Entrepreneurship and Small Business: Ventures, Traits, and Economy

This report provides a comprehensive overview of entrepreneurship and small business management. It begins by defining entrepreneurship and then delves into the different types of entrepreneurial ventures, including scalable startups, social enterprises, and small businesses, highlighting their key similarities and differences. The report then analyzes the statistical influence of SMEs on the UK economy, emphasizing their contribution to GDP and job creation, along with the significance of small businesses and startups in the growth of the social economy. Furthermore, the report explores the key characteristics, traits, and skills of successful entrepreneurs, drawing examples from Richard Branson and Philip Green, and assesses how aspects of the entrepreneurial personality reflect entrepreneurial motivation and mind-set, using the OCEAN model of personality. The report concludes with a summary of the key findings.

Entrepreneurship and
Small Business
Management

Contents
INTRODUCTION.......................................................................................................................................3
TASK 1.......................................................................................................................................................3
Types of entrepreneurial venture............................................................................................................3
P2 Key similarities and differences between entrepreneurial ventures..................................................4
(3) Statistics to demonstrate the influence of SME’s over UK economy..................................................6
(4) Significance of small business and start ups to the growth of social economy..................................7
TASK 2.......................................................................................................................................................7
P5 Key characteristics traits and skills.....................................................................................................7
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mind-set..................................................................................................................................................8
TASK 3.......................................................................................................................................................9
(Covered in PPT)......................................................................................................................................9
CONCLUSION...........................................................................................................................................9
REFERENCES..........................................................................................................................................10

INTRODUCTION
Entrepreneurship is referred as the willingness and capability of an individual to develop and
manage a venture by taking risk with the hope of earning profit. An entrepreneur work hard
towards attaining the goals of business. This report covers different types of entrepreneurial
ventures and the similarities and differences between them. It also assesses the data to determine
impact of micro and small businesses on economy (Dennis Jr, 2011). Apart from this, the
significance of small businesses in growth of social economy is also included. At last, different
skills, characteristics and traits of entrepreneurs along with aspects of entrepreneur personality
which reflects their motivation and mindsets are included in the report.
TASK 1
Types of entrepreneurial venture
Entrepreneurship behaves as just a procedure where an investor carries out a capability
together by an ability to generate, coordinate and manage an organization project together with a
risk measure for implementing an appropriate amount of profit. There are majorly 4 main types
of business endeavors which include scalable entrepreneurs, social entrepreneurs, small
businesses and big businesses. Business owners in each state carry out their operational activities
with limited financial resources as well as specific behaviors to carry out their operational
activities and make a contribution to the economy growth. Mostly forms of startup companies
characterized here are described:
Small business entrepreneurship: There are numerous small-business ventures in
UK economy that significantly contribute to nation GDP and job prosperity. Such companies are
primarily run by single, limited ratio of staff, families and partners. With all the beneficial to the
firm of such entrepreneurship ventures region can greatly enhance their potential future
development which will enable them to even further boost their global reputation on the
globalized economy. A few instances of small entrepreneurs, including such digital merchants,
small-scale manufacturing plants and airport hotel consultancy, are listed below.
Scalable start-up entrepreneurship: In this element of entrepreneurial ventures
businessman performs their activities efficiently by placing their significant emphasis on
delivering together with development in the context of goods & services.
Large company entrepreneurship: In this type of entrepreneurial ventures, many who
conduct business about their features are primarily dedicated on delivering experience with the
help of technology development with the greatest efficient goods & services.
Social entrepreneurship: Entrepreneurial enterprises in social entrepreneurship
successfully lead to community social assistance. Here represent communities by providing the

others with both the assistance of everyone’s potential entrepreneurs, the foremost suitable
method of products or services (Kuratko, Hornsby and Hayton, 2015).
Typologies of entrepreneurship ventures:
Survival ventures: Entrepreneurs conduct their roles in this type of investment success
to efficiently meet their basic needs as to thrive in the workplace. Furthermore, companies are
not licensed under survival projects because they do not run their successful businesses in any
property.
Lifestyle ventures: In this form of entrepreneurial venture business owners perform their
tasks primarily in order to properly fulfill their enjoyment with their earnings. Entrepreneurs in
way of living are not so sensitive to development and expansion
Managed growth ventures: These aspects of entrepreneurial ventures perform their
functioning primarily as to improve their business operations. Besides this, business owners in
range of management projects appear to offer opportunities in their concepts only with assistance
of regarding the capability.
P2 Key similarities and differences between entrepreneurial ventures
Basis Small scale venture Scalable start ups Large
Enterprises
Social
entrepreneurial
Meaning Have no need to
organize substantial
costs for this type of
experiment, because
it can begin with
total deposit that
tends to help
concentrate on
company.
This means a
venture which is
start for providing
new products and
services in order to
attain objectives
by operating
business activities
effectively.
By developing
innovative goods
and services,
major companies
concentrate on
broad market
practices. Such
business owner
holds a great
strategic plan for
expanding
economic
operations and
retaining
This means a
company that
focuses only on
cultural desires and
needs and strives
to satisfy the
customers ’ needs,
leading social
communication
and economic
expansion.

employees.
Requiremen
t funding
Because it is a
private enterprise, it
needs little capital
or minimal funding
to start up new
medium-scale
enterprises.
This is primarily
focused on new
and quality goods
and services which
draw people.
Establishing
business ventures
requires high
capital expenditure
unlike small
businesses.
As its name
suggests, it
considers latest
tech and
improved service
that requires the
greatest financing
to set up new
businesses and
use modern
software.
Social venture
concerned with
social
requirements, as it
requires capital
spending to
conduct their
operations and
provide individuals
with enjoyment to
generate money.
Main
objectives
Its main goal is to
supplement their
requirements by
making a living.
These companies
seek to obtain
capital instruments
by drawing further
buyers and thus
generating income.
Its main purpose
is to build
increased
revenues through
the innovation of
products and
services in
multiple regions.
Such companies'
main purpose is to
offer individuals
positive perception
and inclusive
sustainable
economic
expansion by
meeting public
objectives.
Similarities
• All undertakings, such as independent, flexible, social and large-scale businesses, provide
citizens with jobs available that enhance organizational performance and evolve.
• The latest innovations are innovated and applied by all companies in order to meet rivalry.
• By implementing new technologies, they have quite enough skills and knowledge to manage
their finances.

• They are also seeking to implement a viable business model by obtain benefits operations and
processes (Ramadani and et. al., 2017).
• All consider the expectations of the consumer and intend to make ability to fulfill them by
improving the quality of food materials and providers.
(3) Statistics to demonstrate the influence of SME’s over UK economy
Micro and small enterprises are considered to be small in size where no more than 50
people work around each other. Micro company is managed by businesspeople with strong
knowledge and experience to manage a business and earn money. It affects the growth as if a
group begins their company at a minor scale, then they'll have to hire customers and improve
public's curiosity in selling goods and services. It will employ people to conduct its business
which helps to eliminate the issues such as unemployment. By solving such a question of jobs
the national economy is powerful and contributes to organizational environmental sustainability.
Based on the above figures, it is calculated that all enterprises, such as small , medium,
micro, social and big, lead to economic growth that affects the country. As seen in the graph, a
corporation that has no staff and owners managing the model by selling 14.8 per cent growth in
the Uk market. Micro-enterprises contribute 18.9 per cent to the economic growth of the country
in the UK. A part of this is that niche industry has about 10-49 staff to perform small area
company performance and increase corporate growth. In medium size company there are 50-249
staff members who come together to achieve objectives and outcomes. It contributes 29.2 per
cent to the progress and expansion of the UK economy.

According to the above numbers and facts it can be interpreted that medium-sized enterprises
have made the highest amount in the financial system of the United Kingdom that allows both
the company and the nation to grow. Workers in these business sector show their commitment
and successfully conducting business operations with the aim of private profit. Financial system
of any nation limited to small and micro-enterprises that demand area opportunities and give
customers a decent life
(4) Significance of small business and start ups to the growth of social economy
Small businesses are essential to country and economy, because they help expand market
prospects and raise societies' living standards. With all the help of these multiple options, such as
economic growth, claims to support investment in research and development, enhance living
standards, affects on communities and society. The relevance of small company is listed in the
following way:
Create employment opportunities: In the case with a diverse portfolio work pool, a
population is stronger where small companies illustrate their value by providing employment
options. This modifies social system and promotes enablement, including such sanitation
facilities, high spending on health, household income and lesser shantytowns who provide good
quality of life in culture where people anticipate (Dees, 2017).
Adapting changes climates: This is described as being essential for organizations that
have the right to recognize adjustments and to immediately respond. That has seen that all
business owners are clients based that comprehend society's challenges and deliver a product or
service. Some consumers that relate to the surrounding area swear loyalty to their usual local
company that tends to help create revenue.
Contributing to local taxes: Small businesses have large contributions such as paying tax
quantities and other responsibilities. These are used to in public needs, education, health security
provision and other programs. This enhances property prices that look to organizational
development and expansion across the society.
TASK 2
P5 Key characteristics traits and skills
Entrepreneur is a person who activates a company taking the risk into consideration with
the aim of producing income. They make the decision about the volume of goods and services to
be generated. The owner can be a sole trader, investor or controlling shareholder. They
established a benchmark for achieving success which encourages them to accomplish benefit the
company. To analyze the traits, skills and characteristics that distinguish such individuals from
the class of business managers, Richard Branson and Philip Green's works and contributions
were discussed as follows:

Characteristics:
Belief: Philip and Richard Branson both assumed in themselves when confronted with
disappointment, stress and depression that tried to give people the enthusiasm to work much
harder in their particular fields
Ability to take risk: In Philip and Branson's claim, this was attributed to what to publish that
novel or recover quickly from business failures like Virgin Cola or not. Consequently, it displays
them as danger-takers.
Traits:
Creativeness: Philip and Branson were both recognized for their creative thinking and
singularity. They both were involved in working that displayed this characteristic in them.
Competitiveness: It is also relevant for businessmen because it serves naturally as a guiding
factor enabling them to conduct various policy roles. If this feature is absent, it would contribute
in the seclusion and limitation of skills such as those of Philip and Branson, likely to result in
stagnation inside it (Giones and Brem, 2017).
Skills
Independence: The fact that they believe in their activities and choices obviously seeks to
differentiate those persons from the distinctly average business managers. It is unfeasible for a
business person such as Philip and Branson to start taking activities and mitigate successful
businesses from around globe without any of the confidence in one.
Learning skills: They are in document relating with their ecosystem, witnessing and analyzing
situations that can help to sustainably expand their business and oneself. This is pronounced in
the case of Philip and Branson, who learned from their errors including such dismissed book
initiatives and business failures and continued to make a tangible difference
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mind-set
Entrepreneurs are the individuals who set up a new venture by taking risk and put their
whole efforts to make the business successful. There are different aspects of entrepreneurial
personality which reflects their motivation and mindset. Ocean model of personality will help in
reflecting on the personality of entrepreneur. Different aspects are included in the models which
are mentioned below:
 Openness to experiences: entrepreneurs with this trait possess characteristics like
imagination and insight. They tend to be creative and bold which help in dealing with
uncertainty in effective way. Both, Philip Green and Richard Branson purchase this

characteristic which enables them to quickly adapt with changing environment and gain
advantage.
 Conscientiousness: Individuals with this trait are goal oriented and possess high level of
thoughtfulness. Both the entrepreneurs are highly contentious which means they are
organized, deliberate and careful.
 Extroversion: People with this trait tend to be talkative and are highly energetic and
easily visible to individuals around them. In social gathering, these individuals are often
conversation starters and like to be center of attraction.
 Agreeableness: These people are kind, affectionate and full of empathy as well as they
are extremely trustable. Richard Branson is very generous person and his most
cooperative in his personal and professional life. Philip Green is also very cooperative
and kind and shows their affection towards each individual.
 Neuroticism: Individuals who possess this trait are allowing to deal with the situations
associated with feelings, depression and emotions. These people are afraid of making
mistake and they are calm and optimistic. Both, Both, Richard Branson and Philip Green
are optimistic and handle all the situations very calmly which is the reason that makes
them successful entrepreneur.
TASK 3
(Covered in PPT)
CONCLUSION
As per the above mentioned report, it has been concluded that different types of
entrepreneurial ventures are there including small businesses, large scale businesses, social
enterprises etc. There are some similarities and differences between all the Ventures. Micro and
small businesses impact on the economy of a nation. It highly contributed in growth and
development of economy by improving living standard of people; contribute in GDP, providing
employment to local people etc. In the growth of social economy, small ventures contribute by
providing employment and improving living standard of people. There are different skills,
characteristics and traits possess by entrepreneurs that differentiate them from other managers.

REFERENCES
Books and Journal
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Small Business Management. 49(1). pp.92-106.
Kuratko, D. F., Hornsby, J. S. and Hayton, J., 2015. Corporate entrepreneurship: the innovative
challenge for a new global economic reality. Small Business Economics. 45(2). pp.245-
253.
Ramadani, V., and et. al., 2017. An introduction to entrepreneurship and management in an
Islamic context. In Entrepreneurship and Management in an Islamic Context (pp. 1-5).
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Dees, J. G., 2017. 1 The Meaning of Social Entrepreneurship. In Case Studies in Social
Entrepreneurship and Sustainability (pp. 34-42). Routledge.
Baum, J. R., Frese, M. and Baron, R. A. Eds., 2014. The psychology of entrepreneurship.
Psychology Press.
Giones, F. and Brem, A., 2017. Digital technology entrepreneurship: A definition and research
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Davidsson, P., 2016. A “business researcher” view on opportunities for psychology in
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Ogunyomi, P. and Bruning, N. S., 2016. Human resource management and organizational
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