Entrepreneurship: Small Business Management, Growth and Economy

This report provides a comprehensive overview of entrepreneurship and small business management, examining different types of entrepreneurial ventures and their relation to the typology of entrepreneurship. It analyzes the similarities and differences between various entrepreneurial ventures and uses relevant data and statistics to illustrate the impact of micro and small businesses on the economy. The report also highlights the importance of small businesses and business start-ups in the growth of the social economy. Furthermore, it discusses the characteristic traits and skills of successful entrepreneurs, explores the entrepreneurial personality that reflects entrepreneurial motivation, and provides examples of how background and experience can hinder or foster entrepreneurship. This document is available on Desklib, a platform offering a wide range of study resources for students.

Entrepreneurship and
Small Business
Management

Contents
INTRODUCTION...........................................................................................................................3
PART 1............................................................................................................................................3
P1. Different types of entrepreneurial ventures and their relation to typology of
entrepreneurship..........................................................................................................................3
P2. Similarities and differences between entrepreneurial ventures.............................................5
P3. Relevant data and statistics to illustrate how micro and small businesses impact economy.5
P4. Importance of small businesses and business start-ups to the growth of social economy....6
PART 2............................................................................................................................................7
P5 Characteristic traits and skills of successful entrepreneurs....................................................7
P6 Entrepreneurial personality which reflects entrepreneurial motivation.................................8
P7 Background and experience hinder or foster entrepreneurship..............................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship is termed as the procedure of developing new creativeness by manner of
the risk with the perspective of making profit for maximising profitability in industry.
Businesspersons are the individuals who are effective in maintaining commercial and new
chances in marketplace that can be hold for role of helping consumers (Qing-Sheng, Hsiao-
Ming, and Shi-Huih, 2021). The report will involve various types of innovative sections and
portions to considering commercial procedure. Correspondences and modifications as in between
commercial projects that will be measured to it. Significant facts and figures to evaluate that how
micro and macro business will have an impact on the economy that will be construed and
evaluated in commercial process. Position of small businesses and business start-ups that will
contributing to development of social section that will be explained. As there are various
personalities and features of an effective businesspersons' diversity from other commercial
managers that will be described. Features of how business qualities that will reflect business
motivation and terms that will be observed. Significant examples will be phrased for how
contextual and involvement might hinder or foster entrepreneurship.
PART 1
P1. Different types of entrepreneurial ventures and their relation to typology of entrepreneurship
Entrepreneurship is the procedure in which the person who starts, present, plans strategies
and drive out the company by creating new thoughts and sense of knowledge. Businesspersons
will lead the commercial and motivates them towards advancement of company (Shahid, and
Ahsen, 2021). Entrepreneurship is an important section for development of fields, it create more
job roles and will offers unique course of ideas to consumers for increasing more productivity
and profitability. As some of the entrepreneurship that are as follows -
 Small Business Entrepreneurship – Small business is termed in the basic manner by
which an industrialist starts company on small scale. These type of entrepreneurship
businesses are run, managed and owned by sole proprietors. Most of small businesses are
profitable while other remain at same stage with no innovation and growth. Small
industry are essential as because they will offer various for the entrepreneurs or create
more meaningful satisfaction of job than job position with traditional and larger
organisations.

 Scalable Start-up Entrepreneurship – Entrepreneurs in this manner of the company
who possess greater abilities and understanding that are related to the start up commercial
that has been develop (Morselli, and Kakouris, A., 2021). Businesspersons in the start-up
business who are aware that their thoughts and skills of managing the business
orientation of the world for growth and development of the company.
 Large Company Entrepreneurship – Large Company Entrepreneurship ventures have
long sectional cycle that are managed by large corporate structures. Managers who offers
goods and facilities to their consumers as per their wants and requirements. It will easy
for them to survive for a long period in the market by their unique manner of the products
and services that are set as per to new trends in the market.
 Social Entrepreneurship – Social entrepreneurs are creative person who concentrates on
generating goods and facilities by maintaining social desires and issues of consumers.
Businesspersons in this business field of area have unique perspective of orientation that
lead to development in social structure. By building a global network or platform for
individuals who perform their roles in a group to fight with such issues.
As entrepreneurial courses relates to typologies of an industry in section term that are as follows
–
 Corporate entrepreneurship × Large Enterprise – Management become tough for
large companies that they might adapt corporate entrepreneurship that motivate
innovative commercial chances for present section of the business that helps in
development of an innovative products as effectively.
 Large Entrepreneurship × Small and Medium Enterprise — SME's face many
complications in economic problems that can be get improved by the progressive
technique that term to the value on the basis of invention (Schlattau, 2021). The large
entrepreneurship have their main sections in the business structure that will helps them in
generating goods and facilities as per to consumers.
 Social Entrepreneurship × Social Enterprise – Social Enterprise and social
entrepreneurship concentrates on mutual aim to get satisfied on social manner as about to
the actions and social demands from consumers as effectively. Both the management help
the social missions that are enclosed to make certain role of function of sections that are
to be phrased as more efficient.

P2. Similarities and differences between entrepreneurial ventures
Similarities that can be phrased in between entrepreneurial ventures that are as follows –
 Every company who are related to the manner to increase the profitability and
productivity of the company.
 Small Business Entrepreneurship and Scalable Start - ups concentrates on developing
more with other free enterprise section of business by mentioning more innovative
methods that are operating in the company (Morched, and Jarboui, 2021).
 Entrepreneurship Company suggest various perspective to increase their profits and will
made quality of goods and facilities to the consumers in the market.
 Such companies that are termed to the common sections to serve best to their consumers
as per to their wants and desires as directly to improve their manner.
Differences that are phrased in between to the entrepreneurial company that are as follows -
 Start-ups and Large Entrepreneurship have variety of manner at different basis in their
working and methods. Large enterprise work on comparable manner as the other business
follow the new start-ups with innovative sources that have not been utilised and get
followed by any business.
 Mission and vision of various entrepreneurship company also have their own goals and
targets.
P3. Relevant data and statistics to illustrate how micro and small businesses impact economy
Relevant data and statistics of how Micro and Small Businesses have an impact on the economy
of UK that are to be mentioned below -
More than 90% of management are small and medium-sized in United Kingdom as per to
Department of Corporate. SME's management have fewer than 245 candidates that are accounted
for 55% of all private sector businesses that makes a total of 15.9 million. As there is a quick
growth in sort of companies every year since 2005, but also the companies had also faced small
decline in between 2019 and 2020 with a normal development rate (Betancourt, and et.al., 2021)
(Braungart, and McDonough, 2021). In 2020, there were 6.25 million small management that
approximately have 98.8% of total business sections. Statistics that demonstrates a manner of
micro and small business structure in UK that are as follows -
 98% of all management are categorised as SME's that are having 246 candidates.
 Less than 5% are small management with 11 to 50 candidates.

 More than 96% are micro management (0 to 9 candidates.
London boosts advanced amount of ratio of SME's. And it will termed that London has
development rate with term of 55%. Hence, this fact and figures will help to evaluate the
business development as also in total development of economy as there is more advancement of
small management and micro management.
P4. Importance of small businesses and business start-ups to the growth of social economy
Importance of small management and development of social economy that are as follows -
Small management are an essential term to an economy for its growth on the superior
scale (Mets, Holbrook, and Läänelaid, 2021). Business will contribute as towards to economy
with other management in challenge. This contribution comes to the manner to enlarge and
develop for suitable and effective section of the business. The manner of such business will tend
to the income by which they can create and maximise their range at broad scale. Small
management will treat as more productive staffs so that the productivity and superiority of
presentation of candidates can be evaluate.
Small management develop on local sections that provides them strong choices in
recruiting local individuals. This possible trait will be termed as power for small management as
they do not have to manage for individual as far away. Small management will motivates variety
to develop the operations, culture and potentiality than large companies. As small management
will have greater variety of factors that are easy for the business in tough situations to develop it.
Importance of Start — ups that will contribute to development of the social economy that are as
follows -
Start - ups are an essential section in business situation to develop with the motive to
maximise the various sort of the goods and facilities of company. As there are various start — up
management that are to be introduced in market with perception to achieve the profitability and
will improve the efficiency of goods and facilities in market.
Start - ups have been maximising on scaled term that the person are get motivated as per
their manner for presenting new ideas and strategies that comes into action for hold a condition
in emerging more sections of the economic situation as per to it (Dias, and et.al., 2021). Start -
ups also increase techniques to make business and their terms by advancing their manner in
technology. Start - ups also present in new market chances to converts old markets into new one.

PART 2
P5 Characteristic traits and skills of successful entrepreneurs
Notes:
Entrepreneurial skills and traits that Consultant acquire are -
Currently functioning in the management that are provide proper management, market intellect
and suggestion to businesspersons. I have been advanced by client who wants to activate and
found small management in London. For offering advice specialist that need various abilities like
self-confidence, team player, good listener, increase client trust as easily to promote it. Advisor
need to verbalise the manner with innovative mind while giving suggestions in small industry in
London.
Decisive – Entrepreneurs are important who make diverse sort of ranges that stand by them for
enhancement of the business and company.
Team Builders – Entrepreneurs are efficient team industrialists who motivate and encourage
their workforces to perform as per to an attainment of targets.
Risk Tolerant – It is also mentioned that successful businesspersons are risk tolerant.
Comfortable with Failure – Successful entrepreneurs are frequently mentioned in the phase with
their failure that makes them as stronger and efficient.

P6 Entrepreneurial personality which reflects entrepreneurial motivation
Notes-
As there are various key features that keeps them encouraged with their behaviour. Mind set of
business person will observe and measure everything in their thought procedure that helps them
to evaluate the sections. Entrepreneurial personality will reflects entrepreneurial orientation and
mind set of an individuals who encourage them and other individual to perform their sections as
effectively. Entrepreneurial encouragement is wisely related to their perception by which they
can perform their work with efficiency to attain targets and aims in an adequate manner
(Akingbade, 2021). Entrepreneurs acquire leadership abilities that will also encourages their
team to perform better towards attainment of the wishes to be fulfilled by their employees, and
they concern about their employees along with overall productivity they deliver.
Entrepreneur personalities have an impact on the company by which businesspersons. Various
commercial perform several task to attain better market conditions of brand name in business
situation. Hence, by considering various possibilities that an entrepreneurial characters that are
get determined to get concentrates on how they got encourage in their perception as per to the
company. Also they are self - inspiring business person that are reflected in their attitude as they
are capable to distinguish their power of treating themselves in the business.

P7 Background and experience hinder or foster entrepreneurship
Notes-
He also establish the other business also named, X.com and PayPal that also became an e-
commercial payment business by which individual who pay their amount oversees. Elon
developed a start – up by business for $307 million. Musk also became a successful
businessperson by his abilities and capabilities that reflected in the manner in the manner of the
days of his business. He is also known as one of the best’s businesspersons and innovator of
Microcomputer uprising. He has enlarged the company like what he enlarged the term as on
broader manner of scale. As an entrepreneur his concentration is on advancement and progress of
the management of business. He is identified as per to the attaining of targets more in the
business conditions who has features to hold the sections as effectively. But the issues and
problems will not affect his ambitions and his entrepreneurial character of all times in the
business.
Hence, there are two examples that concentrates on how these two characters that had develop
their business by accomplish their targets as effectively. As be a businessperson, it is an
important to create such strong features that helps in development of the company on every
possibilities as effectively.

CONCLUSION
From the above mentioned report it has been concluded that, there are various sort of
managerial operations and function of business that involves of the Small Business
Entrepreneurship, Scalable Start-ups, Large Company Entrepreneurship and Social
Entrepreneurship. As there are various orientation that helped in considering the entrepreneurial
procedure. Applicable manner of the fact and figures to demonstrate how micro and small
businesses that are impacting the economy that were understood and evaluated in the process.
Significance of small businesses and business start-ups subsidising to the development of social
economy were explained.

REFERENCES
Books and Journals
Qing-Sheng, W., Hsiao-Ming, C. and Shi-Huih, P., 2021. The Reform and Practice of Club
Management Teaching in the Context of Innovation and Entrepreneurship. Journal of
Humanities and Education Development (JHED). 3(1). pp.126-131.
Shahid, M.S. and Ahsen, S.R., 2021. Linking entrepreneurship education and entrepreneurial
intentions: an interactive effect of social and personal factors. International Journal of
Learning and Change. 13(1). pp.14-33.
Morselli, D. and Kakouris, A., 2021 Teaching entrepreneurship to undergraduates: a Vygotskian
perspective.
Schlattau, M., 2021. Entrepreneurship and Entrepreneurial Ecosystem. In Tilting at the
Windmills of Transition (pp. 7-30). Springer, Cham.
Morched, S. and Jarboui, A., 2021. Does Entrepreneurship Dictate the Profitability Growth of
Firms?(Evidence from France). Journal of Business And Entrepreneurship. 9(1). pp.78-
94.
Betancourt, I.O., and et.al., 2021. Entrepreneurship as a Mechanism to Strengthen Rural
Communities. European Journal of Business and Management Research, 6(2), pp.107-
110.
Braungart, M. and McDonough, W., Social Justice Entrepreneurship Resources.
Mets, T., Holbrook, J. and Läänelaid, S., 2021. Entrepreneurship Education Challenges for
Green Transformation. Administrative Sciences. 11(1). p.15.
Dias, Á., and et.al., 2021. Post-pandemic recovery strategies: revitalizing lifestyle
entrepreneurship. Journal of Policy Research in Tourism, Leisure and Events, pp.1-18.
Vandor, P., 2021. Are voluntary international migrants self-selected for entrepreneurship? An
analysis of entrepreneurial personality traits. Journal of World Business. 56(2).
p.101142.
Gu, W., and et.al., 2021. Entrepreneurship and high-quality economic development: based on
the triple bottom line of sustainable development. International Entrepreneurship and
Management Journal. 17(1). pp.1-27.
Akingbade, W.A., Assessment of Entrepreneurship Skills Development on Employment
Generation Strategy in Tertiary Institutions in Lagos State.