Entrepreneurship & Small Business Management: Tasks 1 & 2 Report

This report provides a detailed analysis of entrepreneurship and small business management, exploring different types of entrepreneurial ventures such as small businesses, scalable start-ups, and social enterprises, and their relation to the typology of entrepreneurship. It examines the roles, characteristics, and objectives of various ventures based on ownership (private, public, social) and size (micro, small, medium). The report presents and assesses data illustrating the economic impact of micro and small businesses at local, regional, national, and international levels, emphasizing their importance in the growth of the social economy. Furthermore, it explores examples of successful entrepreneurs, identifying their traits and skills, and discusses whether entrepreneurial skills can be learned. The report also delves into how entrepreneurial personality is shaped by factors like family upbringing, lifestyle, and cultural differences, and how a person's background can either hinder or foster entrepreneurship. Desklib provides this report along with a wealth of study resources for students.

ENTREPRENEURSHIP
AND
SMALL BUSINESS MANAGEMENT

Table of Contents
.........................................................................................................................................................2
INTRODUCTION ..........................................................................................................................1
TASK 1............................................................................................................................................1
P1Different types of entrepreneurial ventures and they relate to the typology of
entrepreneurship..........................................................................................................................1
P2The similarities and differences between each business entrepreneurs. Along with the roles,
characteristics and objectives of different types of ventures: private; public; social enterprises
- as well as different sized ventures: micro; small and medium.................................................2
P3: Present, interpret and assess relevant data and statistic to illustrate the impact micro and
small business have on the economy. Local, regional, national and international economic
impacts. ......................................................................................................................................5
P4.Building on the information you must explain the importance that small Businesses and
business start-ups on the growth of the social economy.............................................................7
TASK 2............................................................................................................................................9
P5:Examples of successful Entrepreneurs and determine the characteristic traits and skills
they possess. Similarly, whether entrepreneurs are born or made and whether entrepreneurship
skills can be learned over time....................................................................................................9
P6: the entrepreneurial personality reflect entrepreneurial motivation and mindset.
Personality is shaped by family upbringing, lifestyle, cultural differences and personal
motivation.................................................................................................................................10
P7: A person’s background and experiences can hinder or foster entrepreneurship...............11
REFERENCES..............................................................................................................................13

INTRODUCTION
In this study, we will discuss about the different types of entrepreneurial ventures and
explain how they relate to the typology of entrepreneurship. Also, role, characteristics and
objectives of different types of ventures based on ownership: private, public and social
enterprises as well as those based on size: micro, small and medium will be described. We will
also have interpretation and assess of relevant data and statistics and impact of micro and small
business on the country economy. In addition, we will have the discussion of importance of
small and start-ups business in growth of social economy. Further we will consider examples of
successful entrepreneur and determine the characteristics, skills and traits process. We will have
a look on how personality is shaped by family upbringing, lifestyle culture and different types of
personal motivation. This study helps to clear all the questions regarding this concept.
TASK 1
P1Different types of entrepreneurial ventures and they relate to the typology of entrepreneurship
An entrepreneur is the person who manage, organises and desire of taking risk of a
business and enterprise(Storey, 2016).Nowadays entrepreneurship play the most essential role in
national economic growth and development of a country(.Robert, Hisrich, and Ramadani., 2017).
Entrepreneurship typology is likely same as any other typology, it shows classification scheme.
There are various type of enterprises and they are categorised as male, female, serial and social
business enterprises. There are different types of small and large business organizations in the
corporation and they are using this method, efficiently and effectively. Regarding this, the
entrepreneurial venture and their relationship with typologies of enterprises are furnished below: Small Business Entrepreneurial venture: Small business ventures are made up of mini
and small criterion organisations which require minimum amount of capital and they
have minimum range of target customer (Saleem, 2017).These types of small enterprises
includes small groceries store, stationary shops, electronic shops etc. Mini and small
business firms are mainly combined of female and male entrepreneur and they work
together assiduously in the context to raise their sales with that, they contribute in the
national economy of the country effectively and efficiently. Scalable start-up Entrepreneurship Ventures: These types of enterprises consist of
newly emerged business in the market. The aim of scalable start-up entrepreneur venture
is to satisfy the needs of the targeted customer in the market by providing quality of
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goods and services effectively (Antoncic, Antoncic and Aaltonen, 2016). The motive of
this type of business is to achieve their growth and development by offering different-
different types of quality product and services to the targeted customers. These types of
enterprises impact on the national economy of the country and there are many new start-
ups who are incorporating their businesses effectively and contributing to make strong
GDP of the country.
 Social Entrepreneurial Venture: Social entrepreneurs are innovative businessmen whose
aim to make a creative and innovative products to solve social needs and difficulty.
Unlikely the scalable start-ups set their goals to make this world a batter place, not to
create market share and create wealth for the company owner(Dana, 2016).They could be
non profit and hybrid. Same like this, the social entrepreneurs who work hard to make
this world better place and all are satisfied with their services. There are many social
organizations' entrepreneur and venture in the country and they are working hard to
clashing on social and community welfare. They offer and manufacture the product and
furnish services according to the social need and also make a big contribution to raising
their country's goodwill, value and smash on the national economy of the country.
P.2.The similarities and differences between each business entrepreneurs. Along with the roles,
characteristics and objectives of different types of ventures: private; public; social enterprises -
as well as different sized ventures: micro; small and medium.
2

Similarities
Large scale organisation Small scale organisations
 The motive of large scale
organisation is to increase
profitability and sales.
 The aim to this type of enterprise is
to raise their market shares by
providing different type of product
and services to a targeted and
specific section of customer.
 The motive of small business is
same like the large-scale business.
 Social and scalable enterprises are
same with each other in terms of
frequent innovation in their products
and services.
Male entrepreneur Female entrepreneur
 Male enterprises are same to female
venture in order to achieve their goals
and objectives.
 Moving on, there are similarities
between male and female entrepreneur
in terms of more revenue generating.
 Female entrepreneur is same like male
entrepreneur in terms of achieving
goals and objectives.
 Hence, it expresses that there are many
similarities between entrepreneurial
venture and entrepreneurial typology.
Lifestyle venture of business similarities Serial entrepreneur ventures similarities
 Life style ventures are same like with
the small-scale entrepreneurs in order
of their customer base, aims and
objectives.
 They hardly work in terms of innovate
new product and services efficiently
and effectively according to customer
needs.
 Serial entrepreneur is alike with male
and female entrepreneur in order to
their leadership style.
 The serial entrepreneur venture is same
like to social entrepreneur with respect
of their innovative thoughts and
conceptualisation towards the social
welfare.
Difference Difference
 Lifestyle venture are assorted from all
other ventures in order of their product
 Serial entrepreneur are assorted from
social entrepreneur venture in order of
3

Similarities
Large scale organisation Small scale organisations
 The motive of large scale
organisation is to increase
profitability and sales.
 The aim to this type of enterprise is
to raise their market shares by
providing different type of product
and services to a targeted and
specific section of customer.
 The motive of small business is
same like the large-scale business.
 Social and scalable enterprises are
same with each other in terms of
frequent innovation in their products
and services.
Male entrepreneur Female entrepreneur
 Male enterprises are same to female
venture in order to achieve their goals
and objectives.
 Moving on, there are similarities
between male and female entrepreneur
in terms of more revenue generating.
 Female entrepreneur is same like male
entrepreneur in terms of achieving
goals and objectives.
 Hence, it expresses that there are many
similarities between entrepreneurial
venture and entrepreneurial typology.
and services which are delivered to
their customers.
their purpose and motives.
Scalable Entrepreneurial venture Social Entrepreneurial venture
 The first difference between small
enterprise and large organisation have
limited paid up capital, small number
of employee and small infrastructure as
compare to large companies.
 Scalable enterprises create starts ups
based on their innovative thoughts.
 Moving on, they focus on limited
number of customer and targeted fixed
 Social enterprise is innovative who
create product and services to solve the
social need and problems.
 Social venture is unique in terms of any
other enterprise venture in the market in
regard of motive, vision, mission and
purpose. Its aim is to furnish product
and services to social welfare and
community development.
4

Similarities
Large scale organisation Small scale organisations
 The motive of large scale
organisation is to increase
profitability and sales.
 The aim to this type of enterprise is
to raise their market shares by
providing different type of product
and services to a targeted and
specific section of customer.
 The motive of small business is
same like the large-scale business.
 Social and scalable enterprises are
same with each other in terms of
frequent innovation in their products
and services.
Male entrepreneur Female entrepreneur
 Male enterprises are same to female
venture in order to achieve their goals
and objectives.
 Moving on, there are similarities
between male and female entrepreneur
in terms of more revenue generating.
 Female entrepreneur is same like male
entrepreneur in terms of achieving
goals and objectives.
 Hence, it expresses that there are many
similarities between entrepreneurial
venture and entrepreneurial typology.
amount of revenue and profit.
 Large companies deals with different
type of customer and offer several
types of product and services in the
Market and their market share and
overages are more than small
entrepreneur ventures exist in the
market economy of the country.
 There is not only entrepreneurial
venture but also types of entrepreneur
problem and innovation of new product
and services in terms of raise their sales
ans profitability.
5

P3: Present, interpret and assess relevant data and statistic to illustrate the impact micro and
small business have on the economy. local, regional, national and international economic
impacts.
Being a senior member of the federation of small businesses I have a responsibility of
positively promoting enterprises in the local area.
Small, micro and medium entrepreneur could be specified by:
 Micro Business= less than 10 employees and turnover under 2 million
 Small Business= less than 50 employees and turnover under 10 million
 Medium business= less than 250 employees and turnover under 50 million
The business organisation have been categorised into two types, which is sole traders and
partnership. In sole trader, managing and supervising is done by solo owner of the business
corporation. In this business enterprise, the owner is responsible for profit and loss in the firm
(Hadjimanolis, 2016). In the other prospect, private partnership governs their organisation who
signed the partnership deal. The profits and losses of the business are distributed equally and in
proportion as per the terms and condition are mentioned in the deal. Small and micro businesses
greatly affect the economy of the country, it not only raises the national capital of the country but
also assist to contribute in the gross domestic product of the UK. Further, with the help of
collected data and statics, we can measure the impact of micro and small business on the country
economy. Below we are going to discuss the list of tables and their representation that assist in
analysing the impact of small and micro business on the UK economy.
Table 1 : Total Entrepreneur in United Kingdom 2016-2017
Country Total Entrepreneur %SME
United Kingdom 5.7 million 94.6
The above tabular array shows that there are 5.7 million entrepreneurial ventures exist in
the United Kingdom. Out of them, there are 5.2 million are small and medium criterion
organisation. This expresses that most number of the market shares are occupied by the small
and medium criterion organisation in the market economy of the country. Based on it, it can be
stated that micro and small business plays a very important role in order to exclaim the national
economy of UK effectively and efficiently.
Table 2 : Total Employment in United Kingdom
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Country Total Individual employed %SME
United Kingdom 15.9 62
The above tabular array shows the number of individual employed in several ventures in
the country. It was recognised that more than 15.9 million people were employed in different
organisations. Out of them, 9.57 million people are working in small and medium sized
companies. Hence, it could be concluded that more than half of the total employment generated
medium and small criterion companies.
Table 3 : Gross Value of UK 2016-2017
Country Gross Value Added %SME
United Kingdom 654 billion (GVA, 2017) 55.6
The above tabular array shows gross value contribution by enterprises incorporating in
the United Kingdom. From the above analysis it was recognised that gross value added by all the
entrepreneurs in 2017 was 654 billion. Out of them, 350 was contributed by the small and
medium enterprise venture. It shows that more than half of gross value added by the medium and
small business entrepreneurs venture that encourage and support the national economy of the
United Kingdom.
Table 4 : Gross Annual Turnover 2017
Country Gross Annual Turnover % SME
United Kingdom 1.9 trillion 48
The above tabular array shows the gross annual turnover contributed by the all the
businesses was around 1.9 trillion ponds out of which 89.7 billion pounds was contributed by
small and medium business that help the national capital to grow in the United Kingdom.
P4.Building on the information you must explain the importance that small Businesses and
business start-ups on the growth of the social economy
Opportunity Threats
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 United Kingdom will be famous market
for developing countries.
 Decreasing the economy of United
Kingdom
 Development in agriculture facilities by
minimizing agriculture grant.
 Impacts on the business incorporating
in United Kingdom.
 Emerging of new start-ups and small
scale organization.
 Negatively impact on the developing
countries who have bonded with United
Kingdom.
 Raise in Innovation: Small and medium business scale and with that new start-ups raise
the innovation in product and services(Schaper, ed., 2016). They inaugurated with
innovative business ideas and thought that assist to reduce the manual efforts and also
attract the customer effectively and efficiently. With survive in the competition they
apply innovative techniques so that more and more developed product and services could
be deliver to the customer. Reduce Unemployment : From the above analysis of statistic data and
information(Keown, 2017). It was identified that more than 62 % of total workforce are
employed in small and medium scale organisation. Due to growing globalisation, many
serial enterprises inaugurate their own start-up ventures that assist to reduce the
employments in the country
 Contributes towards national economy: Above analysis of relevant data we got the result
which is small and medium scale organisation with the new start-ups ventures that
contribute in the national economy more than other ventures(Hornsby, Simmons, and
Messersmith, 2017). More than half of contribution in gross domestic product was given
by small and medium size of organisations. Hence, it shows that small and medium
business play a vital role in order to boost up the gross domestic products of United
Kingdom.
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TASK 2
P5:Examples of successful Entrepreneurs and determine the characteristic traits and skills they
possess. Similarly, whether entrepreneurs are born or made and whether entrepreneurship
skills can be learned over time.
An entrepreneur is an individual who rather than working as an employee, found and runs
a small business, assuming all the risks and rewards of the enterprises (Solomon, and Linton,
2016). A successful entrepreneur is the person who works hard and tireless irrespective of
failures and defeat and achieve apex height in the society and community. They have some
personality characteristics, skills and traits that made them different from others in the world.
With this context, two successful entrepreneurs would be analysed in this section. The skills,
characteristics and traits are discussed below:
Skills
 Innovative: Successful entrepreneur could be different from normal person on the
basis of their creative and innovative ideas and plans for their businesse(Linton, and
Solomon, 2017). These ideas can be change in the way of living and also affect the
working culure of community. Bill Gates and Steve Jobs both are innovative and
creative in terms of their field and business.
 Leadership: Successful business entrepreneur are effective and productive leader.
With the help of their effective leadership skills they influence and motivate the
employee of their business(Mamabolo, and Kele, 2017). Steve jobs and Bill Gates
both have effective leadership skills. The evidence could be seen in the organisational
empire they have build up in today world.
 Characteristics
 Self-Confident: This terms considers about to the mental state of the
person(Ahmetoglu, and et.al., 2017). A successful entrepreneur must be self-
confident regarding their business idea implementation and success of the same to
grow in the market. Bill Gates and Steve Jobs have faced many difficulties and
failures in the business but they never disappointed and demotivated from their
works as they have sufficient self-confidence regarding their business, which help
to grow and develop their business. Traits
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 Passionate: A successful businessman must be passionate about the work he is
doing and pursuing in the life(Norman, and Scarborough., 2011). This quality of
person can improve their work and also assist an entrepreneur to achieve their
desired goals and targets. Bill Gates and Steve Jobs are extremely passionate
about their business. That is the reason to be successful in their business.
 Risk takers: Successful entrepreneur are a risk takers(Norman, and Scarborough.,
2011). They even not afraid in future results and always giving their best efforts
to achieve their desired goals and objectives. Steve Jobs and Bill Gates also were
not afraid from investing in innovative techniques, hence this traits aid in
achieving big success in their business.
P6: the entrepreneurial personality reflect entrepreneurial motivation and mindset. personality is
shaped by family upbringing, lifestyle, cultural differences and personal motivation.
In this context to examine reflection, the big personalities' theory and model would be
used to analyses the entrepreneurial personality of Bill Gates and Steve Jobs. The model consist
of verious type of personality traits that posses by entrepreneur that assist to set their
motivational mindset. The model is discussed below: Extroversion: this approach define about to an entrepreneur have the ability of exist
ability, sociability, assertiveness and huge amount of emotion expressiveness(Ross, and
Lashley, 2010). An entrepreneur who have extroversion, tend to be more social friendly
and they generate their energy through social interaction with their living people and
another side of it. An entrepreneur who have low extroversion who generate their energy
themselves. Bill gates is extrovert and int erect with others about innovative ideas. And
Steve jobs are introvert who frequently interact with others. Agreeableness: The personality approach have the factors which includes kindness,
warmness and other physical behavior(Bhatnagar, and Budhiraja, 2011). This assist a
person who will be able generating kindness and helpfulness nature in others people as
well as respect other person's values and feelings. Bill Gates and Steve Jobs are kind and
generous with the employee and subordinates. This attributes play an important role to
their companies to grow and developing effectively and efficiently.
 Neuroticism: Nuroticism is a trait categorized by sadness, moodiness and emotional
instability(Hatten, 2015). Higher the neuroticism more the person will be emotionally
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unstable in an organization by their over emotional nature. Lower the neuroticism, more
the person will be emotionally stable because they will be able to learn others situations
in the company. So for being a successful business entrepreneur a person need to learn
how to control their emotions and behavior. Both Bill Gates ans Steve Jobs have
neuroticism quality in their personality that assist them to be successful entrepreneur.
P7: A person’s background and past experiences can hinder or foster entrepreneurship.
A successful entrepreneur faces many types of difficulties, problems, issues in while they
are doing the work to accomplish their dreams and goals(Alderson, 2011). They have faced the
time in which most of the people give up everything, at this stage they bear all the pain
themselves. The success determination of a successful entrepreneur not by their wealth and high
position they achieve(Bhimani,2017). It determines by the failures they had faced. Both Bill
Gates and Steve Jobs faced many difficulties and issues concerning their background, family and
societal support. This is the nature of their personality that they counter front of all the
difficulties and problems effectively and efficiently. In the information technology sectors. There
were certain factors that foster their growth and development effectively and efficiently.
Those factors include their skills, traits, family support, knowledge and education. The
family background of both the entrepreneurs partly hinder and partly foster in their growth and
development(Barrios, Javier, and Nunez, 2017). The positive impact of them is they were always
supported by their families. The negative impact was societal pressure and family both these
entrepreneurs major reason to be anxious and furious about their work and ideas. The positive
effect of their personality traits that they never give up in any critical and crucial situation in the
business and the negative effect were frequently faced failure and defeats while they were taking
major decision and implementing changes and transformation their business. These all are reason
to helps them success in the business.
CONCLUSION:
A successful entrepreneur have these all the skills, characteristics, and traits in terms of
perform batter in their business effectively and efficiently. We have discussed about many
attributes of an entrepreneur that mush have to be success in their sector. We have taken example
of Bill Gates and Steve Jobs, how they will be able to become a successful businessman and how
they face the problems and failure in the business and we have also analyzed how a small
business and entrepreneur a great impact on United Kingdom's national income and how they
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contribute to increase the gross domestic product of country. From we have discussion, we
conclude that small, micro and medium business play an important role in raise the national
economy of the country. And know the characteristic and skill of an entrepreneur and these all
components must have a successful entrepreneur to operate their business effectively and
efficiently.
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REFERENCES
Books and journals
Alderson, K. 2011. Understanding the Family Business. Business Expert Press.
Aardt, V. I., 2013. Principles of Entrepreneurship and Small Business Management. Oxford
University Press Southern Africa.
Ahmetoglu, G. and et.al., 2017. The Wiley Handbook of Entrepreneurship. John Wiley & Sons.
Antoncic, B., Antoncic, J. and Aaltonen, H.M., 2016. Marketing self-efficacy and firm creation.
Journal of Small Business and Enterprise Development. 23. 1. pp.90-104.
Barrios, S.. Javier, L. and Nunez, G., 2017. Evolving Entrepreneurial Strategies for Self-
Sustainability in Vulnerable American Communities. IGI Global.
Bhatnagar, B. D. and Budhiraja, A., 2012. Entrepreneurship Development & Small Business
Management. Vayu Education of India.
Bhimani, A. 2017. Financial Management for Technology Start-Ups: A Handbook for Growth.
Kogan Page Publishers.
Dana, L.P., 2016. ENTREPRENEURSHIP & SMALL BUSINESS.
Hadjimanolis, A., 2016. Perceptions of the institutional environment and entrepreneurial
intentions in a small peripheral country. International Journal of Entrepreneurship and
Small Business. 28. 1. pp.20-35.
Hatten, S. T., 2015. Small Business Management: Entrepreneurship and Beyond. 6th ed. Cengage
Learning.
Hornsby, J., Simmons, S. and Messersmith, J., 2017. Entrepreneurship Everywhere... Across
campus, Across communities and Across borders.
Linton, J.D. and Solomon, G.T., 2017. Technology, Innovation, Entrepreneurship and The Small
Business—Technology and Innovation in Small Business. Journal of Small Business
Management. 55. 2. pp.196-199.
Mamabolo, M.A., Kerrin, M. and Kele, T., 2017. Entrepreneurship management skills
requirements in an emerging economy: A South African outlook. The Southern African
Journal of Entrepreneurship and Small Business Management. 9. 1. p.10.
McKeown, T., 2017. From entrepreneurship to small-to-medium enterprises: Exploring the
challenge and the opportunities. Journal of Management and Organization. 23. 2. p.165.
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