Entrepreneurship & Small Business Management: Environment

This report provides a comprehensive analysis of entrepreneurship and small business management, covering various aspects such as entrepreneurial ventures, their impact on the economy, the traits and skills of successful entrepreneurs, and the environments that foster or hinder entrepreneurship. It begins by defining entrepreneurship and discussing different types of entrepreneurial ventures, including social entrepreneurship, scalable start-ups, large company entrepreneurship, and small business entrepreneurship. The report then assesses the impact of micro and small businesses on the economy, using data and statistics to illustrate their contribution. Furthermore, it examines the importance of small businesses and start-ups to the growth of the social economy. The report also identifies the characteristic traits and skills of successful entrepreneurs, differentiating them from other business managers, and assesses how aspects of the entrepreneurial personality reflect entrepreneurial motivation and mindset. Finally, it analyzes the different environments that foster or hinder entrepreneurship, providing a holistic view of the entrepreneurial landscape.

Entrepreneurship and Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1. Several types of entrepreneurial ventures in regards with entrepreneurship typology....3
P2. Similarities and differences between entrepreneurial ventures........................................5
TASK 2............................................................................................................................................6
P3. Interpret and assess relevant data and statistics to illustrate how micro and small
businesses impact on the economy.........................................................................................6
P4. Explain the importance of small businesses and business start-ups to the growth of the
social economy.......................................................................................................................8
TASK 3............................................................................................................................................8
P5. Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers.......................................................................................8
P6. Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mindset...........................................................................................................................10
TASK 4..........................................................................................................................................11
P7. Analyse the different environments that foster or hinder entrepreneurship...................11
CONCLUSION .............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship is a very well known term of study that shows how businesses are
developed as well as the process of actual starting of new business venture. An entrepreneur who
has lot of different ideas or also who works in order to generate a good services or product in an
effective manner. Whereas, small business management owners are responsible for controlling
all aspects of their organisation. That's why business owners always uses management skills in
order to complete or achieve goals and objectives in an appropriate manner (Bae and et. al.,
2014). Some times setting up a new small business is easy but in order to running their business
successfully can be tough . In order to create successfully running small business owner needs lot
of support from different plenty such as money support, system support, workforce as well as
various plans which can helps the owner for achieving organisational target in a perfect way.
That's why entrepreneurship and small business management for creating a good business
venture. In this respective report discussion also made on small business or entrepreneurship
wherein, several kind of entrepreneurial ventures in regards with the typology. Along with this
importance of business and business star-up in social economy. Lastly, background and
experience of entrepreneur will get covered in an effective manner.
TASK 1
P1. Several types of entrepreneurial ventures in regards with entrepreneurship typology.
Definition of entrepreneurship:
Entrepreneurship is the process of launching, running and designing the new business in
which people develop these kind of businesses is called entrepreneur's. On the other side
entrepreneur can be identified as the willingness to generate and capacity manage and control the
business venture with any type of risk in order to create good profit in an effective manner.
Therefore, entrepreneurship is an individual who start their business effectively with the help of
money as well as support with the family, friends and siblings.
A business ventures can be also determined as a small business in which many ventures
invested their fund through single or group of individual with expectation of business that bring
different opportunities in order to gain achievement for company. Mostly business or
entrepreneurial ventures are developed market demand and low supply in the market that analyse
the consumer needs regarding goods and services (Baum, Frese and Baron, 2014) . Therefore,

entrepreneur or business investors trying to create innovative ides for goods and services in the
market value. Few several kinds of entrepreneurial ventures which are related with typology,
given below:
Social entrepreneurship: These are the individuals with attractive innovative solution to
society's in order to solve difficult social problems. Furthermore, they plays like a president who
tackle huge social problems and provide good ideas or thought as well as changes at large scale.
Therefore, social entrepreneurship is very important for society or people for understanding all
the problems in current environment. That's why its follows the typology's of control growth
venture in an effective manner in order to provided services to people with the help of social
sources. It's nature is quite different from other types of ventures as it works effectively towards
ensuring appropriate and effective benefits to the society. Its operations and functioning are
targeted in ways of providing social benefits to underprivileged societies to enhance their
standard of living.
Scalable start-up entrepreneurship: These are those entrepreneurs who start the
company with lot of knowledge from one day so that their vision can easily change or improve
the world's think. This type of entrepreneur always concentrate on the higher scale of demand
and capital of venture that can increase the expansion of company in an appropriate manner
(Burns and Dewhurst, 2016) . Along with this these entrepreneurs also focuses on fresher
candidates for develop their company's growth. In the case of start up business it can be said that
it can be link with the life style venture in order to focus on the vision and knowledge skills of
the company in an appropriate manner. The nature of these ventures focus effectively on
bringing in difference in the world. Moreover, their implications too relate with their nature of
operations which is performed to offer new things to the market.
Large company entrepreneurship: In the large or already established company
entrepreneurship plays a vital role for long term success of business. As per this firms face
different challenges from this competitive world. Therefore, successful entrepreneurs have good
experience in order to make company's goodwill for better future. With the help of
entrepreneurship firms can easily achieve their goals in order to increase their demand at marker
place. In the case of this venture, can be said that survival ventures affects this type of
entrepreneur in order to achieve their specific targets and success of the business at the higher
level in the particular way. Moreover, their nature is completely opposite from that of other

smaller organisations, as they try to balance their activities between earning profit, which is their
prime agenda, as well as contributing in betterment of society as well (Julien, 2018).
Small business entrepreneurship: This is designed to offer needed or required skills in
order to effective develop, organize, manage, control or create business activity in an appropriate
manner. On the other sides when company expose their business then challenges different issues
which is faces through entrepreneurs. This type of ventures also focuses on selection of local
person or their family candidates for managing companies activity in a better way. In regards
with aggressive growth venture, they are interrelate with the type of small business
entrepreneurship in order to control and manage their business activities effective by facing the
lot challenges in the market in order to hire the local members and their family for the company.
Their nature is quite stress free from the aspect that these organisations have limited operations
and focus on steady growth, which is risk-free.
Typology's of entrepreneurship ventures:
Controlled growth ventures: In this venture entrepreneurs usually concentrate on the
development of company in a competitive business world. That's why day by day they enhance
their sales of product in order to stay for long duration at marketplace. Therefore this is the way
of typology which involves in average size of firms.
Lifestyles ventures: It is mainly considered the life benefits or better outcomes as
entrepreneurs provide good environment and joy for people in society on the basis of their
behaviour (Burns, P., 2016) . That's why these ventures are includes in small size of business
companies in regards with typology.
Survival ventures: These are the kind of ventures who has lot of courage and
innovations in order to satisfy the customers needs and requirements in an effective way. These
also have speciality that they do not have any kind of relation with other companies or banks. So
that they work as a individual firm in market for fulfil financial aspect of consumers.
Aggressive growth ventures: This type of ventures formed globally for generate the
good profit of companies in the competitive business environment. In this entrepreneurs mainly
concentrate on making profitability for attain goal at higher level (Dees, 2017) . In this context
typology come in large business companies.

Therefore, they are interrelated with each other this is because they take care of the
entrepreneurial types and ventures always helps them in order to take decision effectively. So
that this process heavily impacted on the people in an appropriate manner.
P2. Similarities and differences between entrepreneurial ventures.
Entrepreneurial ventures start their business with lack of resources and thought that helps
in order to gain better rewards and outcomes for future. They are also responsible for taking risk
for development of growth. Some difference or similarities are given under:
Large and Small business enterprises:
 Similarities
In the case of similarities both companies manage their systems in a same manner. They
also focus on supplying of better quality of product to its customers, so that they can achieve
goals.
 Differences
Both are different because large scale business focused on completing financial aspects of
people. Whereas, small scale enterprise focus on their company's long term stability in market. In
addition to this, large enterprises are quite rigid in operations whereas, small enterprises
effectively provide flexibilities in their business operations due to their small scale operations.
Scalable and social enterprise:
 Similarities
These both firms mainly concentrate on the giving better benefit to their customers, as
they want to attain lot of achievements in a effective manner (Drucker, 2014) .
 Differences
Scalable firms concentrate on the satisfying customers in order to fulfil their needs. On
the contrary, social enterprise focused on deliver best services of product in society as well as
people in a short period of time. Their perspectives are quite different which is reflected by their
operations. For instance, where scalable firm develop products according to needs of the market
to enhance customer loyalty, social enterprises are more inclined towards providing their
offerings to the public to ensure considerable benefits.
Survival and lifestyle entrepreneurial venture:
 Similarities

Both ventures controlled their business process in an appropriate manner for making
good profit or development of the company at higher scale.
 Differences
Survival enterprises ventures manage their function in order to survive in the market for
long period of time so that they can achieve more benefits from the customers experience.
Wherein, lifestyle entrepreneur or ventures are fully passionate towards their work. They also
shows their interest in fashion blogger etc. for satisfying other people's needs. Moreover, where
survival organisations emphasis on analysing demand within the marketplace, lifestyle
enterprises work towards raising the demands of their own products amongst the customers.
Therefore it shows the similarities and differences above the entrepreneurial ventures in
order to used lot of resources for the better outcomes for future in a proper way. With the help of
these entrepreneurial ventures it has been concluded that entrepreneur can take risk in order to
complete their target effectively. For the better understanding of this survival venture and
lifestyle venture helps economy in an attractive way. That's why these are needed for
entrepreneur in order differentiate several ways of an organisation.
TASK 2
P3. Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy.
It identifies that small firms are much essential for every country economy for generating
the growth of international market in an perfect manner. According to this study, it is usually
complete through UK government wherein, 87% small or micro sectors contribute in the country
economy (Fayolle and Gailly, 2015) . Other than there is also 4.1 million micro sectors that
manage their functions In UK. It also helps in order to maximize GDP growth of United
Kingdom by 6.1%. therefore this types of rates maintain profits or it gives various opportunities
of jobs for people. As per the past information it is analysed that small-business or micro
enterprise increase rapidly in a right way.

Illustration : Consequence of Economic system on U.K., 2018
(Base: Effect of Economy on UK, 2018)
As per this respective chart, it can be discontinued that, economy system of United is
Kingdom increase by 88.2% than it is differentiate through GLLCP, it was quickly growth with
the cost of 0.6%. so that it has identified that those business or firms comes under the micro
sector than they heavily impact on the country economy of UK as differentiate the another
company. Therefore, impact of the social economy has been developed in a effective way. By
this char it can be said that it was essential to the social economy business by 2018 it has positive
impact on the UK economy appropriately.
Share of business in UK:
As per this market share are the most need able elements for any kind of firm in order to
operate business activities in UK. This strategy always helps in enhance the job opportunities In
country of UK. According to the level of micro or small organisation includes in various
activities such as innovators and non innovator (Goss, 2015) . That's why firms are able to earn
profit as well as revenue and also contribute in economy of UK. Few impacts are given below in
order to make good economy in UK.
Job creative activity:

It is very essential for every countries economy that they should provide various job
opportunities for their local candidates in order to make good society. According to the above
data or graph has been concluded that medium sales companies helped in giving 2.50
opportunities of job in a effective manner. So that it will enhance the people knowledge or also
helps in order to create good environment in country of UK.
National and Regional Impact:
There has been an effective rise within the overall business activities within the country
in recent times, moreover, there are more than 2.5 Million enterprises as per the information by
Office of National Statistics, which are substantially rising within the country (UK business;
activity, size and location: 2018, 2019). Thus, with such rise in Small and Medium Sized
enterprises, there are several regional and national impacts. For instance, at regional level, they
are responsible for enhancing the standard of living of individuals by providing employment
opportunities, as mentioned above. Furthermore, at national level, they are responsible for
enhancing the commerce and other trade related activities within the country,which contributes
in betterment of the economy with respect to rise in exports, FDI and other effective activities.
Illustration 1: Number of Enterprises, 2013-2018

(Source: UK business; activity, size and location: 2018)
Contribution to Innovation:
In this sector small business enterprises gives their full contribution for giving good
product or services to their customers in a market area. In this every business have valuable
product or goods that satisfied the customers in an effective way (Mariotti and Glackin, 2015) .
This process of business comes with lot of different ideas or plan for long durability in the
market for enhancing the living standard of people. These all process or concept is benefited for
UK country economy.
Now it has been concluded that there is a lot of need in order to contribute in the UK
economy process for maximising their education level efficiently. With the help of this diagram
SMEs have good impact on the social economy as they provide lot of job opportunities to them
in order to enhance working skills of people in an appropriate manner. There are lot of shares in
business which helped in giving lot of opportunities to their people so that they can get higher
motivation in an appropriate manner.
P4. Explain the importance of small businesses and business start-ups to the growth of the social
economy.
Social economy is a culmination of all those business organisations, which work towards
providing effective benefits to social communities through their offerings. In the current situation
of business environment, it's tough because in the small business venture all activities are
necessary but some time it is not easy for entrepreneur that focus on all the functions of social
economy, wherein they can use different strategy in order to make good economy in an effective
manner. These organisations effective contribute to the social economy as well and their
exceptional and effective benefits are mentioned below:
Diverseness: In the concept of small business, their entrepreneurs have very much
flexibility so that this type of business can easily start by a person or individual in a positive way
(Piperopoulos and Dimov, 2015) . Therefore, this type of activities generate lot of diverseness in
the term of different culture, functions for a specific period of time, so that these activities of
small business is very necessary for diversifying environment in order to increase company's
growth in an effective way. In addition, they work towards introducing better as well as new and

diverse offerings within the economy that provide immense benefits to individuals due to their
innovative nature.
Turnover: According to this factor business ventures or small business entities can get
chance to remake their plan, that is more beneficial for future growth of company. It also helpful
for good think and innovative ideas so that they can execute heir future company plan
accordingly. Along with this an entrepreneur always ready for do things which are in favour of
society that makes company effective at higher level (Drucker, 2014). In addition, the turnover
earned by business starts-ups and small organisations contribute in a substantial way in
enhancing the economic benefits in the country. This is because, their innovative and effective
approach lead to supply of products which generate effective revenue, hence, more turnover at
national level.
Local hiring: In this, entrepreneurs usually focuses on local people and their candidate in
order to make them jobs so that it will enhance the knowledge of individuals in a effective
manner. Therefore, it is necessary for increase the job opportunities, so that it is effective or
attractive tool for people that hire local person in a good manner (Ramadani and et. al., 2015) .
TASK 3
P5. Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers.
It is much important for managers of every company that they should keep themselves
aware in context of dynamic business environment which helps in increase the capability level of
candidates. Therefore, an entrepreneur must have different traits like risk taker, level of
confidence, well experienced, disciplined and so on. Their are particular traits, skills or
characteristics are given below: specific traits, skills and characteristic of two successful
entrepreneur are mentioned below :-
Peter David Jones:
He is the founder of Peter Jones firm academy with effective entrepreneurship skills or
knowledge. He was born in the year of 1966 and is also known as Dragons' den and American
Tycoon.
Characteristic of Peter Jones:

Innovative Thinker: He is very famous person and known for their best knowledge skills
as well as he is an innovative thinker (Ratten, 2014) . They also have their interest in media,
retail or property etc. In addition to this, Peter Jones seeks innovation in almost every step which
is taken within the company and works towards producing better and advanced offerings to the
public.
Committed: Another characteristics which differentiate him from other business
managers is that is quite committed to his company and has always worked with utmost sincerity
and consistency. Such aspects helps an entrepreneur to drive their organisation towards success
and ensure a constant growth effectively.
Skills of Peter Jones:
Decision Making: One of the finest skills of Peter Jones is that he is quite effective in
decision making, which most of the managers and entrepreneurs lack in. All his decisions are
taken after effective analysis and forecasts into future. Moreover, he takes calculated risks and
ensures utmost profit margin for his organisation through his decisions.
Time management: He has also this skills as he was punctual for time this skills was very
helpful for him in order to gain good output in a qualitative manner. Therefore, he manages their
duty on time and also gives funds in charity of enterprises.
Traits of Peter Jones:
Perseverance: One fine trait within Peter Jones is that he is very determined towards
success. There are various business managers which lack this trait and they fail to be consistent
in their careers, which reflects in their performance. However, with Peter, he has always worked
against all odds in order to succeed in the market.
Confidence: In order to gain desirable goals they are very confident for carrying out all
business operations together. They also follow various various performance for increasing way
of success. Other managers lack this trait to an extent which drives them away from achieving a
better image in their companies.
Simon Phillip:
He was very good entrepreneur was born in the year of 1959 in England. He is recreation
manager or talented judge. He was awarded as most powerful citizen through everyday
telegraph.
Characteristic of Simon Cowell: