Entrepreneurship and Small Business Management Report - Final Analysis

This report provides a comprehensive overview of entrepreneurship and small business management. It begins by defining entrepreneurship and exploring different types of entrepreneurial ventures, including large-scale, scalable, small-scale, and social ventures. The report then delves into the similarities and differences between these venture types. A significant portion of the report assesses the impact of micro and small businesses on the UK economy, highlighting their role in job creation and economic growth. Furthermore, it emphasizes the importance of small businesses and start-ups in fostering social and economic development within the UK. The report concludes by examining the characteristic traits and skills of successful entrepreneurs, using Bill Gates and Peter Jones as case studies to illustrate these qualities. The report analyzes the impact of micro and small businesses on the economy, focusing on the UK market and emphasizing the importance of small businesses and start-ups. The report discusses the characteristics, traits, and skills of successful entrepreneurs.

Entrepreneurship and Small Business
Management

Table of Contents

INTRODUCTION
Entrepreneurship is one of the vital concept which deals to start own business firm and
sell products or services which people criterion to buy. Entrepreneurship can be different types
such as social entrepreneurial with the help of which purpose of social welfare & development.
In the current era, small business is meant to start own ventures and raised it using defined skill
or competencies. In the business world, role of an entrepreneurial is to find one suitable idea and
concept to starts off own business and ensures its growth and longevity (Gray, 2013). This report
will cover Bill gates and Peter Jones who are renowned entrepreneur's in their own respective
businesses or ventures. Comprehensively, report will cover discussion on different types of an
entrepreneurial ventures & analysis of the typology of an entrepreneurship. Along with this,
discussing similarities & differences between entrepreneurial ventures. This report will carry on
importance of small business and start-ups on growth of a business economy. Lastly, this report
will cover characteristics, skill and trait of two successful entrepreneur's. Also, discussion on
personality using OCEAN model will be undertaken.
TASK 1
P1 Examine different types of an entrepreneurial ventures and also how it relates to typology of
an entrepreneurship
Entrepreneurship is the process of pursuing vision, mission or strategic goals to start new
business & ventures to share productivity to the peoples as well as society. Also, entrepreneurial
is one who pursues or follow their vision, mission or goals to start any new ventures. In this,
every person is authorised to start its own umpire utilising own skills, competencies & traits to
fulfil strategic advantage to pursues own business operation. In UK, business is consists of get
own business idea and gather desired information in this context (Rideout, 2014). The major
scope is to develop e managerial capabilities which would helps in recognition & development of
the directional capabilities. In context of UK, entrepreneurship is divided into different
categories are explained as under:
Large scale venture: These types of venture are larger in size, shape or structure and also
has longer sustainability to operates in an environment. In this, sustaining innovation support in
the growth of the company by providing any new products or services. The pressure on this type
of venture is to find and locate right & perfect resources in order to assist manpower as well as

developing strategies to accomplishes organisational goals or objectives at right point of time.
These types of ventures are focused onto earn higher profits and also ensures business expansion
to the global level. For examples: Marks & Spencer is perfect example of large scale business,
which have long term suitability to continues on ventures activities.
Small business: Those ventures whose purpose to run business at smaller scale and
makes its growth and expansion on a productive level. In this type of ventures, investment incur
are less as compared to large scale and also have suitability to increase business growth on peak
point. Small venture are mainly smaller in size or structure and limited by investment generated.
Scope for small are high and business growth is confirmed (Li and Carr, 2012). For example:
Gem grocery is a best example of the small business to operates on.
Scalable ventures: Those ventures who were initiated to grow and expand product reach
through expansion and launching new & creative product to rise scaling of a business operation.
The purpose of the scalable ventures is to any launch new products and rise its reach by realising
its subsidiaries to gather market attention. Here, purpose is to increase customer base & product
reach by launching new product in the market. For example: fashion and clothing wearing such
as H&M is a best examples of the scalable business.
Social ventures: These types of venture are aimed to do social work & pursues doing
welfare activities such as child welfare, providing education support to poor kids and children.
These types of ventures are not aimed to sell any physical or tangible product's, but focused onto
deliver social benefits and welfare to needy peoples. There is no specific structures of a social
venture or business. For example: Welcome trust is the suitable example of social ventures.
P2 Similarities and difference in between entrepreneurial ventures
Entrepreneurial ventures are classified into four different types and differentiation of each
is necessary which is as follows:
Basis Large scale ventures Scalable business ventures
Similarities Large scale business are those entities
which are in large size or structures
and involves heavy investment and
also consists of selling any products or
services to expand business operation.
In this type of venture, expectancy
for increase into the business
operation are high and scalability
for business growth is also exists.
Also, scalable and large business

In context of expansion, large as well
as scalable ventures are common with
each-other. These have long term
growth expectancy and scope for
widen product offering portfolio.
have an expectancy of expanding
business operation and also rise
product reach. This is commonly
similar in context of scalable
business.
Differences Large scale is in need for heavy funds
and angel investor are their to raised
funds. Large ventures have product
portfolio along with employee's more
than 200 (Priem, 2017). Large
business ventures have continuous
increase business operation and it will
be prominent for executives of large
scale ventures to gather business
suitability for longer time period.
Scalable ventures have rising scales
& capacity if in case compares out
with large scale business. Also,
both are differentiates on the level
of business capacity or power.
Large scale ventures will only
reach at maturity stage of business,
but scalable have multiple
opportunities to keep growing into
the market.
Basis Small scale business Social business
Similarities Small ventures are vitally focused
onto bring business process into major
scene or acceptance for longer time
duration (Wainwright, 2013).
Common similarity here is
productivity of business growth. Small
and social businesses are small in size
& structures, but focused on common
welfare or development at growth
basis.
Social ventures are mainly focused
onto starts with an intention for the
welfare of a human being and
society. Also, role of the social
ventures is to provides support to
our wide society & communities at
an effective period of time.
Differences Small business is aimed to sell and
deals in selling any intangible or
tangible good to peoples and earning
Social ventures have no aim to earn
profit. Increasing Human wealth is
one of the major purpose of social

higher profits (Blackburn, 2015). Last
to last, this says that small business is
not like any entity to do welfare or
social works.
ventures, interest, matter of the
needs along with the desires. The
focal aim of the social venture is to
achieves on productivity into the
the matter of the development.
TASK 2
P3 Assess data and information on how micro and small businesses impact on the economy
In UK, expectancy of the business operation is increasing along with raising job scope for
people and income growth for people of the UK.
Micro organisation are those organisation, who are smaller in size & structure along with
selling defined product or services in given time. Generally, micro business are small structure,
but they have business process by communication channels using an agent, broker or any other
supportive sources (Shepherd, 2016). Generally, micro business have less than 10 employee's
and have turnover around 2 million pounds.
Small business are those entity who have employee's around 10-50 people and have
operational turnover approx. more 2 million but up-to 5 million pound sales.
Medium enterprise are those who have employees more than 50 and also business sales
somewhere around 5 million or more. Medium enterprise has different product portfolio and line
of its own individual item to be sold.
In UK, where number of micro and small businesses are higher along with its increasing
number on an proactive basis. Increasing number of micro business shows that economy of the
UK is in the boost mode and this has led to increase in employment opportunities for youth of
the UK. Its necessary for business of the UK to increases their approach of marketing and sales,
so that, business operation of the UK will be grow up. Hence this has proved necessary for micro
business to check out opportunities and suit abilities with help of which scale of the UK
economy would be rises at an optimised level.

Illustration 1: UK market share during year 2018
Sources: UK market share during year 2018
This diagram shows that Micro business is the leader in starting any business and also
results into job opportunities for people to continues vision, mission and strategic objectives and
resulted into becoming business tycoon.
P4 Importance of small businesses and business start-ups to the growth of the social economy
Small business and start-ups is the lifeline of the UK and growth of this is expected to be
rises in an effective manner (Lüdeke-Freundand Hansen, 2016). Small businesses are aimed to
increase business situation and rising scope for future based performance. Start-ups is a kind of
an initiative with the help of which new people could gather chances to generates own business
idea to generates opportunities for people to gather higher employment. An importance of small
business and start-ups are as follows:
Optimum utilisation of the resources: With help of small business and start-ups, people
and resources has come to its value as well as utilised and also consumed in an effective manner.

In the UK, resources are mainly utilised to start off business operation along with pursues new
way of doing thing as well as pursues an effective regulation to pursues on business operation.
When starting any new business, lack of resources could be major issue, of which allocation is
need to be done along with making long term suitability and continuity for survival of the
people.
Fund flow: Due to increase in start-up and small business, fund flow in the UK economy
has rise and this has led to increase in job opportunities for other people in the UK. Along with
this, rise in societal development has been undertaken to gather values, vision or mission with
help of which people can attracts to new start-ups and small business along with this pursues
their own business. This is vital to an effective regulation and increasing people and welfare
development.
TASK 3
P5 Characteristic traits and skills of successful entrepreneurs
For purpose of this assessment, two entrepreneur will be taken such as Bill gates and
Peter Jones. These names are very popular in the business world and also act as being inspiration
for aspiring youth. Entrepreneur's are different from being as business manager, whose role is to
manages entire business operation (Drucker, 2014). Hence, discussion will be put to know skill,
traits as well as characteristics of these two successful leader to inspires others.
Bill gates: He is the founder & chairman of the Microsoft, which is the leading tech giant
and headquartered in Los Angeles. He is well known for this ability to pursues decision making
and have accurate decision making in less point of time. He comes under top 5 list of business
tycoon and world richest with 3 billion dollar net-worth.
Peter Jones is the very popular business person who was masters in technology for the
mobile phones, television, entertainment and education. After that, Jones pursues his self dream
business entities and started doing innovation process in the personal computers revolution under
its own brand name. Along with this, peter also started his own new Phones international group
and owns TV brand name with name of the Peter Jones TV.
Also, skill, trait and characteristics is the strength of this leading business tycoon. Skill,
trait and characteristics of Bill gates are as follows:

Skill:
Bill gates
Enthusiasm: Bill gates is very enthusiastic by personality and passionate about his goals
or targets and he is dedicated towards for his goals and objectives.
Leadership skill: Bill William gates has its strength in an area of leadership style such as
democratic style, with of which Bill leads own people and motivates them to gives their best in
an area of accomplishing individual work or targets.
Peter Jones:
Risk taker: Peter Jones has ability to risk and popular among its employee's to also led
motivation on taking decision making along with utilising risk taking skills.
Mentoring: Peter Jones is well known for its mentoring style, in which he listen to his
people problems or issue and solves out in lesser time (Dennis Jr, 2011).
Characteristics: An effective characteristics of Bill gates and Peter Jones are as follows:
Bill gates:
Passionate: Bill gates is high passionate about his goals or targets. From starting of his
life, he was dream to start his own venture and bill keeps till now.
Full of curiosity: He is curious of learning new knowledge and thing with help of which
he mainly adapts to learn more and more and led its application on an organisational working.
Peter Jones:
Innovative: In beginning, Peter Jones was in desired to led innovation in the fields of
electronics such as mobiles phone, TV along with showed interest in every field. He continues to
be focus on application of an innovation.
Visionary: Peter Jones is of-course vision man with putting mind and also focus on doing
new things to pursues to deliver;s people with an effective products or services.
These two entrepreneurs namely such as Peter Jones and Bill gates are different business
manager's (Chrisman and et. al., 2012). This is as of starting self ventures and makes it as huge
success by acting business person Business manager who may be not founder, but have authority
to takes on an effective decision making. Bill gates and peter Jones are renowned owner of their
respective tycoon. They have started their ventures and makes successful also acting business
manager's.

P6 How aspects of the entrepreneurial personality reflect entrepreneurial motivation and mindset
Personality is one of the necessary concept deals with an individual ability to attracts any
one to showcase own ability to do something. Personality is termed as trait which has unique
attraction point on the basis of which an individual can attracts any individual. Personality is one
necessary for an entrepreneur's to act in right and positive manner. In this assessment, discussion
will be carry on the OCEAN model which stands for openness to experience, conscientiousness,
Extraversion, Agreeableness and Neuroticism (Chittithaworn and et. al., 2011). The complete
discussion of this model is under:
Openness to experience: This trait of the personality is speaks on open minded in
accordance to changes into the business environment as well as level of business. In this, person
is basically open minded, eager and confident to learn new concept and idea in do so.
Conscientiousness: This traits of the personality tells about the person ability to be
concise on his or her goals or targets. This also reveals about person desired or an ability to do
some defined work. Bill gates as well as peter jones are applicable in this traits.
Extraversion: In this, an entrepreneur belongs to the category of energetic & enthusiastic
in an actual nature. Bill gates is an enthusiastic or energised person, whereas this is reverse in
case of the Peter Jones who is soft and less talking person in the nature.
Agreeableness: This trait majorly in way of being sympathetic, co-operative and
compassionate for other's. Agreeableness would be helpful to know other's problems & issues
along with assisting in co-ordination with other in an utilised way. Being acting into the form if
sympathetic, co-ordinative etc., has been shown up by these two entrepreneurs at the bigger
contexts.
Neuroticism: This traits says that person is need to be stay away from anger, burden or
pressure on basis of which an individual can do out its right or work in any defined manner. Bill
gates is the person with less of anger and he is soft and relax while working and peter Jones is
the charismatic person natural and also soft nature.
Brief summary: Entrepreneur is consists of personality as one necessary trait with help of
which they applied in their working. With help of personality, these entrepreneur's have achieves
eye view personality in support to which Microsoft is now termed one of a leading tech firm into
business world. Using personality as a tool, Bill gates and Peter Jones have high potential to
inspires young aspiring youth who are looking to start its own businesses.

TASK 4
P7 How background and experience can hinder or foster entrepreneurship
Bill gates: He is the founder & chairman of the Microsoft, which is the leading tech giant
and headquartered in Los Angeles. He is well known for this ability to pursues decision making
and have accurate decision making in less point of time (Bridge and O'Neill, 2012). He comes
under top 5 list of business tycoon and world richest with 3 billion dollar net-worth.
Experience: Bill gates has gained beautiful experiences in his life by doing hard work and
facing critical issues with have made him strong and also trustworthy. When talks on his
experiences, it is mainly enriched using life based situation or facing situation with help of which
its confident has also increased or generates on effective level. This has led Bill gates to utilises
its efforts or energy with help of which he can inspires more young people to do hard work.
Impact of the experiences and background:
Positive: Bill gates has gained success in his life using this kind of experience, Bill gates
will be act as source for inspiring youth who wants to start its own business. Hence, this kind of
experiences will be helpful for people to gain something learning oriented.
Negative: His hard work story would makes youth to be cry and emotion, which is the
reason for decrease in motivation or confidences.
Peter Jones is the well popular business person who was masters in technology for the
mobile phones, television, radio, retail power and property dealing. After that, Jones started his
own business entities and started doing innovation process in the personal computers revolution
under its own brand name. Along with this, he also setup his new Phones international group and
owns TV production company called Peter Jones TV.
Experiences: Peter Jones has gained productive experiences such as focused on doing
hard work, earning positive experiences as well as gaining productive experiences to empower h
the youth who wishes to start own businesses. Support of this has resulted into empowerment
and also enrichment to everyone who look out to start off own business operations.
Impact of the background and experiences:
Positive: It was realised that Peter Jones has inspired many youth in the UK to pursues
their own business and gives hope to empower youth to lives their life with the harmony and also
sources of interest.

Negative: Due to this experience, suitability and chances are less for people who are on
age more than 30 years.