Entrepreneurship and Small Business Report: A Comprehensive Analysis

This report delves into the multifaceted world of entrepreneurship and small business management. It begins by defining entrepreneurship and its role in a competitive market, followed by an analysis of different types of entrepreneurial ventures, including small businesses and social entrepreneurship, along with the typologies associated with them. The report then explores the similarities and differences between various entrepreneurial ventures. Furthermore, it assesses the impact of micro and small businesses on the economy, highlighting their contributions to employment generation, cash flow, and infrastructure development. The analysis includes relevant data and statistics to illustrate these impacts. The report concludes by examining the characteristics, traits, and skills of successful entrepreneurs, differentiating them from business managers, and emphasizing the importance of strategic vision, communication, and critical thinking. This comprehensive analysis provides valuable insights into the dynamics of entrepreneurship and its significance in the economic landscape.

Entrepreneurship
and Small Business
Management

INTRODUCTION
Entrepreneurship is explained as opening business at it's own risk which is often a small
business administration. Here, all the risk and profits is completely managed by owner of the
business. The scanning the external environment the tactics are farmed in order to overcome risk
factor in intense competitive competitive world. This report is based on
P1& M1: Different types of entrepreneurial ventures
The different types of entrepreneurial vventures are as folloaws:
Small business entrepreneurship: It includes those businesses which are operating
independently at small scale level. Hence, the size of such kind of business is small and limited.
It revenues generation are very much depend on the sector or industry they relate. They enter
into market with an objective of earning livelihood due to operating at low level. For example
Grocery stores, travel agents, electricians etc.
Social entrepreneurship : These kinds of business enterprises are acquainted in the market with
an intention of bringing new and innovative products and services in the market that may satisfy
social needs and requirements of clients. Objective of such kind of business is to develop the
nation. They don't work for benefits or market share yet social welfare .
Typology of entrepreneurship: All above mentioned entrepreneurial ventures are linked
with different typologies which are described as follows:
Male: This entrepreneurship is majorly based on male who are operated business functioning
more effectively. It prohibit any female member to get involved in business decision-making
process
Female: Nowadays, the number of females are more as compared to the male due to having a
view that females have more patience than men due to which they are more capable to run and
operate business functions more smoothly.
Managed Growth: This kind of entrepreneurship is managed and controlled by both men
and women in equal ratio so as to achieve success and growth in newly business within shorter
time period. Both of them mutually work and take decisions for the betterment of business
venture.
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P2 & D1:: Similarities and difference between entrepreneurial ventures
Basis Small business Scalable start up Large company Social
entrepreneurship
Definition It is small-sized
business which
requires low
investment due to
operating at small
scale.
It is a business
which is operated
to achieve its
vision with
suitable planning
and strategies.
It is the
businesses which
are having finite
cycle that mainly
emphasis on
bringing new
products and
services
according to the
changing needs
and requirements.
They are called as
innovators wo
comes into
market with new
idea to fulfil the
needs and
requirements of
society,
Objectives To earn
livelihood.
To invite
investors to show
their willingness
to provide
financially help to
their new and
innovative ideas.
Its role is to
facilitate
customers to get
quality products
and services so so
as to maximise
their level of
satisfaction.
They have role to
create awareness
about their health
and safety
products.
All above mentioned ventures have some similarities as well which are briefly mentioned as
under:
 All such kind of ventures are established into market are mainly emphasized on
customers needs and preferences.
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 They always tried to bring new and developed products into market so as to maximise the
satisfaction level of their targeted people (Carsrud and Brännback, 2011).
 Every ventures described above is established with an innovative idea which is developed
by the entrepreneur.
P3 & M2: Interpretation and assessment of relevant data and statistics to illustrate the way in
which micro and small businesses impact on the economy
Small and micro business organisations contributes to the development of the economy and help
to increase national income on the country. These business enterprises are executing their
business in the market and helps the countries to overcome the issues like decreased national
income, fluctuation in inflation and deflation rate etc. that are faced by them. The companies
who are running business effectively and successfully can help to make a stronger economy.
Small business get less affected by the economic issues as they are operating business on a lower
level. Economic changes highly affect the business of large organisations. While a country is
facing.
They may not acquire higher profits as compare to bigger companies but they have more stability
in the market because economic changes leave less impact on these businesses. Major impacts of
small and micro organisation on the economy are as follows:
Employment generation: Small business help to generate
employment and provide jobs to such individuals who are not hired by large organisation. If all
the citizens of a country get desired jobs than this will resolve the problem of unemployment. As
various small and micro business are establishing their business and they require well educated
and skilled persons who may help to attain long term sustainability and success for organisation.
High flow of cash: Small and micro business help to increase the flow of cash because when a
new business launches in the country than it will help to ring more monetary resources for the
country. This acquired cash and be used by the government to strengthen the economy (Dees,
2017).
Infrastructure development: Small and micro business help to develop the economic
state on the country by contributing a higher amount in national income. This may help the legal
authorities of of UK to use the amount for the development of infrastructure by building schools,
roads and bridges.
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The impact of small and micro business can be understood easily with the help of
diagram.
following chart:
From the above chart it has been analysed that small and micro organisations have
increased employment for the country. It is very beneficial for the economic growth and help to
develop faster. Small business are contributing 40% in the employment enhancement of UK
which is a positive impact of these businesses.
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Increasing awareness: While organisations are facing issues due to economic changes than it is
very important for small and start up business to increase awareness among public so that they
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may survive in the market. If large number of individuals get attracted toward the businesses
than it will help to develop the social economy by increasing sales and profits of businesses.
Motivating for new and innovative products: Start up business are mainly launched
with innovations and new ideas. Citizens of UK get attracted toward the new idea or the products
that are launched with innovations this will help to grow social economy because it results in
increased revenues for the organisations
Providing end number of job opportunities: Start up and small organisation are creating job
opportunities as they require creative mind for the growth of the business. Start ups are the new
business who do not have work force to execute business activities and hire new individuals who
may help to attain long term sustainability. This may help to develop social economy by
increasing national income.
Enhancement of domestic business culture: As economy of UK have faced various problems
due to Brexit, it has created problems for large organisations and reduced their profitability. At
this situation the domestic small companies and start up business have expanded their business
by offering such products to the customers that are required by them. Enhancement in sales have
resulted positively for the business and increased profitability which is a high contribution of
small and start up businesses in social economy.
All the above described points can depict than small and start up businesses are very
important for the growth and development of social economy. As Brexit was a huge challenge
for UK and small and start up organisations have helped to deal with it effectively.
P5 & D3: Characteristics, traits and skills of successful entrepreneurs
Skills:
 Decision making: Both the entrepreneurs are having good decision making skills which
can be identified by measuring their success. They have got huge success by taking
effective and appropriate decisions that differentiate them from others. Problem solving: William Chase and Mark Zuckerberg are having good problem solving
skills that help them to find appropriate solutions for the issues that are faced by them.
This skills differentiate them form all other entrepreneurs as most of them are not able to
handle critical situations appropriately and it results adversely for their business.
Traits:
Confident: Both the
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 Confident: Both the entrepreneurs are confident about their idea which has resulted
positively and they have established a good image in the market. This trait differentiate
them form others as they are highly confident about their idea and they stick to their
decisions. Disciplined: Mark Zuckerberg and William Chase are extremely disciplined and they
keep their personal and professional life separate. Most of the businessmen are not able to
be disciplined and not able to avoid distractions from their goals, but Mark and William
do not have this behaviour and it differentiate them from others.
Characteristics:
Passionate: For every
 Passionate: For every entrepreneur it is very important to be passionate about the goal
of life that help to establish a successful business. This characteristic differentiate them
from others because it is very difficult for all the entrepreneurs to be passionate every
time.
 Risk taking: As new idea or products have been launched by both the entrepreneurs and
they have taken various risk for this purpose as they are not afraid to take risk. Some the
businessmen afraid to face risk because it may result negatively but Mark Zuckerberg and
William Chase have ability to take risk that differentiate them from others.
All the above traits, skills and characteristics help entrepreneurs to establish a successful
business as this may help to attain higher profits and a good market image.
Characteristics/skills Entrepreneur Business managers
Strategic vision Entrepreneurs have a clear
vision to bring new and
developed products which are
different from other existing
rivals products so that strong
brand image can be achieved.
Williams Chase has a clear
vision to execute business
functions more effectively so
Manager is a follower of a
vision framed by the top
authority who is only
responsible to make an
effective plans and strategies
to manage resources so as to
achieve vision within pre-
determined time period.
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as to enhance company's
goodwill.
Communication An entrepreneur should have
good communication skills
which assist them to reach
their new and developed
products to the targeted
customers. Williams Chase
have attained good
communication skills due to
which it is easy for them to
attract investors, suppliers,
customers etc. to provide
maximum support to their
business.
It is an important skill which
manager should acquired
which facilitate them to
communicate company's
mission and vision to the
employees that brings
motivation among them to
work hard and operate
business more effectively.
Allotment of roles and
responsibilities to the
employees also required to
have proper communication
skills.
Critical thinking Entrepreneur generates new
and innovative ideas which
help them in differentiating its
business than their rivals in
market. Therefore, Williams
Chase is developed new
changes in their chocolate
products by adding new
ingredients to increase taste.
Managers always tried to
establish a health work
environment which brings
motivation and self-confidence
among the staff to execute
allotted activities more
effectively. It increases their
work commitment and loyalty
with company for longer
period of time.
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P6 & M3: Entrepreneurial personality reflect entrepreneurial motivation and mindset
An entrepreneur have their own personality which directs them to maintain healthy relations
with interested people in order to achieve their loyalty with business for longer period of
time. They required to make efforts to achieve competitive market opportunities in order to
achieve huge sustainability and profitability in market. For this an individual required to
have an appropriate characteristics and qualities to make new business more successful. To
support them in determining needed skills and traits, Big Five Model of Personality theory is
most applicable which assist an entrepreneur to acquire specific skills and traits that are
described as under:
Openness to experience: Such tactics consists of six facts which includes preference of
variety, aesthetic sensitivity, active imagination, intellectual curiosity and attentiveness to
the inner feelings. An entrepreneur need to have these traits to make their start-up's more
successful. In addition with this, an entrepreneur must be open minded which allows itself as
well as its staff to learn new things and take challenges to achieve competitive benefits .
Extraversion: According to this, an entrepreneur must be energetic, assertive, talkative and
social to maintain relations with its staff and other interested parties so as to retain their
loyalty with company longer period of time. It increases goodwill of company in
competitive market.
Neuroticism: It is important for an entrepreneur to treat its staff more effectively and calmly.
Along with this, an entrepreneur must keep their feelings such as anger, anxiety and others
stressors which are not required to be affecting working behaviour of employees as well as
business functions of an organisation. For this, they should try to free from any tensions in order
to develop healthy working environment in an organisation.
Conscientiousness: An entrepreneur must be focused towards its goals and vision which restrict
them to not indulge in any interrupted activities and continue to make efforts in achieving
desired target within limited time period.
Extraversion: According to this, an entrepreneur must be energetic, assertive, talkative
and social to maintain relations with its staff and other interested parties so as to retain their
loyalty with company longer period of time. It increases goodwill of company in competitive
market.
c time.
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TASK 4
P7 & M4 & D4: The way in which back
CONCLUSION
From the above discussed report it can be concluded that entrepreneurship plays vital role
in both public and corporate sector. There are numerous typologies and ventures studied in order
to raise their basic understanding. Small scale entrepreneurs, scalable start up entrepreneurship ,
large scale entrepreneurship and son are studied deeply in order to gain huge profits in set timer
duration. Differences and similarities among entrepreneurial ventures are focused in order to
gain understand the positive and negative aspect. Small business is providing several
employment opportunities to community people that directly assist in growth and development
of the national economy. Along with this impact on micro and small businesses upon economy is
examined into order to gain productive results.
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