Report on Entrepreneurship and Small Business Management: A Study

This report delves into the multifaceted world of entrepreneurship and small business management. It begins with an exploration of different types of mini-research used to examine various entrepreneurial ventures, followed by a comparative analysis of the similarities and differences between these ventures. The report then assesses the significant impact of micro and small businesses on the economy, particularly in the context of the UK and Brexit. Furthermore, it investigates the contributions of small businesses and start-ups to the growth of the social economy. The report also highlights the characteristics, traits, and skills of two successful entrepreneurs, Mark Zuckerberg and Steve Jobs, differentiating them from traditional business managers. Finally, the report touches upon the influence of background and experience on entrepreneurial endeavors.

Entrepreneurship
and Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
Task 1...............................................................................................................................................1
P1 Different types of mini research for examining various types of entrepreneurial ................1
P2 The similarities and differences between entrepreneurial ventures.......................................2
Task 2...............................................................................................................................................3
P3 The way micro and small business impact on the economy..................................................3
P4 The way small business and business start-up will contribute to the growth of the social
economy after Brexit...................................................................................................................4
Task 3...............................................................................................................................................4
P5 The characteristic, traits and skills of two successful entrepreneurships which differentiate
them from the other business manager........................................................................................4
P6 The aspect of the entrepreneurial personality........................................................................6
Task 4...............................................................................................................................................7
P7 The way background and experience can hinder or foster entrepreneurship ........................7
Conclusion ......................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
There are different types of business opportunities which are existed in the market. To
become an entrepreneur it is important to have different set of skills, capabilities and knowledge.
It is essential to develop all the products as per the needs and wants of the customers in respect to
accomplish goals. Entrepreneur can be determined as the activities in respect to set up business
and take up steps with the help of which financial risk can be managed. The present report
covers, different types of mini research for examining various types of entrepreneurial. Along
with this, similarities and differences between entrepreneurial ventures is evaluated. Apart from
this, the characteristics, traits and skills of two successful entrepreneurs is determined.
Task 1
P1 Different types of mini research for examining various types of entrepreneurial
Entrepreneurship is determined ad the process which assists individual to run the business
successfully. In the first stage, an entrepreneur starts it with small business and after started
earning profit it moves toward expanding the business (Defourny and Nyssens, 2010). They
understand the opportunity for prevailing the market and take up the right step through which
they can easily accomplish their goals and objectives. It is essential for the entrepreneur to
understand the needs and preferences of the customers and discover product accordingly.
Various types of the entrepreneurial venture are as follows:
 Small business ventures: It is determined as a business in which low scale business is
involved in the business. It includes hairdressers, grocery stores etc. Further at the time of
starting a business, it is not easy to carry out all the activities of an individual. There is
the need for support so that business can be carried out effectively. In such type venture,
the entrepreneur takes supports from their family members and friends who can help
them to operate it effectively.
 Scalable start-up ventures: In this type of business, entrepreneurs tried to start the new
business with the vision of the changing the world (Dacin, Dacin and Matear, 2010). In
respect to carrying out this type of business an individual take support of skilled
employees who can work effectively to accomplish the vision.
 Large company venture: In this business, there is required huge capital for starting the
business. Firstly entrepreneur has to plan all the activities which help in carrying out the
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business operations. They adopt some strategies as per the life cycle of the products and
services which is developed. Along with this, they also tried to change the products and
services according to the needs and wants of the customers.
 Social ventures: As per this venture, they have the capability to serve society according to
their requirement. For this purpose, they focus on developing new products and services
so that requirement of society can be fulfilled (Burns, 2010).
 Determined entrepreneur: This types of entrepreneur believe in making their own way as
they avoid following others and their methodologies. In addition to this, they like to
introduce their own services and products with the unique concept in the market in order
to gain competitive advantages.
 Accomplish entrepreneur: This types of entrepreneur are such as J.K. Rowling who come
under the accomplish entrepreneur category (Dacin, Dacin and Matear, 2010). AS it has
established Harry Potter which is one of the most successful brands in the market. They
face various hurdles with respect to accomplish the success. While they also have
effective ability to increase customer loyalty.
P2 The similarities and differences between entrepreneurial ventures
As stated above there are different types of entrepreneur ventures and they all are highly
beneficial in respect to development of economy of the country. In all the ventures there are
some similarities and differences which make them successful. One of the main similarity is that
these ventures all develop new and innovative products and services in respect to satisfy the
needs and wants of customers. Along with this, all the entrepreneur focus innovating new
products and services so that they can survive in competitive market. On the other side small
venture and large scale ventures are different in such a way they their financial aspects are
considered firstly. Difference between Small business, Scalable start-up and social ventures are
as follows:
Small Business Ventures Scalable start up ventures Social ventures
The main goal of this venture
is to sustain the market in
respect to increase the revenue
However, scalabe startup
ventures set vision and they set
objectives accordingly in
This type of venture targe the
people of society. They tried to
resolve the issues of people of
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without considering the risk
factor
respect to accomplish the
vision.
society. There aim is to satisfy
the needs and wants of
customers.
They are less determined the
achievement of their goals and
they tried to deliver quality
services to customers in
respect to earn profit.
This type of venture makes
strategy for achieving long
term goals (Welter, 2011).
In social venture entrepreneur
do not consider profit and loss
and work for the welfare of
people.
Similarities between Small business and scalable start up and social ventures.
Small Business Ventures Scalable start up ventures Social ventures
The aim of the small business
ventures is to increase profit
and expand business
There aim is to generate profit
and change their mission and
vision statement.
They try to influence a large
audience and it directly lead to
increase the revenue are
generated.
Task 2
P3 The way micro and small business impact on the economy
Country growth can be determined by looking at its economic conditions. With this
respect, there are many small and micro business in the UK and it has positive impact on the
economy. The profit which is generated with the help of small and micro business is not high as
compared to the large companies but it if contribute effectively in the growth of the UK. From
the research is identified that there are upto 500 or less employees are included in the activities
which are beneficial for the firm (Delgado, Porter and Stern, 2010). There are some innovation
which take place in the small business which help in satisfying the workers. One of the other
benefit which UK economy can get from the small business is that it lead to help in increasing
the employment opportunities. When any small business set up it lead to increase the chances of
employment which help in growth and development of the economy.
In the UK micro business are required upto $35,000 capital and they have fixed set of
employees and revenues. From the data it has been identified that there are 95% of small
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business are established in the UK and 5% are large corporation. Furthermore, there are upto
50% of world gross value is contributed by the small and micro business.
 Financial independence: In this creativity is increased and entrepreneur are involved in
the process of starting a new small business. Through creating a small scale company can
easily build financial independence which help in sustaining in the market.
 Social innovation: The main reason behind the creation of the business is that it help in
introducing new and innovative idea in the business . They are just providing income
over an existing profession instead the innovative business procedure are being build.
P4 The way small business and business start-up will contribute to the growth of the social
economy after Brexit
UK is facing various issues due to the Brexit and it leads to impact the growth of the
economy. It is so because all the business which are existed in the UK with the low opportunities
for employment. In context to this, small companies medium size company makes products and
services for the local people fulfil their needs and wants. Along with this company can easily
make changes in its products and services according to the needs and wants of customers.
Employment: There are many activities which are need to arrange for this purpose employees
are required who can easily support enough to accomplish the desired goals and objectives.
Therefore, small and medium enterprise required to hire employees which lead to increase the
employment opportunities for the local people (Nicholls, 2010).. However, if the rate of micro
business will be decreased then it leads to increase the unemployment rate in the UK.
Income: The small business and micro business help in contributing the growth and
development of the economy. The individual income increases and it leads to provide the
opportunities. Through maintaining the income level of employees it becomes easy for and
individual to increase to deliver quality services (Delgado, Porter and Stern, 2010)..
Task 3
P5 The characteristic, traits and skills of two successful entrepreneurships which differentiate
them from the other business manager
There are different types of characteristics, traits and skills which an entrepreneur
possess. These types of people develop their skills and capabilities and become entrepreneur.
There are two entrepreneur selected that are Mark Zukerburg and Steve Jobs. These both has
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identified the opportunities and put their efforts in respect to become successful entrepreneur.
They put their full efforts in respect to change the worlds and look all the things with the
different people perspective.
Steve Jobs is a revolutionary who come up with new and innovative ideas such as smart
phones and computers. With its different innovation it becomes a founder of the Apple Inc. it is
well known by people in all over the world because of its innovation (Karlan and Valdivia,
2011). On the other side, Mark Zuckerberg who is the founder of Facebook and it made easy for
the people to connect with each other in all over the world. Therefore, this both entrepreneur
work effectively in respect to make the world think differently. Both of their skills and
capabilities help them in developing innovation and creativity. There are some characteristics of
both the entrepreneur which is as follows:
One of the characterisc and trait which both the entrepreneur has is that they are
innovator. They understand the needs and wants of the people and develop the products and
services accordingly. For instance, Mark Zukerberg who understood how much it is important
for the people connect with each other who are far from each other (Oosterbeek, Van Praag and
Ijsselstein, 2010). Therefore, it innovates Facebook which make easy for the people to
connect with other easily and chat with them. Facebook is used by large number of people in all
over the world.
Furthermore, these both entrepreneur are open minded and take suggestion from others.
Regarding this suggestion taken from employees related to innovate something new is effective
as because employees are people who directly connected with the customers They know the
needs and wants of customers.
To become and effective entrepreneur it is important to set goals as it help to develop the
path through which goals can be accomplished. For instance, Steve Jobs set the short term goals
which help in reaching the long term goals.
One of the other characteristic is that they are motivator and never get demotivate. Along
with this they boost up the moral of the employees and encourage them to work hard in respect
to accomplish the goals (Baum, Frese and Baron, 2014).
From the above discussed characteristics and traits it can be said that manager are different from
the entrepreneur which are as follows
Business managers Entrepreneur
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Business manager in the organisation perform
their activities as per their type of roles which
they need to perform within the firm. Further,
they make sure that all the business activities
which are in their under is carried out in an
appropriate manner.
Entrepreneur always tried to identify the types
of issues which become barrier in their day to
day activities and they also develop different
strategies which help in accomplishing the
organisational goal and objectives
There role is to make sure that all the
employees within the organisation perform
effectively and efficiently. Further they are
focused on making sure that workers are
directed to perform their work with roles and
responsibilities (Kuratko, 2016).
Entrepreneur understand all the requirement of
employees and ensure that they are highly
inspired and develop their interest in work.
Manager use their power for controlling the
employees within the firm. Along with this,
employees respect managers and follow their
order.
Entrepreneur control the entire organisation
and employees support them in accomplishing
the goals and objectives.
P6 The aspect of the entrepreneurial personality
There are various types of situation which can occur within the organisation. They have
negative and positive aspects which they faced within the company. Further entrepreneur can
make sure that in different types of situation they can encourage themselves and employees so
that any problem can be handle easily. Therefore, motivation can be stated as one of the effective
tool in respect to deal with any situation as it help in accomplishing the tough task as well. An
individual possess different types of skills and in all this motivation is one is part which bind up
different workers to work in one direction (Dacin, Dacin and Matear, 2010). Entrepreneur which
are above mentioned that are Mark Zuckerberg and Steve Jobs and possess all these skills.
Further there are different types of issues which lead to create negatively effect on the
performance of the company. If employees performance is compared with the other than it lead
to motivate them toward the work. Further entrepreneur need to understand the significance of
motivation and they need to ensure that employees get motivated toward the work. There are
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different types of strategy which company can used in respect to motivate its employees.
Regarding this, all the issues which company faced can be discussed and proper steps can be
taken in respect to improve the working condition and employee get satisfied with their work.
Apart from this one of the other aspect which is considered by the entrepreneur is that
they effectively communicate with their employees. With the help of proper interaction they can
easily develop strong relationship employees and win their trust and confidence. Along with this
in respect to motivate with employees they can take suggestion from them so that employee
work hard within the firm (Burns, 2010). Through motivating the employees it becomes easy to
create positive working environment within the organisation. As taking suggestion help in boost
up the moral of employees and motivate them toward the goals and objectives.
Both the entrepreneur possess positive mind as it help in overcome the issues. For instance,
Steve jobs, who was insist to leave his own company does not lead to lose the confidence he had.
After it he started new company and after some time he was call again by Apple for joining it
again. This shows that positive attitude and confidence help in accomplishing the success. It is
essential for the entrepreneur to make sure that to make employees work effectively it is
important to develop in them positive attitude and confidence. If employees get demotivated and
not have any positive attitude then it leads to impact the work of employees. Activities which are
shown by the entrepreneur should be observed by the employees so that they can work
effectively within the firm (Bridge and O'Neill, 2012). Hence, both Mark Zukerman and Steve
Jobs have positive mind set which make them success.
Task 4
P7 The way background and experience can hinder or foster entrepreneurship
From the research which is conducted it has been identified that there are different types
of capabilities, skills and knowledge affect the mind set of an individual. Along with this
background and experience can foster and hinder the entrepreneurship. There are many barriers
which can affect the entrepreneur (Storey and Greene, 2010). Regarding this it is important for
the entrepreneurship to ensure that proper steps is taken so that they can accomplish success. For
this purpose it is important for the entrepreneur identify the skills and use it in an effective
manner in respect to become top entrepreneur. Further proper investigation need to be carried out
so that opportunities can be identified. Further entrepreneur should have managerial skills so that
it can easily set different aspects for accomplish the success.
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The factor which can foster the entrepreneurship is the childhood itself, in these people are
involved and they contribute effectively toward the entrepreneur and think creatively. It will help
in developing the skills and understand the way they can deal with problems. Further are
different types of information which is needed in respect to accomplish the success and it can be
get from family background (Bridge and O'Neill, 2012).. Apart from this there are factor which
can become barrier for the entrepreneur such as if an individual face issues related to the finance.
This is because to start a new business it it important to have proper information and financial
resources. Apart from this cultural barrier can also impact the business as attitude and perception
of customer are different therefore it is important to have proper information regarding the
market in which business is started.
Conclusion
From the above report it can be concluded that, an entrepreneur starts it with small
business and after started earning profit it moves toward expanding the business. There are
different types of entrepreneur venture such as small scale, social etc. One of the main similarity
is that these ventures all develop new and innovative products and services in respect to satisfy
the needs and wants of customers. Further it is concluded that there are many factors which can
hinder and foster the entrepreneurship such as lack of finance which can become barrier for the
business. Apart from this successful entrepreneur posses different types of skills, characteristics
and knowledge which help in making innovate products and services.
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REFERENCES
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are we now and where do we need to move in the future?. Entrepreneurship theory and
practice. 34(3). pp.421-440.
Burns, P., 2010. Entrepreneurship and Small Business: Start-up. Growth and Maturity. Palgrave
Macmillan.
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new theory and how we move forward from here. The academy of management
perspectives. 24(3). pp.37-57.
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Delgado, M., Porter, M. E. and Stern, S., 2010. Clusters and entrepreneurship. Journal of
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Morris, M. H., Kuratko, D. F. and Covin, J. G., 2010. Corporate entrepreneurship & innovation.
Cengage Learning.
Nicholls, A., 2010. The legitimacy of social entrepreneurship: reflexive isomorphism in a pre‐
paradigmatic field. Entrepreneurship theory and practice. 34(4). pp.611-633.
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Oosterbeek, H., Van Praag, M. and Ijsselstein, A., 2010. The impact of entrepreneurship
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Santos, F. M., 2012. A positive theory of social entrepreneurship. Journal of business ethics.
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Storey, D. J. ed., 2016. Entrepreneurship and new firm. Routledge.
Welter, F., 2011. Contextualizing entrepreneurship—conceptual challenges and ways
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