Comprehensive Report: Small Business Management and Entrepreneurship

This report delves into the multifaceted world of small business management and entrepreneurship. It explores the core characteristics, traits, and skills that distinguish successful entrepreneurs from other managers, including innovation, determination, and effective communication. The report examines the link between entrepreneurial personality, motivation, and mindset, highlighting how entrepreneurs' backgrounds and experiences can both hinder and foster their ventures. It analyzes different lines of argument relating to entrepreneurial characteristics and motivational drivers. Furthermore, it discusses the impact of small businesses on local, regional, national, and international economies, covering topics like income, employment, and growth. The report uses examples of successful entrepreneurs like Steve Jobs and Mark Zuckerberg. The report also explores the differences between various entrepreneurial ventures like start-ups, large companies, and social enterprises.

Small Business Management

Table of Contents
INTRODUCTION...........................................................................................................................1
..........................................................................................................................................................2
TASK 2............................................................................................................................................6
ASSIGNMENT 2...........................................................................................................................12
TASK 1..........................................................................................................................................12
1.1 Characteristics traits and skills of entrepreneurs that differentiate them from other
managers...................................................................................................................................12
1.2 Entrepreneurial personality reflects entrepreneurial motivation and mind set...................13
1.3 Examine different lines of argument relating to entrepreneurial characteristics................13
1.4 Characteristics, traits and skills of motivational drivers of successful entrepreneurs.........14
TASK 2..........................................................................................................................................14
1.1 Background and experience hinders or foster entrepreneurship.........................................14
1.2 Link between entrepreneurial characteristics and influence of personal background and
experience.................................................................................................................................15
1.3 How background and experience influences entrepreneurs................................................15
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................17

INTRODUCTION
Entrepreneurship is considered as the activity of setting up new venture and taking
financial risks in order to obtain profits. Therefore, entrepreneurs are required to make effective
business plan before launching any innovative idea in market. Also, it is essential for them to
carry out proper market analysis and identify the businesses that are already operating so that
they can improvise their venture and take the risk to obtain high profits. There are various types
of entrepreneurial ventures such as start up, small business, social venture and large companies
etc. Hence, before launching entrepreneurs are required to carry out questionnaire and interviews
so that they can identify the vision of people towards their venture. Report analyses different
entrepreneurial ventures carried out and thus its economic impact upon such businesses.
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 Small business entrepreneurship- There are various types of small businesses running
around the world in the form of grocery stores, consultants, travel agents, and several
other service provides. Thus, they run their businesses on small scale and owned and
operated by themselves. Here, the typology of entrepreneurship is related to earning
profits. Scalable start-up entrepreneurship- Apart from small businesses, scalable startups
entrepreneurs main vision is to change the world. They are basically innovators who
attract investment on the basis of their ideas. Large company entrepreneurship- However, large companies are sustaining in
competitive environment through regularly innovating and offering new products.
Further, there is regular change in customer taste, preferences and technologies in order
to maintain the same and thus bring innovation within company. Here, the typology they
are related to earn maximum profits and enhancing customer base.
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 Social entrepreneurship- Such type of entrepreneurial ventures are focusing upon
creating products or services which helps in solving social needs. But their main aim is to
make the world a better place to live in and not to earn profits.
While, there are several dissimilarities as well such as all these ventures have different
motive such as some obtains profit earning while some obtain welfare of society. Thus, such type
of motives creates dissimilarities within ventures. While, they also possess dissimilarity within
business venture related to value creation as small scale businesses aims to delivery quality
products due to competition in market. While social ventures focuses upon improving society
and attaining welfare of the same.
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 Public sector- It involves those ventures which are working for the welfare of society or
local people. For instance, Acumen Fund is working for building financially sustainable
organizations and thus deliver affordable products or services in order to improve lives
of poor.
 Corporate sector- While, corporate sector ventures involves large scale businesses and
aims to attain set financial targets. However, this sector also impacts upon the economic
environment of country and helps in building effective nation.
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 Scope- Entrepreneurship ventures possess several differences in terms of scope and thus
it helps in carrying out different ventures in regard to perform their activities. Different
businesses has different scope. Growth- Here, it is essential for businesses to have different sectors and thus possess
innovative ideas in order to attain growth and development. It also helps in carrying out
desired work so that changes could be brought within business operations.
 Development- It is another aspect of entrepreneurial ventures and thus business needs to
develop its activities so that proper direction and leadership could be carried out in regard
to attain proper development of venture.
TASK 2
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 Income- It is one of the main importance of small businesses and start up firms within
UK and thus it helps in contributing to the economic development of country. However,
it also results into contributing to the major growth in the form of providing employment
opportunities and thus deliver quality services to guests.
 Employment- It is another crucial factor that helps individuals to provide employment
opportunities and thus enhance growth and improvement in society.
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 Employment- Small businesses are able to employ 50 workers but large companies do not
have any limit of hiring workers. Turnover- Small and medium businesses invests less in the company therefore, they
possess low turnover while, large businesses invest heavily and thus possess huge
opportunities in the form of turnover.
 Growth- Further, recession impacts upon the growth of all the business ventures either it
be small, medium or large.
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 Local- Small businesses impacts upon the local economy in the form that it provides
employment opportunities to local people and thus impacts upon the business in order to
expand its services. Regional- Small businesses aims to rotate money in local market and thus manages its
flow of income so that earning could be improved. National- Such type of businesses are also required to support national economy through
their production and thus helps in supporting economy through increasing GDP and
exports their products.
 International- Small businesses when increases their production it helps them to raise its
level upto international standard and improve economic condition in market.
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