Report: Entrepreneurship, Small Business, and Economic Impact

This report delves into the realm of entrepreneurship and small business management, examining various entrepreneurial entities such as small-scale, scalable start-up, social, and large-scale businesses, highlighting their differences and similarities. It explores the significant impact of micro and small businesses on the economy, particularly in the context of the UK post-Brexit, emphasizing their role in job creation, training, and improving the standard of living. The report also analyzes the importance of small businesses and start-ups in fostering social economic growth, focusing on their contribution to employment, innovation, and personal relationships. Furthermore, it identifies crucial characteristics and skills of successful entrepreneurs, different entrepreneurial personalities, and the ways in which background and experience can influence entrepreneurial actions. The report underscores the vital role of entrepreneurs in driving economic development and providing opportunities for growth and innovation.

Entrepreneurship
and small
business
management

Table of Contents
INTRODUCTION................................................................................................................................3
TASK 1.................................................................................................................................................3
P1 Various kinds of entrepreneurial entities and its relationship with topology of
entrepreneurship...............................................................................................................................3
P2. similarities and difference between different entrepreneurial ventures.....................................5
TASK 2.................................................................................................................................................5
P3 Impact on economy of micro and small business with interpret ans assess relevant data and
strategical to issue............................................................................................................................5
P4 Importance of small business and start-ups to the growth of social economy...........................7
Task 3....................................................................................................................................................8
P5. Characteristic traits and skills of successful entrepreneurs......................................................8
P6. Different entrepreneurial personality reflecting the entrepreneurial motivation and mindset.. 9
P7. Various ways by which background and experience can shackle the action of
entrepreneurship.............................................................................................................................10
Conclusion .........................................................................................................................................10
References..........................................................................................................................................12

INTRODUCTION
Entrepreneurship and small business management is that person who start new
business with a high risk for earn profit. An enter-pruner is a innovator who play an
important role in business. All the decision is depends on the owner of the organisation.
With the help of there skills they can find new opportunity for there business and fulfil all
the requirements related to them. So an enter-pruner deal with many factors like labour,
machinery, land, manufacturing, quality of products and services which they are providing
for customers. All the responsibility related to the employees health and safety is also
provided by them (Ahmad, 2015 ). So in this report focusing on micro and small business's
impact on the economy and importance of them. Beside it compression of small and micro
enterprises with there differences and similarity. They are talking about the skills of enter-
pruner improve the productivity with the help in motivation. All these things are important
for the growth of the economies in a effective manner.
TASK 1
P1 Various kinds of entrepreneurial entities and its relationship with topology of
entrepreneurship
Entrepreneur is a individual who creates a new business, and provide various job
opportunities in market. In other words, entrepreneur is a risk taker and have keen
knowledge about market and its scenario and often seen as a innovator , source of new
imagination and much more. Entrepreneur plays an vital role in economical aspect of any
country. These are the individual who understand the market demand and try to figure out
current and future trends of marketplace. If entrepreneur succeed in doing business will
enjoy more benefit and if he looses will be opt out form the market forever.
Different kinds of entrepreneurial venture are as follows:
In the current scenario there are different kinds of entrepreneur to implement their
ideas of exchanging goods and services. Some if the venture are explained below.
Small-scale business entrepreneur: This is a small-scale business where
employees are limited and they flow of raw material and production is done on very limited
quantity (Audretsch and Caiazza, 2016 ). These kind of business are seen at every corner
of street such as medics store, grocery and small manufacturing plant. These kind of
business require less man force and limited capital to operate.
Scalable Start-up Entrepreneurship: Successful business totally depend upon
scalable business model. It is one of the major factor for entrepreneur while starting new

venture in market and aiming to take present business to its maximum. In this kind of
business entrepreneur focus on his core strength and capabilities to make organisation
successful. The example of scalable business are Facebook and other social media
giants.
Social Entrepreneurship: This kind of venture use their fund for social cause.
These kind of companies work for society and upliftment of each and every possible
individual working in organisation. This unique concept is depend upon the size, turnover
and belief.
Large scale entrepreneur: A large scale business have more than 5000
employees and there turnover must be over 1.5 billion euros ( Belz and Binder, 2017).
These kind of organisation have ample amount of production and have their operations
beyond there countries. The company take help of new technology to make their product
effectively without wasting their resources.
Topology of Entrepreneurship
The Skeptical entrepreneur: These kind of entrepreneur belief in luck and they
think if other business is successful because of his luck and all stars fall in one place.
These kind of individual sees success and start complaining about it and they look for their
luck to make their venture successful.
The copycat Entrepreneur : These kind of person try to copy other business idea
and their model. They scan their whole bushiness process and make same to same
business as the other successful business are using.
The research entrepreneur : This entrepreneur tries to grab new ideas and always
learn something new with his past experience. Only these kind of business people are
successful in future because they try every new possibility which are present in market in
order to make their venture successful ( Bryson and Daniels, Eds 2015 ).
Determined entrepreneur : In this case entrepreneur have full confidence to make
his start-up of business successful in coming years. They work very hard and do not copy
from other business model. They implement their own idea and effort to make more profit n
this competitive world.
The manager Entrepreneur : These kind of people have taste the success by
proving themselves. They have gone through various phase of difficulties and struggle to
reach at this level.

P2. similarities and difference between different entrepreneurial ventures
There are various kind of entrepreneur present in the market. They use different
model and methods to make more money with their rivals. It is correct that not every enter
pruner is same. Here are some difference which are stated below.
Differences:
Small-scale enterprise Scalable enterprise
Main objective of small-scale business is
to earn profit and fulfil the needs of
their employees.
This new venture are started by using
copycat method.
These kind of entrepreneur are always
innovative and figure out new ways of
doing business.
They have unique ideas which make them
different from other business.
Large scale enterprises Social enterprise
 These kind of business usually
operates at large level . Their main
purpose is to earn more and more
profit and try to expand globally.
 These kind of business entity work
for welfare of society. They do not
focus on earning money but to
provide opportunity to individual to
grow.
Start-up entrepreneur Large scale enterprise
 In this entrepreneur have innovative
ideas on which he starts his
business. They provide new product
and service to their customers.
 They operate at biog level and have
more than 5000 employees.
Similarities:
There are some similarities which are found among different kind of entrepreneur
are they all run their business in order to generate more and more money . They all work
own their business model and try to provide new and better product to their respective
customers.
TASK 2
P3 Impact on economy of micro and small business with interpret ans assess relevant
data and strategical to issue.
Micro and small business are those enterprises who run there business on a small

scale (Burrows, 2015 ). 100 employees are working in these kind of enterprises. Main
purpose of these organisation is maximise the profit. Micro and small business start with
partnership and owner business want to explore their business. These small enterprises
play an important role in the growth of the economy. These industry are to more innovative
and provide these service for the customer. They help in the Develop of market with it's
creative services. Lifestyle, standard of living also related to the economy which is also
important for the nation. These organisation want to fulfil the requirements of there
customers which is important for an organisation. Through this process of customer
sanctification they also increase there demand and increase the reputation with a strong
brand image.
After BREXIT, economy of United kingdom was automatically decrease which is not
good for that country. Economy play an important role in every nation (Cumming and
Zahra, 2016 ). That time United kingdom faces many problems like the large organization
also decree because off not earning profit. All the big organisation was in a big loss that
time. Some of them close it's business because. That time these small and micro
organisation play an important role in the development of the economy. These
organisation provide job opportunity for local people of United kingdom. These small
organisation provide effective training for there employees to increase the overall
performance of the organisation. These organisation also focus on the personality
development of there employees through improving there skills. all these improve the
lifestyle and standard of living which help in the improvement of economy. So it can say
that micro and small organisation play an important role in the growth of economy.

According to the representative graph, it can be analysed that what is the important role of
micro and small enterprises on economy of United kingdom. In has been analysed that
20% economy of united kingdom is totally based on the micro organisations and 23%
economy cover by the small enterprises. So total 43% economy of united kingdom totally
depends on these enterprises. These enterprises cover a big part of economy. So micro
and small organisation effect economy in a good manner ( Fayolle, Verzat and Wapshott,
2016).
P4 Importance of small business and start-ups to the growth of social economy.
Start-ups and small business are totally different with each other. There purpose are
also different like small business are started for earn profit and start-ups are start for new
innovation in the market. Business provide intent result and the start-ups take time, in
innovation stage they invest more amount. Business can run with the traditional but start-
ups are totality depends on the new innovation because it is the main motive of start-ups
to provide innovative goods and services to there customers. Business are done on
personal level, there is no support of government in business. All profit and loss are
depends on the organisation only but start-ups have different strategy. Some stratus are
supported by the government because it is for new creation and for the welfare for the
country. it can say that basic is and start-ups are different but they both contribute
important role in the growth of the economy of nation. Both are run on a small scale but
the size of both are totally different. Start-ups influence many people by there services.
Importance of small business and start-ups
Important factor of the economy which is influence by the small business and start-
ups are as given ( Galloway, Kapasi and Sang,2015). Those all factor are important and
play an important role in the economic, growth because those are directly related with it.
So all the factors are as following.
Employment generation: It is the basic role of small business and start-ups in
economic growth. These organisation provide job opportunity for the local people Which
improve the income of those peoples. Through that they can fulfil there basic
requirements. It is the main role of these organisation in economic growth. food, clothes
are the basic requirement which is necessary for every person.
Standard of living: These enterprises is directly related with the economy. When
there organisation fulfil the requirement of people through providing jobs. They also
maintaining there living standard by spend money on that. Income affects the living
standard. So with they help of standard of living they also support economy.

Innovation: These both organisation provide innovative services for the market.
These small enterprises provide a effective training for there employees for increase the
productivity. they provide motivation section for there employees. Through all these things
they provide best services for the organisation which help in the productivity. It play an
important role in the success of nation.
Personal relationship: Small and micro organisation also improve relationship
between customers and employees. healthy relationship of employee and customer help
the organisation to improve the quality of goods and services which is beneficial for the
fulfil the requirements of the customers (Hoogendoorn, 2016 ).
Task 3
P5. Characteristic traits and skills of successful entrepreneurs.
Here are some entrepreneur traits and skills contributed by different successful
entrepreneurs that are J.K. Rowling and Simon Cowell.
J.K. Rowling Robert is biggest entrepreneur she was born 0n 31 July 1965. she is
famous as Novelist, screenwriter, producer, philanthropist. As an entrepreneur she share
his opinion with giving his contribution in different traits of an entrepreneur and some of
the traits & characteristic are described under neath given by J.K. Rowling:
Basic-Business: she thoroughly Knows basic business skills such as
management, sales and marketing, operations are skills J.K. Rowling has. she knows what
the audience wants and behaviour as well as taste of consumers.
Communication: J.K. Rowling always gives his honest opinion as what she feels
and think as she is straight forward. To attracts with audience effectively communicates his
ideas and views in a effective way.
Human Relations: on a daily basis J.K. Rowling interacts with numbers of people
which help in knowing the behaviour of audience and also gets new innovative ides for her
novel or great views for screen writing for television .
Simon Cowell is a famous entrepreneur, born on October,7, 1959 in Lambeth London, he
is famously known as the judge of talent show judge, television producer, talent manager
and a successful business man (Kassean and et. al., 2015 ). He give his contribution in
traits of entrepreneur which are as follow:

Risk-Taker: The entrepreneur Simon Cowell, dropped out College to pursue his
career in music industry, at the age of 16 as he know his objective of his life and goal what
he wanted to do and as he know that there was a low of making it big career in music
industry.
Creative: As after being part of several hit television, Cowell had combined both
music and television and created his own new company named by SYCOtv, which created
different and various several hit television shows and series (Petkovska, 2015).
Goal-Oriented: Simon's has specified goals and objective in his life. As his mother
was a former ballet dancer and his father worked at EMI Music Publishing and then he
sets his objective to be a great and famous person as he always know that he wanted
work with inbuilt talent and music when he grew up.
P6. Different entrepreneurial personality reflecting the entrepreneurial motivation and
mindset.
In this assignment, J.K. Rowling and Simon Cowell is chosen as the successful and
famous entrepreneur. As each and every individual enterpriser has contributed is opinion
with some specific skills and traits of different entrepreneur, as this helps an entrepreneur
to achieve desired goal and objective.
With the help of OCEAN model, the personality of an entrepreneur can easily be
analysed in an effective manner. The model is been discussed below which includes five
elements that are Openness, Conscientiousness ,Extraversion, Agreeableness,
Neuroticism and and these are as follow:
Openness: This element of OCEAN model deals with each and every individual,
and focuses on creativity of entrepreneur as well as it provides the direction regarding
different product and services offered by them. In the context of J.K. Rowling and Simon
Cowell, both of them are successful entrepreneurs whose work with highly effectiveness
and efficiency (Ramadani and et. al., 2017).
Neuroticism: The Neuroticism is personality trait and skill, which each entrepreneur
should have to focuses on this as every entrepreneur should have this ability as this helps
in managing as well as controlling high emotional instability, anger and also helps in
stooping negativity of individual emotions and ability to handle and bear risk arise in
business organization.
Agreeableness: This element is very essential in nature of an entrepreneur, as this
helps inn getting agree in any favourable condition by which enterpriser can perform his
work effectively as well as efficiently with full motivation.

Extraversion: These types of entrepreneur are those who uses their full energy as
well as time, for influencing and interacting audience effectively as compare to others. As
this trait or skill deals with different energies and forces effectively which is very important
for an entrepreneur as this focuses on increasing performance and productivity of each
individual.
Conscientiousness: This trait is helps for running business organization properly
and effectively as it plays and essential role for an individual who have creative mind
which is very beneficial for business which helps in execution new innovative ideas in
enterprise (Rauch and Hulsink, 2015 ).
As rapidly changing scenario, the modern market focuses on maintaining balance between
changed environment well as strategics, opinion with their business organization in a
effective and efficient manner.
P7. Various ways by which background and experience can shackle the action of
entrepreneurship
The knowledge and skills are based upon the entrepreneur educational background
and their past experience in market. There are two entrepreneur in this case Jk rolling and
Simon Cowell are explained below.
Education: It is important for entrepreneur to be well educated to understand the
market and there threats. Proper education will help in increasing the decision making
process and critical abilities which are important for managing a successful business. It
has been identified that Jk rolling and Simon Cowell have proper eduction. As their family
provide them all kind of support and resources while their studies.
Family background : Family background provide insight of person behaviour,
attitude and way of thinking. It mainly depends upon the income of family if the person
family is rich then will easy to understand. In other case if family background is poor then
individual will know about the value of money.
Social network: Social networking is very important nowadays. By interacting with
different kind of people will help the entrepreneur to gain knowledge. It will expand the
person thinking ability because social interaction with various kind of culture and religion
people will help to understand market needs and demand in order to fulfil it.
In this above mentioned case of Jk rolling and Simon Cowell have inherit the
entrepreneur skill by their family (Welter and et. al., 2017 ). The family was supportive in
both the cases and from their they have develop ability to peruse career to become an
entrepreneur.

Conclusion
As per above report it been analysed that an entrepreneur is essential aspect of
business enterprise in which risk taking and also work confidently without any fear. The
management which have identified the economic growth in UK country. As an
entrepreneur, the objective is enhance skill and knowledge about the current market
situation in an effective way so that the business can run smoothly. The knowledge about
country of UK is essential to build networking and to achieve the targets of the business.
The goals and objectives are been set by the entrepreneur in such way that management
need to focus in a effective way to fulfil the objective in a respective way. The major
objective of an entrepreneur is handle and management of risk which are uncertain but still
manage the work, so to improve and influence work and run the business in effective
manner. Business need are to attain growth and success in such way that can be ruled in
effective way by the entrepreneur.

References
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Online
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