit by this purpose only. Their
main objective is to make that type of successful social enterprise which will willingly
influence many communities.
P3 Impact of small business on the economy
Micro business can be defined as in which, is one owner up to five employees (Delgado,
2010). Many people who are of any age, gender, minorities, etc., they establish their own micro
business which is more flexible and mobile. In these kind of organisations, they go with their
own rules and regulations along with terms, skills and passion. Micro business helps in changing
the dynamics of wealth creation, income and life quality like no other trade factor .
Small business defined as individual person who run business by the motive of profit
maximisation. In this structure of business they have very few numbers of employees it can be
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from five employees to 500. Afterwards, it depends on the institution and type of industry they
are going with (Nicholls, 2010).
Some various impact of small business on economy of country are as follows :-
Local Impact :- As senior manager of federation of small business , its been observed
that there are several impacts on local communities. It is also analysed that small and micro
business give endeavour to local communities. On the local stage of economy, they give
opportunities to people by creating job profiles for them. They also remove unemployment and
contribute in growth of local economic system.
Regional Impact :- In region they conceal almost all applicable markets in which small
and micro is include too, they have various impacts on various region . In various, areas they
establish start ups which is of different qualities and directly effect on their employment (Bruton,
2010).
International and national economic impact :- This business will directly impact on the
national as well as international market economy. Their yearly turnover is in trillions. Through
this they also creates sizeable amount of employment for people.
P4 Importance of small and start up business on social economy' growth .
Small business and start up business are very crucial part in UK economy they directly
and indirectly give large quantity of contribution by creating jobs for people. These business
plays important role in developing economy of nation some of them are as follows :-
 These business contribute in providing employment, adaptability and innovation
for the country's economy. Start ups and small business generally, create and
innovate product and through that they get high growth. In terms of process,
innovation, creativity, process and profit.
 These small and start up business attract many of competitors, investors and
visitors in market (Bosma, 2010) . They help to their local and regional
communities by providing them jobs and removing unemployment .
 These businesses specifically contribute in economy through this, they carry
creativeness in the community. They start dealing with big companies and give
them essential resources by doing their help in business functions even, which is
not completed by big enterprises.
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 These start ups and small enterprises involve with communities too. Apart from
making profit they do develop social and economical well being (Barringer,
2012). Through this they help in progress of the community and obviously
country too.
TASK 2
P5 Factors which makes successful entrepreneur
Successful entrepreneur is about strengthen, discipline, punctuality and they set target,
focus on that, make action plan and work hard to achieve them. It consider as a basic plan of any
bourgeois (Awogbenle, 2010). Innovation, creative defines them accordingly and make efforts
to assume financial and social things in risk. They do these thing and in return receives rewards
and gratify. As senior manger of federation of small business, there are various skills and traits
compel by enterpriser are as follows :-
Full of dedication :- Entrepreneur's target and vision are too clear for them, they already
made action plans through which they know what to do next. There are various challenges for
them and they have to face them by accomplish there personal as well as organisational goals.
Risk taking :- In every start up, entrepreneur always consider and go with the risk
because in business it will depend on the scenario if they will get profit or loss. In this term they
are taking risk of their wealth, finance, time and if they face that challenges successfully then
they will get reward from this (Alsos, 2011).
Highly adoptable and passionate :- Entrepreneur conceived to be see opportunity in
market for their growth and progress and along with this it is important to be fervid. They are too
passionate regarding their work which will somewhere help their dedication to fulfil demands
and achieve their objective.
Example :- There are various self made entrepreneurs who did well for their business and
currently they are successful. Mark Zuckerberg is one of the great example as entrepreneur , he is
co- founder of most famous social site named Facebook. He is not even 30 years still he count as
one of most successful , this social networking site basically connect more than billions people
polished one website. Initially, he was in college when he realised that there is lack of good
communication and through this he make easy connectivity done this website. Direct the
creativity and innovation he change the world, now any individual from any place can talk to
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anybody, anytime. According to Mark Zuckerberg, if any single one want to start up then at the
start should not wait for anything just research make plan and work hard to achieve goals
(Welter, 2011).
P 6 Aspects of entrepreneurial personality which reflects their mindset.
An entrepreneur demands for more struggle and patience to stay long in market
environment which is full of complexities and unpredictable . There is research conducted so,
according to that mindset of entrepreneur plays crucial role in progress and development. Their
plan of action and and perspective make them different from each other. Entrepreneur's
personality, attitude, behaviour are main which reflects their mindset. They have to be passionate
and dedicated toward their work and objectives, it is necessary factor to act hard so they motivate
and focus on financial benefits. That businessperson demands to be positive mindset for every
situation it will help them to face every challenges gracefully and do work in very effective and
efficient way.
They face risk and learn from mistakes, every situation whether it is negative or positive.
That individual should not pretend to be demotivated by their non achievements which is
generally occur in workplace. If anyone have that type of mind set to go ahead by learning from
bad experience then, they will go far and this type of mind set will help them in adapting
opportunities (Onetti, 2012). It is quality of bourgeois that the meant to be self controlled and
they are not afraid of surrounded by talented impelled people in their working environment.
They demands high confidence to reach at the heights and face that aura of creative people in
their surrounding . They must be understanding and good decision maker it will help them to see
the vision clearly, their determination - making attitude help them to grab good opportunities.
Research is also a good factor in every enterpriser, they have to study whole environment
and then make stargates as according to them . They have to gather all informations so this will
help them to identify problems and get away them along with help in decision making too.
P7 Person's background can hinder foster entrepreneurship
Businessperson can be defined as the individual who establish new start up or small
business by himself and develop industry to exist in competitive market. If they eliminate risk
association them it will be more easy to go to achieve all desired organisational as well as their
personal goals. These skills, traits, behaviour, characteristics and attribute help that entrepreneur
directly as well as indirectly to affect their business background and experiences . Their
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background of small business actually help them and encourage them to bring creativity through
which they launch new product by particular time interval (Martin, 2013).
According, to survey which is conducted in UK country it shows that, background
somewhere develop their thinking and mind set level which affect directly on their objectives
and goals. If some of entrepreneur achieved success in their life then it will surely reflect on their
experience. That one individual entrepreneur is made of their good as well as bad experiences.
From these negative experience they learn from them by manage further problem in future.
Behind these successful entrepreneur there is good strategies and action of plan which help them
to achieve their goals orderly this will also help them to settle up for good position in market
(Leitch, 2010). They got great experience by using their ideas and skills in very suitable manner
as in compared to less experienced individual too.
Background of business will affect entity and in decision making too. Generally , in small
business they have very least number of resources and they have to manage their effective and
efficient decision making in that . It may also happens with them to face many worst experience
of business .
CONCLUSION
According to this study on entrepreneurship and small business, midget concern and start
ups play very crucial role in market. They help in developing their local as well as regional
community along with that they creates very job profiles for their topical people and help in
removing unemployment from country. It is concluded that to become successful entrepreneur
individual have to be passionate, hard working, creative and consist of that potential so they will
stay strong and didn't get demotivated by failures. Small business have very limited resources
and they make their decision in that so they will go on right track by figuring right decision for
their organisation as well as for them too. According to this assignment it is concluded that
background of the business person affect their mind set and according to that they make their
strategies and action plans.
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REFRENCES
Books and Journals
Leitch, C., Hill, F. and Neergaard, H., 2010. Entrepreneurial and business growth and the quest
for a “comprehensive theory”: tilting at windmills?. Entrepreneurship Theory and
Practice. 34(2). pp.249-260.
Martin, B.C., McNally, J.J. and Kay, M.J., 2013. Examining the formation of human capital in
entrepreneurship: A meta-analysis of entrepreneurship education outcomes. Journal of
Business Venturing.28(2). pp.211-224.
Onetti, A and et. al., 2012. Internationalization, innovation and entrepreneurship: business
models for new technology-based firms. Journal of Management & Governance.16(3).
pp.337-368.
Welter, F., 2011. Contextualizing entrepreneurship—conceptual challenges and ways forward.
Entrepreneurship Theory and Practice. 35(1). pp.165-184.
Alsos, G.A., Carter, S. and Ljunggren, E. eds., 2011. The handbook of research on
entrepreneurship in agriculture and rural development. Edward Elgar Publishing.
Awogbenle, A.C. and Iwuamadi, K.C., 2010. Youth unemployment: Entrepreneurship
development programme as an intervention mechanism. African Journal of Business
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Barringer, B., 2012. Entrepreneurship: Successfully Launching New Ventures, (2012).
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Bruton, G.D., Ahlstrom, D. and Li, H.L., 2010. Institutional theory and entrepreneurship: where
are we now and where do we need to move in the future?. Entrepreneurship theory and
practice. 34(3). pp.421-440.
Nicholls, A., 2010. The legitimacy of social entrepreneurship: reflexive isomorphism in a pre‐
paradigmatic field. Entrepreneurship theory and practice. 34(4). pp.611-633.
Delgado, M., Porter, M.E and Stern, S., 2010. Clusters and entrepreneurship. Journal of
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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.
Djankov, S., and et. al., 2010. The effect of corporate taxes on investment and entrepreneurship.
American Economic Journal: Macroeconomics. 2(3). pp.31-64.
Schaltegger, S and Wagner, M., 2011. Sustainable entrepreneurship and sustainability
innovation: categories and interactions. Business strategy and the environment. 20(4).
pp.222-237.
Hockerts, K and Wüstenhagen, R., 2010. Greening Goliaths versus emerging Davids—
Theorizing about the role of incumbents and new entrants in sustainable
entrepreneurship. Journal of Business Venturing. 25(5). pp.481-492.
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Tracey, P., Phillips, N and Jarvis, O., 2011. Bridging institutional entrepreneurship and the
creation of new organizational forms: A multilevel model. Organization science. 22(1).
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Online
Business and entrepreneurship skills and experience. 2013. [Online]. Available Through:
<https://www.innovationpolicyplatform.org/content/business-and-entrepreneurship-
skills-and-experience>. [Accessed on 2nd August 2017].
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