Entrepreneurship and Small Business Management Report - [University]

This report on entrepreneurship and small business management provides a comprehensive overview of the field. It begins by defining entrepreneurship and small business management, then explores various venture types, including lifestyle firms and growth firms, and differentiates between serial entrepreneurs, entrepreneurs, and owner-managers. The report analyzes the impact of small businesses on the economy, discussing creativity, innovation, and the protection of intellectual property through patents, trademarks, trade secrets, and copyrights. It also examines the roles and importance of small firms, including employment generation and resource mobilization, and details different types of small businesses like sole proprietorships, general partnerships, C Corporations, and S Corporations. The report covers the entrepreneurial mindset and the environmental factors that affect entrepreneurship, offering a thorough understanding of the subject.

Entrepreneurship
and
small business
management

Table of Contents
INTRODUCTION...........................................................................................................................3
LO 1.................................................................................................................................................3
The range of ventures types that consider the entrepreneurial....................................................3
LO 2 ................................................................................................................................................5
The impact of the small business on the economy. ....................................................................5
LO 3 ................................................................................................................................................8
Asses the key aspects of the entrepreneurial mindset.................................................................8
LO 4 ..............................................................................................................................................10
The different environment factors that foster and hinder the entrepreneur. .............................10
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneurship is basically te process of designing launching and operating a new start-up or
business which is initially a small business and the people who creates and operate these
business are called as entrepreneurs. Small business management is the process in which the
entrepreneur got helps while running and operating the business operations, entrepreneurs are
required to understand about the requirements of managing the business( Kirzner, 2015).
The present study is based on entrepreneurship and small business management and
report will depict the detailed information about the range of venture retypes by entrepreneurs
and also the assessment of the small business s and their operations on the economy
Furthermore, the report will explain about the key aspects and factors which
entrepreneur keep in mind for successful, implementation of their decision and in addition to this
brief understanding of different environmental factor which helps to foster and motivate the
entrepreneurship for the new start up.
LO 1
The range of ventures types that consider the entrepreneurial.
Entrepreneurship
The willingness and capacity to develop, manage and organise the ventures of the
business along with the risk order for making the profits and also to setting up the activities for a
business or businesses and taking the financial risk in the hope of revenues and profit.
Entrepreneurial activities
The activity of the entrepreneurial is to enterprising the activities of the human actions
which pursuit the values of the generations, through the expansion and creation of the economic
activities which has been exploiting and identifying the new products, market and process(Dees,
2017. ).
Difference between serial entrepreneur, entrepreneurs and owner managers.
Serial entrepreneur Entrepreneurs Owner manager
It Continuously comes up with
innovation and new ideas and
starts multiple business in
limited period of time.
It is a type of process for
starting, launching and running
the new business.
Own business for taking the
chance and opportunity for
making the profit and money.

Unique traits which make
them successful for long term.
The persons who create the
business.
It depends on their own hard
work and learning
opportunities.
The typology of the entrepreneurship
Lifestyle firms:- Lifestyle firms are those firms who set the business and also run by
their own founders. The main purpose of the lifestyle firm is to maintain and aim to sustaining a
particular level and it also altering their own lifestyle with the purpose of making profit. Lifestyle
firms typically have the limited scalability and growth for potential(Storey, 2016).
Growth firms:- a growth firm is a company which grows faster then to peers or the
broader of the companies. It is generally increase the annual revenues on the average over the
sustained period rather then focus on day to day profits.
Roles and characteristics of micro, small, and medium sized organisations.
Micro sized organisation:- Micro sized organisation term refers to the small business
where only 9 or fewer people and it has the balance sheet and also less turnover than the
particular certain amount. The role and characteristics of the micro sized organisation is to
improve performance and also tackle all the constraints which has been faced by the youth and
women entrepreneur. It is type of business which has been operated at very small scale.
Micro business has 95% of the employees level and also 33% of its turnover over the
year of 2017 and 2018. in micro sized organisation the numbers of the employees and workers
are at small number. It does not reach at high level and also not the high volumes of the sales.
Micro sized organisation are basically a private owned organisation and it actually operated the
sole of the proprietorship, corporations and partnerships of the business. The main reason and
aim behind people turning towards the traditional 9-5 jobs or stating its own personnel ventures.
Predictable, UK has the highest ratio of the small business enterprise which was calculated as per
the 1000/- residents in every region of the country(Etzkowitz and Zhou, 2017).
small sized organisation:- small business enterprises are those where employees 0-250
range of employees. It also consists of the micro, small and medium size enterprise. There are
566000 businesses of small business enterprises which are 99.9% of the total business of the UK
and it also created 8802000 opportunities for their employment for micro business, 4083000 of
small business and 3399000 for medium business, the total of 60% opportunities.the role and

characteristics of the small business is it determined the small administration of the business and
it provide mission, values and goals to the small firms.
It sets an criteria for using the administration in making the small business
determinations. Such employment increases the opportunities for setting the living of standards
of the workforce. It has generated the turnover over 1994 billion pound every year which is 52%
of the total revenues. Out of which 808 billion pounds belong to the micro business, 590 billion
pounds belongs to the small business and 595 billion accounts for the medium of business(Zahra
and George, 2017).
medium sized organisation:- medium sized business are those whose personnel numbers fall
fro particular and certain limits. Medium scale organisations with the investment in the plant and
machinery from 1 to 10 crore. In medium sized organisation there were 20 to 199 employees
working with the organisation which is only 2.4% of all the firms.
Social enterprise:- it is an firm which applies the strategies of commercial for maximising the
improvements in the social and financial well- being of the environment. It also involves the
social affects alongside only for the external stakeholders. The socio economic impact is a
structure way of showing and pretending the proposals of advantages and disadvantages for the
community and society.
LO 2
The impact of the small business on the economy.
The ideas of the big entrepreneurial comes from the big entrepreneurs, inspiring from big
firms leaders and management, personnel motivation and encouraging of doing work.
Creativity:- creativity term refers to the phenomena where something new and valuable
has been formed. The item which has been created is may be intangible such as scientific
theories, ideas, musical composition, jokes etc. and also the physical objects like literary work,
invention etc(Burns and Dewhurst, 2016. ).
Innovation:- The process and actions which has been innovating. It is a process of
making and generating new ideas and also invention to make goods or services which has been
creates values and for which customers will pay. An idea which must be replicable at any
economy needs and also satisfying the specific needs.
The main source of generating business and entrepreneurial ideas.
 Hobbies and interest

 surveys of the customers
 dreams and brainstorming
 mass media-centre
 personnel experiences
 talents and creation.
 Trade fairs and exhibitions.
Business protect the intellectual rights
intellectual rights is one of the crucial part of planning the business which is only from
the protection for the owners of the business for having the innovation of product and invention.
There are some effective ways to business protect the intellectual rights such as;
Patents:- A patent is Grants the property rights on an invention and also allowing for the
patent holders for excluding others for making, using the invention and also selling. From patent
protection the patent holder take any of legal action against anyone who copy the inventions,
designs, discoveries.. without legal protection of the organisation any of one can easily use the
similar designs, processes and products without any risk(Hitt and Duane Ireland, 2017. ).
Trademarks:- it is not a word but also phrase, design, symbol which distinguish the
sources of the products or services only of one business. From its competitors. It also qualify the
protection of the patent, mark must be distinctive. Trademarks are also acquire and use for the
registration which allows for more easily enforce for those rights.
Trade secrets:- trade secret is one of the formula, devices, process and other information
of the business which keep the private the advantages of the business and also from the
competitors. while protecting the intellectual rights look at the competitors and also other
industries and organisations which are in the competition of our ideas. . There are so many
examples which has been included ;
 customer list
 soda formulas
 survey results
 computer algorithms
Copyrights:- While for protecting the intellectual rights its much more important to take
it seriously and copyright is one them where the owner of the business has only the copyright of
their things and resources of the business. It is an original work for protecting the copyrights of

authorship such as the dramatic works, literary work, music, pantomimes, sculpture and
geographic works with the copyright protections and also the holder has the exclusive rights for
modifying the perform, create, display and copy of the work. the copyrights law is and fixed and
tangible medium for the expression like the word on the piece of paper and notes written on the
sheet(Cooper and Folta, 2017.).
Roles and importance of the small firms.
From the significant development of selecting firms and industries it is important for
playing the role which should be created the conditions for the favourable growth of the other
industries. The methods of the small business firms has leading the simultaneously development
for for so many industries. There are some roles and importance which has been played by the
small scale industries such as;
Employment generation:- One of the most important has been played by the small scale
industries such as it increases the pressure of the population on the land. Small scale firms
generating huge number of employment opportunities and the generations of the employment by
this sectors has directly shown the phenomenal growth.
Mobilisation of resources and entrepreneurial skills:- small scale firms are the can be
mobilised by the entrepreneurial skills and good amount of saving from the semi-urban areas and
rural areas. Fro remaining the untouched from he clutches of the large organisations for putting
them for productive uses for investing in the small scale organisation(Lipset, 2018.).
Equitable distribution of income:- Small scale organisations has stimulate the redistribution of
the income, health and political power towards the societies and communities. The main role and
importance of the small scale firms is to widely spread as compared to the large industries and
also large potential of the employment.
The types of small business and contribution to the economy at national, regional and local
level.
Sole proprietorship:- the term sole proprietorship refers to the business which has been
incorporated and which has only one owner. One of the main thing of the sole proprietorship is
the income and expenses has been include in the personnel income tax return. It also deduct the
losses of the business and also any other income which has been earning in the year.
General partnership:- General partnership business has been owned by two or more people
which has been invested through money, property and skills for the success of the organisation.

general partnership has been require for each owner for taking the responsibility of all the
companies obligations,debts and liabilities.
C Corporations:- C Corporations business that has been separate the entities from the individual
owner and which is able to take the special deductions which is not available for the sole
proprietorship and general partnerships. One of the main advantage of the C Corporation that
there are no restrictions on the owners number and offered stock(Eckhardt, Ciuchta and
Carpenter, 2018.).
S Corporation:- S Corporation pass through the liability of the tax which generally means the
owners doesn't have to pay the taxes at the corporate level and also profit and loss are passed
through the organisation and listed in the owner's personnel return of the tax.
Limited liability company:- limited liability of the company is generally a combination of the
corporation and partnership and it gives for the protection of the business owners for the
personnel liability which doesn't owners the tax twice like the C Corporation. Profit and losses
passes through the personnel owners return of the tax.
International aspects of the entrepreneurship
international entrepreneurship is one of the approach which consider the internationalisation of
the organisations which has power of the strong influence of the entrepreneur and also the
networks of the entrepreneurs which has been established with the foreign actors. The aspects of
the international entrepreneurship is it is a process of conducting the activities of the business
across the boundaries of the national, involves the licensing, exporting and opening the sales
office in another countries. The main aspect of the international entrepreneurship is to satisfying
the wants and needs for targeting the customers(Frederick, O'Connor and Kuratko, 2018).
LO 3
Asses the key aspects of the entrepreneurial mindset
Entrepreneurial mind-set
The network and way of teaching easily defines the mindset of the entrepreneurial as the set of
skills, behaviour and attitude that needs to succeed. It is term which refers to the specific and
particular set of mind which easily orientates human conduct towards the activities of the
entrepreneurial and outcomes as well. People and individuals with the entrepreneurial mind set
often draw the innovations, opportunities and new value creation.
Ocean model of personality traits

There are five factors in the ocean model such as;
Openness to experience:- Openness directly reflects the intellectual creativity, curiosity and a
preference of the novelty variety of the person. It also described the appreciation of the emotion,
art, unusual ideas and various experiences(Stuetzer and et.al., 2018).
Conscientiousness:- Tendency which has been dependable and organised for showing the
SELF- discipline, art dutifully, aims for achievement and it also prefer planned rather the
constant and current behaviour.
Extraversion:- it involves the tendency of energetic, assertiveness, sociability and energetic for
seeking the stimulation in the organisation for others. Extroverted people appear more in the
dominant things of the social settings.
Agreeableness:- the tendency to be cooperative and compassionate rather then the antagonistic
and suspicious towards others. Agreeableness measures the one helpful and trusting natures.
Neuroticism:- the tendency to prone the physiological stress and experience the unpleasant
emotions easily like anxiety, anger, vulnerability and depression. It refers to the degree of
emotional ability and control the impulses.
types of skills of entrepreneurs
 Ambition
 willingness to learn
 creativity
 ability to listen
 courage and risk taking
 assertive and confidence
 perseverance
 focus
 find and mange people
Entrepreneurial characteristics
Innovation:- innovation is one of the priceless gift to have in the organisation. innovation is
basically means for generating the new ideas which can start the business and achieving the
substantial amounts of profits. It can be in the form of launching the products that no one is
selling in market(Shepherd and Zacharakis, 2018).

Ability to take risk:- it is one of the foremost characteristics of the entrepreneurship that starting
of any of firm includes a huge amount of risk of the failure. The capacity and courage of taking
the risk is important and essential for the entrepreneur.
Visionary:- its important for entrepreneur to be visionary because without vision for present and
future the work is going on just aimlessly and also without reaching to any of point of success.
Leadership:- for achieving the vision it take lots of resources where entrepreneur hires
candidates for performing various functions such as supplying, production and accounting etc.
for completing all the task it need guidance and for that it has been provided by the leader to give
the direction and way for working.
Open minded:- it is one of the characteristics of the entrepreneur that realise each and every
situations for achieving the business opportunity. It can be utilised for the benefits and
advantages. So for all that entrepreneur must be open minded which realise for the significant
demonstration
LO 4
The different environment factors that foster and hinder the entrepreneur.
The key factors that influence the start-ups
There are some points which show the factors which easily influence the start-up such as;
Education:- A company becomes more productive when the entrepreneurs and employees are
educated then it increases the efficiency of work for carrying out the task which require the
critical thinking, ideas and literacy because it get the ideas which influence the start-up in so
many ways its important to have the ideas according to their education which is biggest strength
of the founder where it is biggest factor and responsibility for the success of the business because
every star-up needs a core idea and implementation which is competition for the
competitors(Naranjo-Valencia and et.al., 2018. ).
Personnel background:- it important to have the entrepreneurs for accomplishing the great
thing along with the seldom. Each and every successful business uses the strong backbone which
is helpful in making the new start-up because the family background and education impact
directly to the promoting of the business. personnel background of the person involves in the
activities of the start-up where it can get the attention of the individuals in the creation of the
venture and also can view the strength in the hands of motivation and finance.

National culture:- there are so many ways for influencing the ways of national culture
Management is always important in the start-up where leaders take the decision towards
everything, arranging the vision and mission, people work harder in group for achieving the
goals.
Economic circumstances:- Circumstances of the economy are the factors which plays a great
role in determining the outcome of the business. The current economic circumstances has a lot
good candidates who are finding the jobs and which is suitable and helpful in joining the new
star-up it easily influence them. It involves the surrounding conditions and accompanying the
events.
Character trait:- character trait means so many thing which is related to the personnel
behaviour of the individuals. Its important to have the integrity toward the work and always be
loyal, honest and respectful with each and every management person and towards the business.
Character trait term refers to the behaviour, attitude and nature of the person where it is very
much helpful in influencing others. Kindness toward the business and positive behaviour with
others(Kirzner, 2015).
The risk and reward of the business star-up
Any entrepreneur cannot avoid the risk at the time of starting up the business as every business
carries certain amount of risk which helps to generate the rewards also as more risk is the clear
indicator of the more and higher return , the entrepreneur needs to make balance between the
risk and return .
There are many risks which entrepreneur have to face while starting up the business
which may includes financial risk, competitive risk, reputation al risk, economic risk, operational
risk,. Legal risk, political risk, compliance risk, strategic risk,. Program risk and many numbers
of risk which might faced by the entrepreneur as they are in the initial stage but accepting the
risk and reducing the risk is rte method through which entrepreneur can prevent themselves
from any loss which might suffer by them from unavoidable risks, they can prevent and hedge
their position through arbitration.
The high risk is indicating the higher return which will ultimately help the entrepreneur
and organization in accepting and facing the risks more effectively and efficiently. The company
and entrepreneur expect to earn greater reward for the purpose they are starting up the business
and they may find rewards in different ways which includes higher profit, increasing market

share, product expansion, increasing goodwill, more consumer attraction , customer retention,
long term interest by investing in attractive investment opportunities etc. thee all are rewards
which are accepted by the entrepreneur while they are facing the risks on the time of the start
up(Dees, 2017).
The potential rewards of business start-up
for staring a new business its important to work hard. According to the small-business the person
who prefer to starting their own business then the rewards must be important for worth the risk
such as;
job satisfaction:- despite facing the challenges it is one of the most important thing which has
been ensuring the employees to work with them and job satisfaction is one of the most important
part where the business have to provide the facilities of financing, health insurance cost, financial
security, self- employees workers etc. which very much satisfy the needs of the employees.
higher wages:- according to the administration of the business its important to providing higher
wages according to their talent and work and also the businesses who are financially better then
they can easily provide higher wages.
greater control:- being the boss of the company its important to have the right control and
solving the issues relating to the employees and business because its the responsibility of the
boss to solves there problems. The profits which has been generated for the benefits of the work,
deciding the vacations, making perfect hours to work, fulfilling the needs etc.
Start-up loans:- rewards are note for looking yourself but also for the providing the loan
program, cap-lines and guaranty loan program etc. It also finding the problems and money for
making the dreams completing in the reality of the business(Storey, 2016).
CONCLUSION
From the above report it can be concluded that there are different range of
entrepreneurial venture and their relation to typology of entrepreneurship with the impact of the
small scale business on economy as whole.
The report also conclude bout different aspects and factors which are on the
entrepreneurial mindset and the impact on the organisation as traits and skills of entrepreneur
are responsible for any success of the enterprise. In addition to this the different factors which
includes the risk and rewards which foster and hinders the entrepreneurship as whole at time of
the start u and during the entire course of business.

REFERENCES
Books and Journals
Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago press.
Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan
International Higher Education.
Cooper, A. and Folta, T., 2017. Entrepreneurship and high‐technology clusters. The Blackwell
handbook of entrepreneurship, pp.348-367.
Dees, J.G., 2017. 1 The Meaning of Social Entrepreneurship. In Case studies in social
entrepreneurship and sustainability(pp. 34-42). Routledge.
Dees, J.G., 2017. 1 The Meaning of Social Entrepreneurship. In Case studies in social
entrepreneurship and sustainability(pp. 34-42). Routledge.
Eckhardt, J.T., Ciuchta, M.P. and Carpenter, M., 2018. Open innovation, information, and
entrepreneurship within platform ecosystems. Strategic Entrepreneurship Journal, 12(3),
pp.369-391.
Etzkowitz, H. and Zhou, C., 2017. The triple helix: University–industry–government innovation
and entrepreneurship. Routledge.
Frederick, H., O'Connor, A. and Kuratko, D.F., 2018. Entrepreneurship. Cengage AU.
Hitt, M. and Duane Ireland, R., 2017. The intersection of entrepreneurship and strategic
management research. The Blackwell handbook of entrepreneurship, pp.45-63.
Lipset, S.M., 2018. Values, education, and entrepreneurship. In Promise Of Development (pp.
39-75). Routledge.
Naranjo-Valencia, J.C., Calderón-Hernández, G., Jiménez-Jiménez, D. and Sanz-Valle, R., 2018.
Entrepreneurship and innovation: Evidence in colombian SMEs. In Handbook of Research
on Intrapreneurship and Organizational Sustainability in SMEs (pp. 294-316). IGI Global.

Shepherd, D.A. and Zacharakis, A., 2018. Conjoint analysis: A window of opportunity for
entrepreneurship research. In Reflections and Extensions on Key Papers of the First
Twenty-Five Years of Advances (pp. 149-183). Emerald Publishing Limited.
Storey, D.J., 2016. Entrepreneurship and new firm. Routledge.
Stuetzer, M., Audretsch, D.B., Obschonka, M., Gosling, S.D., Rentfrow, P.J. and Potter, J., 2018.
Entrepreneurship culture, knowledge spillovers and the growth of regions. Regional
Studies, 52(5), pp.608-618.
Zahra, S.A. and George, G., 2017. International entrepreneurship: the current status of the field
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