Business Models in Practice for Emerging Economies

The assignment delves into the key aspects of entrepreneurial personality by analyzing traits that distinguish successful entrepreneurs from others, particularly within SMEs. It discusses how these traits influence business success compared to family-owned businesses, providing a comparative analysis of both sectors' characteristics and outcomes. Furthermore, it explores the practical application of business models in emerging economies, highlighting their adaptability and significance for economic growth. The study also examines entrepreneurship's role in fostering job creation and enhancing economic dynamism, referencing various theoretical perspectives and empirical studies to substantiate these claims.

Entrepreneurship and Small
Business Management

Table of Contents
Executive summary..........................................................................................................................3
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Different types of entrepreneurial ventures and how they relate to the typology of
entrepreneurship.....................................................................................................................1
P2. Differences and Similarities between entrepreneurial ventures.......................................3
TASK 2............................................................................................................................................5
P3. Interpret and assess relevant data and statistics to illustrate how micro and small
businesses impact on the economy.........................................................................................5
P4. Explain the importance of small businesses and business start-ups to the growth of the
social economy.......................................................................................................................7
P5. Find out and analyse the characteristic traits, skills and motivational drivers of successful
entrepreneurs that differentiate them from other business managers, supported by specific
examples.................................................................................................................................8
P6. Aspects of entrepreneurial personality...........................................................................10
P7. Different ways by which background and experience can hamper the performance of
entrepreneurship...................................................................................................................12
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................16

Executive summary
In this report present study discussion will be made on entrepreneurship and
management of small business. Along with this different type of entrepreneurial ventures in
context with typology of entrepreneurship will be discussed. Significance of business start-up or
business. At last, experience or background of entrepreneur Task 6 will also get covered in this
report. Wherein, entrepreneurship is the very well known name that helps the people in order to
launch or innovate their product in an attractive way. Along with this this there is mall business
management, it involves in the several factors like planning, directing, managing these all are
necessary for operating company's function in order to gain more profit from the market. Apart
from this entrepreneurial ventures are very much necessary aspect for any kind of business
because they are owner who run their firms in an effective manner.

INTRODUCTION
Entrepreneurship is a very well known term which comes under the combination of
production system that always plays different functions or roles in any kind of firm. In this type
of economic firm entrepreneurship involves in land, labour, capital or organisation of business as
well in which all are very important for manufacturing system of enterprises in an effective
manner. It is a very broad concept which identify the different term of entrepreneurship such as it
is the procedure of several activities which are established through business organisations in
order to influence others. On the other side, Small business management, it involves in the
several factors like planning, directing, managing these all are necessary for operating company's
function in order to gain more profit from the market. It also use different types of approach or
system for better productivity of business. In this present study discussion will be made on
entrepreneurship and management of small business. Along with this different type of
entrepreneurial ventures in context with typology of entrepreneurship will be discussed (Ács,
Autio and Szerb, 2014). Significance of business start-up or business. At last, experience or
background of entrepreneur Task 6 will also get covered in this report.
TASK 1
P1. Different types of entrepreneurial ventures and how they relate to the typology of
entrepreneurship
Entrepreneur is the person who found the small business and assumes risk and reward of
the ventures.
Entrepreneurship it is the process of launching, designing and running small business in
an effective manner (Kuratko, 2016).
Enterprises are those who provide support to various people in order to achieve their
goals in an appropriate manner.
Entrepreneurial venture are known as the owner of an organisation, who always try to
make more profit from various business enterprises. That's why companies or an organisations
provide social or economic value to their customers in an effective manner. There are typology
of entrepreneurship, given below-
Small business entrepreneurship:
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According to this typology of entrepreneurship, business ventures or owners have to
manage their grocery stores, plumbers etc. in which one or more individuals works together.
Mostly, small business choose local candidate and their family in order to give them opportunity
to earn money effectively. In the other word, this can be said that micro business management
are the kind of productive system, so that it includes in low cost of amount as compare to the
others.
Social entrepreneurship:
In this typology of entrepreneurship, ventures are commonly focused on offering unique
product in the market in order to satisfying their customers in a positive way. That's why
ventures always make different or attractive design in their product for make customers happy.
Social entrepreneurship usually works effectively and give different shape, size, structure or style
to their organisation in an appropriate manner.
Scalable start-up entrepreneurship:
In this typology of entrepreneurship, entrepreneurial venture develop several thoughts or
ideas in order to change their business firm as per the customer's requirement. According to this
business owners are always looking for good investors who can invest their money easily for
making firm attractive. Along with this small business firms in this typology selects fresh
candidates in the way of achieving competitive environment of business in a effective way.
Large company entrepreneurship:
In this typology of entrepreneurship, entrepreneurial ventures always concentrate on the
unique or different new product distribution to their potential customers at higher level. That's
why exist organisations follow several tools or techniques in order to make several kind of
product in the competitive business environment in a effective way (Blackburn and Wainwright,
2013).
Lifestyles ventures:
According to the typology of entrepreneurial venture mainly focused on the rewards and
benefits to their employees in order offer them several rewards as per their achievements or
working efficiency in an effective manner. That's why this type of ventures hire few candidates
in order to gain achievements at higher level.
Aggressive growth ventures:
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This types of ventures are formed at globally in order to make lot of profit for many firms
in the tough situation at business market. Aggressive growth ventures commonly concentrate on
the providing better quality of goods and services for attain desirable goals at high level. So that
this type of venture involves in the largest business companies.
Controlled growth ventures:
In this typology, ventures mainly focuses on the growth development of firm in order to
launch new product in the market for long term stability. So that this type of ventures comes
under the average size of business organisations.
Survival ventures:
This type of ventures make innovative or useful strategy in order to make their customers
happy so that they can easily achieve their desired goals. In this term (survival) entrepreneurial
ventures do not have any type of relation with banks, or other firms. Therefore, company's
managers plays very important role of every organization and these ventures involve in small
business management.
Public sector venture:
SBI capital market Ltd. Is the largest domestic investment bank, which provides the
whole advise related to investment in baking services. These services involves in the debt
placement, merger and acquisition, private equity, project advisory and capital marketplace. It
was formed in 1986 having the aim of providing professional, credible, customer focused and lot
of banking services. That's why it is good venture in order to manage people's money and
investments in an effective manner.
Corporate sector venture:
These are the external ventures or start-ups that comes from the outside of an
organisation for example Biotechnology or telecommunications companies.
Telecommunication: It is the transmission of signs, message, signals, writing, words and
different sounds of information of any kind of nature through wire, optical and radio systems.
Telecommunication occurs when participants involves in the uses of technology in a better way.
P2. Differences and Similarities between entrepreneurial ventures
Entrepreneurial ventures start their business with lack of resources and also make good plan.
They are responsible for any types of rewards or risk in the business organisation. There are
some similarities and differences which are given below:
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Similarities between entrepreneurial ventures:
Similarities Large business
enterprises
Survival
entrepreneurial
ventures
Social enterprises
Creative idea In this way, large
business firms make
creative or innovative
ideas in order to give
better quality of goods
and services to their
customers in an
appropriate way
(Bosma and et. al.,
2012).
These ventures
manage and controlled
their ideas and then
implement when they
needed. These
ventures also trying to
make good profit of
the firm at high level.
These firms always
try to give better
services to their
customer in order to
implement their new
ideas in the firms.
Creating a brand name This firm create the
good brand name in
order to achieve higher
level.
These type of firms
focuses on their brand
name so that they can
easily provide services
to its customers.
In this firm also create
brand identity for
making potential
customers.
Strong-willed
entrepreneur
Strong willed
entrepreneurs can
attract the customers
as they creates good
idea for their business.
This firm have strong
entrepreneur in order
to manage team
members as well as
market situation.
Strong willed
entrepreneur can
increase the customers
so that they can attain
their desirable goals.
Constant innovation This firm follow
innovative techniques
in order to attract
customers.
In this firm make
technical or innovative
method for offering
good quality products.
These is similar with
other because they also
used several tools and
innovative ideas.
Differences between entrepreneurial ventures:
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Differences Large and Small
business enterprises
Survival and lifestyle
entrepreneurial
ventures
Scalable and social
enterprise
Managerial skills In this skill this
enterprise presents the
manager's ability in
order to interact with
employees or workers
(Choi and Majumdar,
2014).
This firm uses
managerial skills for
run their company in
an effective manner.
In this skill, company
makes their
organisation attractive
for customers.
Technology
investment
This firms invest in
various technology for
making better quality
of product.
In this firm or venture
invest in technology
for future
development.
As per this skill firms
invest their money in
order to make
attractive technology
for satisfying the
customers.
Organisation structure Firm have the micro
and long structure so
that both can attract
several kind of people.
In this, ventures set
their organisational
structure on the basis
of customer's
requirement.
In this, firm make their
company structure feel
free to ask for their
customers.
Reward This company give
rewards or benefits to
their employees on the
basis of working
performance.
In this, ventures give
reward or benefit to
their customers.
This firm judge reward
or benefit on the basis
of employees or
customers ability.
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TASK 2
P3. Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy.
Micro businesses: These are mainly explain the small business employees those are
having a balance sheet or low turnover in a particular amount. Mainly, micro business operating
their firm internationally with one or two persons in an effective manner. These businesses
develop when there is a chance to need generate a higher income. According to this concept
micro businesses contribute 87% in the economy and around 4.1 million micro business operate
their all activities in the country of UK (Decker and et. al., 2014).
Small businesses: These business operates privately like corporations, sole
proprietorship and partnerships, that have some employees and also have less revenue rather then
the regular sized organisations. In the term of small business 15 employees comes under the
Australian fair act, 2009, and whereas, 50 employees comes under the European Union and few
employees comes in the small business administrations. That's why small business can be
defined by several method like shipments, sales, revenues or by annual gross and so on which is
mostly used by the people in small business (Chrisman and et. al., 2012).
Therefore, it is determined that small or micro sectors of business are very much
important for every organisation in the economy of UK. These are important for develop market
growth of firm in an effective manner. According to this concept of UK economy in which both
enterprises small or micro sectors contributes 87% and 4.1 million micro or small sectors are
operates in in the UK countries. It helps in order to maximise GDP of UK by 6.1% (Islam and et.
al., 2011). these firms generate their growth with profit and gives lot of job opportunities in order
to make people busy in modern days. As per the conclusion it has been identifies that small or
micro businesses developed rapidly in an effective manner.
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Illustration 1: Effect of Economic system on U.K., 2018
(Root: Consequence of Economy on UK, 2018)
From the above respective graph, it can be interrupted that, when Brixit taken place than
micro project of UK has been grown 88.2% as compared by GLLCP, it was rapidly increasing
with the cost of 0.6%. Therefore, it has been identified that which business are comes under the
micro level or small level that affects the UK economy rather then the other firms (Decker and
et. al., 2014).
Business share in UK:
As per this, huge amount of money expended by the small business organisation rather
then the huge business organisation in the UK. This shows that which enterprises comes under
the micro or small level that increases the employment around 2% and also give job
opportunities to other people. Therefore, in the revenue cost it has been created by the small or
micro level firms in order to good contribution in the country economy of UK. There are few
treats of these firms on the economic system of UK. Which are given below:
Job creation: In the term of both small or micro business enterprises that are very
essential for every organisation in order to provide several job opportunities for people in a
perfect manner. These firms reduces the difficulties as candidate faced on the time of interview
or job seeking. In context of this, these firms also beneficial for employees as these firm provide
several type of training and development programme in order to maximise their working
efficiency or skills. According to the above data these firms helped in growing the 2.50 million
job opportunities. That's why it is essential for all economy of UK who are searching job or
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wishes for a good future in an effective manner. As per this people can easily take their desirable
jobs or can make themselves happy. So that both small or micro sector impact on the economy.
Contribution to Innovation: These are also very known factors of business in this firms
helps to country in order to contribution and also provide necessary product or services
according to the market requirement. In the small sector business provide valuable deals or
commodity in order to make organisation famous for improving the activity of production in a
efficient manner. Therefore, both firms are very much helpful aspects for improve the living
standard of people or also make country economy UK in a attractive way (Drucker, 2014).
As small or micro level of business firms contributes their big revenue in UK, on the
other side small business also has been formulated strengthen economy of the country in an
appropriate manner. Therefore, for better situation government also gives huge tax reliefs for
these business units in order to promote them in a particular manner.
P4. Explain the importance of small businesses and business start-ups to the growth of the social
economy
Social economy: It is established by a rich diversity of enterprises and organisation as
well such as mutuals, cooperatives, foundations, associations and lots of values and features,
which are:
 Open membership and voluntary
 Democratic governance
 Much combination of interest of users, members and general interest as well.
 Defence and application of the principle from several public authorities.
Therefore, these are the very necessary value for making business attractive or effective
in a good manner. They also have several types of organisation or sizes which are operate in the
sector of all economies.
Significance of small business or the business start-up growth of the social economy, are given
below:
Creation of employment: While employment is created than growing countries is high
on the basis of famous agencies, employment creation can be achieve by different ways. Which
involves in Labour it can deliver the productive jobs for candidates for low skilled workers at
good scale. Wherein, SMEs contribute higher level share of amount for developing countries in
effective way. That create job opportunities at higher level to huge firms. So that it can be said
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that small business organisations are very helpful resource in order to develop the growth of
social economy in an effective manner.
Innovation: It refers to the various thoughts, ideas, planning or new imaginations in
order to make innovative application or better solution for the business requirements or needed in
an effective manner. Innovation is mainly involved in the practical implementation for making a
purposeful impact in the society or market as well. That's why it is very important for making
business start-up or business growth of the social economy in an effective manner.
Meeting social purpose: For the better improvements, business need to meet people or
market are in order to know about market condition, so that it is very much necessary for making
their business effectively.
Local improvements: It is the kind of a beneficial project, it is important for business
growth or new start up that they should understand local market area or their demand in order to
benefited owners by a local changes in local tax improvements (Fassin, Van Rossem and
Buelens, 2011).
P5. Find out and analyse the characteristic traits, skills and motivational drivers of successful
entrepreneurs that differentiate them from other business managers, supported by specific
examples
This is very necessary for organisation's managers to be well aware related to all the reasons
which are also related with dynamic business environment which help in maximising the skills or
capabilities level. According to this entrepreneur must possess with the special traits like level of
confidence, risk, characteristics and so on. There are difference between two entrepreneur, which
are given below:
Firstly Peter David Jones, he is the founder of Peter Jones academy for imparting the
entrepreneurial skills in the youngest people. He is a famous British business men who was born
in the year of 1966.
Characteristic
Innovative Thinker: Peter Jones is the good champion of having innovative thinking who
have curiosity and knowledge in different field like mobile phones, television, retail, property
and media.
Passionate: Every entrepreneur must have the zeal and enthusiasm in their entire life of
business while conducting business operations in an effective manner.
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