Entrepreneurship & Small Business Management

This report analyzes various aspects of entrepreneurship and small business management, including types of entrepreneurial ventures, their impact on the economy, and the traits and skills necessary for successful entrepreneurs. It emphasizes the importance of small businesses in economic growth and provides insights into the characteristics that foster entrepreneurial success.

Entrepreneurship &
Small Business
Management

Table of Contents
INTRODUCTION ..........................................................................................................................4
MAIN BODY...................................................................................................................................4
TASK 1............................................................................................................................................4
P1: Analyses different types of entrepreneurial ventures and relation with typology of
entrepreneurship..........................................................................................................................4
P2: Explore the similarities and differences between entrepreneurial ventures..........................6
M1: Investigate different types of entrepreneurial ventures for understanding of
entrepreneurship in public and corporate sector.........................................................................7
D1: Critically examine the scope, development and growth of entrepreneurial ventures..........8
TASK 2............................................................................................................................................8
P3: Interpret with the use of relevant statistics and data to evaluate how small businesses and
micro impact on economy...........................................................................................................8
P4: Determine importance of start ups and small businesses for growth of social economy.. .10
M2: Evaluate the differences small, medium and large businesses with the application of
relevant statistics and data.........................................................................................................11
D2: Critically examine how small businesses have an impact on different levels of the
economy (local, regional, national) and in an international context.........................................11
TASK 3..........................................................................................................................................11
P5: Traits and skills of successful entrepreneurs......................................................................11
M3: Examine different lines of argument relating to entrepreneurial characteristics...............13
P6: Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mindset...............................................................................................................................13
D3: Analyses of skills, traits and motivational drivers of successful entrepreneurs.................13
TASK 4..........................................................................................................................................13
P7: Examine how background and experience can foster entrepreneurship.............................13
M4: Analyse the link between entrepreneurial characteristics and the influence of personal
background and experience to specific successful entrepreneurs.............................................14
D4: Critically evaluate how background and experience influences entrepreneurs, both
positively and negatively, by comparing and contrasting examples.........................................14

CONCLUSION .............................................................................................................................14
REFERNCES:................................................................................................................................15
Books and Journals:..................................................................................................................15

INTRODUCTION
Entrepreneurship is the business activity that run by a person who has potential to handle
the risk. It is the most risky but profit given activity that perform by a entrepreneur. Generally
people want to do a job in reputed company, they don't want to run a business. It is the main
reason of not so much grow in their career (Ahmad, Bakar, and Ahmad, 2018). It is identify in
many states that entrepreneur get more success as compared to those person who is not capable
to perform entrepreneurship. So that's why it becomes very important for every person that they
think about new business with new innovative and creative ideas. Entrepreneur is the person who
has capability to bears the risk, accept challenges, run with new thoughts, make different from
others, etc. These activities make different from other person. They are the reason of small start-
ups and businesses which give a great contribution in to the economy. So that's why small
business is very important for success and growth of economy. In this context, Deloitte is
undertaken as a consultancy firm that provide right directions and information to individual as
well as firms. It is founded in London, 1845 by William Welch Deloitte. Deloitte conducting a
show of Small Business & Entrepreneur in this report. This report helps to analyse the impact of
small business and entrepreneur on economy.
MAIN BODY
TASK 1
P1: Analyses different types of entrepreneurial ventures and relation with typology of
entrepreneurship.
Entrepreneurship is very important for economy as it gives a great contribution in
economy. For development and growth rate of country, it is analysed that entrepreneurship and
small scale business are one of the important elements (Ahsan, 2020). So that's why Deloitee
conducting a show in which they focuses on creating and growing awareness of small business
and entrepreneurship. It is identified that there are many types of entrepreneurial venture are
present that mentioned below:
Small business entrepreneurship
It is the first type of entrepreneurship that focuses on small scaler business that means
those person who are not ready for taking higher risks. So that they adopt this type of
entrepreneurship. It includes small businesses such as hairdressers, plumbers, consultants, Local

grocery stores and small boutiques. All give their contribution in the economy. Their small
contribution integrates all efforts of every small business and convert into big contribution.
Large company entrepreneurial venture
It is the companies which wants to survive on the market for longer period so they
adopted large company venture (Block, Fisch, and Rehan, 2020) . In this type of venture
entrepreneur face many difficulties and risk. They need lots of patience, skills and talent that
helps to grow their business at a large scale. It requires lots of money for introducing a capital in
their business.
Scalable start-up entrepreneurship
It is the type of entrepreneurship in which entrepreneurs has too much capabilities to
change the world at their own respective. They borrow capital from venture capitals and hire
talented and specialized employees so that they give their bets to grow and success in the market
place.
Innovative entrepreneurship
It is the another type in which entrepreneur focus on innovative and creative ideas so that
they can build an innovative entrepreneurship. They use many ideas and thoughts that helps in
making their business different from others. It aims to change the way of people that they
presently live.
Above types of entrepreneurship is very essential and any person can adopt one of them.
All entrepreneurship is necessary to evaluate before taking under consideration for selection of
one of them.
Typologies of entrepreneurial venture:
Typology is the term that refers to differentiate the type of entrepreneurship on the basis
of structure, plan, style, etc. It is very important for individual who want to start their small
business and entrepreneurship, that they should understand each typology (Dias, Rodrigues, and
Ferreira, 2019). So that they can understand the scenario of each typology. There are some
typology of entrepreneurship is mentioned below: Aggressive growth ventures: It is the typology in which organisation or entrepreneur
focus on innovative ideas and advanced technology. It aims to grow and success in the
marketplace. They also aims to stay in the market for longer period. With the help of this
typology small business and entrepreneur can expand their business at global level.

 Lifestyle ventures: It is the typology that focuses on customers satisfaction rather than
anything else. It is analysed that these type of venture required less number of human
resources. Managed growth ventures: It refers to types of topology in which organisation need to
perform those activities that helps in increase productivity and profitability. This type of
ventures need some efforts that helps in managing growth rate.
 Survival ventures: This type of ventures has aims to survive in the market. Micro
business is the best example of survival venture. In this type of ventures, they focuses on
growth so that they can stay for a longer time.
P2: Explore the similarities and differences between entrepreneurial ventures.
It is very important for individual or entrepreneurs that they should the difference
between entrepreneurial ventures so that they can take decisions accordingly (Donckels, and
Miettinen, 2019). In the below section some similarities and differences are mentioned below:
Above mentioned types of entrepreneurship has some similarities that can be understand
with the help of explanation. It is analysed that every entrepreneurship wants to generate and
increase profits so that they can run their business very well. Above types includes small
business, large business, scalable business and innovative entrepreneurship. All have same
process to think about their start ups as all of them required capital to start their own business.
Firstly they analyse the needs and wants of entrepreneur so that they can take right decision.
They put their efforts for making profits so that they can run their business very well. All types
require market research so that they can analyse the situations of competitors and make strategies
accordingly. Every entrepreneur requires skills and potentials to perform their duties and
responsibilities so that they can grow and success. These are the similarities of different types of
entrepreneurship. Below is the table that showing differences between entrepreneurship:
Small business
entrepreneurship
Large company
entrepreneurial
venture
Scalable start-up
entrepreneurship
Innovative
entrepreneurship
Small scale business
need very less capital
to start their
Large scale company
need a very huge
amount of capital so
This entrepreneurship
type requires funds but
they generally borrow
Innovative
entrepreneurship
demands a high scale

entrepreneurship
(Ferreira, Ratten, and
Dana, 2017).
they need fund sources
from which they can
borrow.
from venture capital so
that they can start their
business very well.
of innovative creative
ideas so that they can
make different from
others.
Small scale business
requires very less
number of people so
that's why they do not
need a separate
department of human
resources.
Large companies need
a large number of
employees so that's
why they need a
separate HR
department that can
hire employees.
Scalable start-up
entrepreneurship needs
a talented and skilful
employees who are
ready to give their best
to company. So it
requires a human
resource departments
that conduct
qualitative recruitment
rounds.
They mainly focuses
on ideas and thoughts
of employees. So
entrepreneur conduct
interview sessions
accordingly with
special care of
innovative and
creative ideas.
Every business has
their own objective,
small business and
entrepreneurship set
objectives such as they
just want to work
something so that they
can fulfil their family
basic needs.
Large companies has a
main objective that
they want to earn more
and more profits so
that they can run their
business for long
period.
In this type, they
focuses on specialized
employees so that they
can change the world
and also perceived
value of persons
(Festeu, and
Turlakova, 2020).
Their main focus is on
that they develop or
create a different
venture that create
brand recognition.
M1: Investigate different types of entrepreneurial ventures for understanding of entrepreneurship
in public and corporate sector.
Every types of entrepreneurship is necessary to understand so that person who try to start
their business get all necessary informations and take wise decisions. It is analysed that every
types has different aims and requirements but still they have some similarities. Entrepreneurship

is necessary for both corporate as well as public sector. Because it helps in giving contribution
and growth in economy.
D1: Critically examine the scope, development and growth of entrepreneurial ventures.
The scope of different types of entrepreneurship depends on their nature that means if any
person who wants to run small businesses so they have less scope to grow and success. Every
entrepreneurship grow according to their strategies and policies. It is very important for
individual that they have knowledge of all types of entrepreneurship. The growth and
development of entrepreneurial venture depends on their activities.
TASK 2
P3: Interpret with the use of relevant statistics and data to evaluate how small businesses and
micro impact on economy.
It is analyse from the previous studies that micro business impact on economy in a
positive way (Gedeon, 2017). That means they give a great contribution in the gross domestic
product of UK. There are many research and previous data shows that it gives a great
contribution in economy and becomes the reason of development in UK. It can be better
understand with the help of explanation and impact of each type of business.
Small business:
It is the types of business in which they doesn't recruit more than 50 employees. It is very
important for organisation that they know the criteria so that they can not confuse with the
criteria. They are independently run their business so that's why they share profits and losses
independently.

From the above figure, it is analysed that impact of small business on UK's economy.
Data analysis and interpretation of above statistics given below:
 After the brief analysis of statistics, it is identified that small business contributes more
than 24% which is very big number of percentage.
 It also helps in increase of gross domestic product of UK's economy.
 In this stage, generally government increases custom duty so that they can get maximum
revenues which helps in rise of economic growth rate.
 It increase employment opportunities for residents of UK. SMEs give jobs to
approximate 16.3 million people that means it contributing around 60% of jobs
(Mahadea, and Khumalo, 2020).
 It helps in generating competition and innovation so that country becomes a leader in the
global market.
 With the help of more and more businesses, it increase exports that become the important
part of government revenue.
It is analysed that small business give many benefits to the country and economy so that's
why government focuses on more and more opening of new start ups.
Micro Businesses:
It is the another type of business in which it employees not more than 10 employs. It
generally defines as very small size of business that include street food, stalls, etc. It also plays a

crucial role in the economy. Because it require very less amount for start up that means they can
run their business easily. It helps in fulfilling the basic need of people.
Above figures can be understand with the help of good interpretation that mentioned
below:
 These types of business helps in creating employment who have no skills and knowledge.
 It is very important for organisation as it helps in creating some innovativeness (Miranda,
Chamorro-Mera, and Rubio, 2017).
 These types of businesses have not incur any taxes that become the best part.
 It requires very less locations which doesn't bear any cost.
It is identified that micro business also play a significant role in the economy. They give
small contribution but because of many micro business it also gives a great contribution.
P4: Determine importance of start ups and small businesses for growth of social economy.
Start ups and small business is become the main reason of growth and development of
economy. It is identified that those countries which takes serious implementation of activities on
SMEs, it gives a very good result to the economy. There are many countries which focuses on
more and more growth in SME sectors so that they become the leaders of the global market.
Small business assist to economy as well as each and every person. Because it gives self respect
as they run their own business. It gives security to each and every business so that they can fulfil
their own basic necessities (Orlandi, 2017). It is very important for countries that they should
know about the importance of small business that helps in taking right decisions. It can be more
understand with the help of importance that are mentioned below:

 It is analysed that with the help of small business and start ups, business can generate
more innovative idea that assist in leaders of the global economy. It helps in attracting
more and more customers which increase profitability. Every organisation want to earn
more profits so that they can invest in other activities such as assets, life insurances and
many more. It assist in focusing on expanding of business.
 With the help of small start ups country decreasing poverty so that economy can
sustainably grow. It is very important for individual that they should thought about start
ups so that it helps in removing poverty from the roots of society.
 It increase the value of person or standard of living. Standard of living is very important
to increase so tat society value can increase.
With all these benefits, it is analysed that it helps in generating and developing social
economy. Social economy refer to economy that include each and every person become the part
of increasing country's economy (Schaltegger, Beckmann, and Hockerts, 2018). Social
economy includes all those person who give their small contribution to the country. It is analysed
that organisation run their business successfully only when they utilise social resources so that's
why it is the duty of our country that they focus on those activities which helps in developing
social economy.
M2: Evaluate the differences small, medium and large businesses with the application of relevant
statistics and data.
It is analysed that small, medium and large organisation play a vital role in the economy.
As it gives a great contribution in the development of economy. From the above statistic and data
it can be easily interpret that countries should take necessary steps for those activities which
gives motivation and encouragement to each and every person so that they can start their own
business. It helps in many activities as it grows economy rapidly and generating employment
opportunities so that every individual independently fulfil their own basic needs.
D2: Critically examine how small businesses have an impact on different levels of the economy
(local, regional, national) and in an international context.
Small business helps at every level of country such as local, regional and national. It is
analysed that small workers who have lack of money can run their own business that removes
their problem of arranging basic necessities. It assist in removing all barriers such as colour,

caste, poor and rich criteria. It helps in removing poverty from the society that give benefit at
national level and also increase the growth rate of economy.
TASK 3
P5: Traits and skills of successful entrepreneurs
Importance of small and micro business can be understand from the above discussion. So
now it is necessary for organisation and entrepreneurs that they should know the importance of
traits and skills that are required for successful entrepreneur. It is crucial to know the traits and
skills that are required for a good entrepreneur.
Tome Mercer Elizabeth Gooch
Skills Curiosity- Curiosity is very
essential for successful
entrepreneur. Because it helps
to motivate towards new ideas
and innovative thoughts. As it
can be clearly seen in the
MOMA food that they can use
their skills and talents for
launching night shift for
delivering and offering food
products.
Influencer- It can be seen that
Tom become the successful
person who influencing his
family and friends with their
innovative ideas. It shows that
how they can influence other.
Uniqueness- It is analysed
from the case of Elizabeth
that how Rodney helped
Elizabeth for developing
some new idea. Because of
this Elizabeth ready to work
differently. For that
Elizabeth decide that
changed her company’s name
which give something new
and different to others.
Control- In this case,
Elizabeth wanted that full
control on her business.
Because of this reason she
wanted to some investors.
Characteristics Passionate- Passion is very
necessary for successful
entrepreneurs. Because it
Money Minded-
Entrepreneur need to become
money minded only when