Entrepreneurship and Small Business Management Unit 9 Report

This report examines entrepreneurship and small business management, focusing on the various practices related to the performance of small-scale firms. It distinguishes entrepreneurship from traditional business operations, highlighting the importance of innovation and risk-taking. The report identifies different types of entrepreneurship, including small business, scalable startups, large-scale companies, and social entrepreneurship. It assesses the positive impact of small businesses on the community and local economy, emphasizing their flexibility, customer-oriented approach, and role in job creation. Furthermore, the report explores the characteristics of successful entrepreneurs, such as a strong internal drive, self-confidence, and openness to change, concluding with the importance of continuous development and innovation in entrepreneurship.

ENTREPRENEURSHIP AND SMALL BUSINESS
MANAGEMENT
NAME OF THE STUDENT:
STUDENT’S ID:
NAME OF THE UNIVERSITY:
1

Contents
Introduction:...............................................................................................................................3
Part 1:.........................................................................................................................................3
P1............................................................................................................................................3
P2............................................................................................................................................4
P3............................................................................................................................................6
P4............................................................................................................................................7
Part 2:.........................................................................................................................................8
P5............................................................................................................................................8
P6............................................................................................................................................9
P7..........................................................................................................................................11
Conclusion................................................................................................................................11
References................................................................................................................................12
2

Introduction:
Without being affected by the various importance of marketing to entrepreneurial ventures,
only a few researchers studied the connection with different business connections. The
purpose of this report is to determine the number of various practices related to the
performance of various mall scale firms. Entrepreneurship is basically the activity of setting
new business and risking finances in the hope of receiving a huge amount of profit. With the
help of new business is helpful in encouraging entrepreneurship on a very large scale.
Economies that are emerging are stated by the orientation in the market and expansion of the
foundation in an economy. The reason for the success of these economies is entrepreneurship
in the economies that are emerging(Simons, 2013, p.65). The different types of
entrepreneurship are the small business entrepreneurship like grocery stores, consultants,
travel agents.Scalable startup entrepreneurship, large-scale entrepreneurship and social
entrepreneurship. Entrepreneurship operates within an ecosystem-based for entrepreneurs
which includes the government programs and some services that promote and support start-
ups for small scales firms. As venture creation is a golden opportunity as it is a set which is
adapted by the individuals for starting a new business. Entrepreneurs are likely to be
confident and try to form a vision as the business starts up.
Part 1:
P1
M1, D1
Entrepreneurial ventures require gathering funds, raw materials, different and working
locations along with skilled employees to carry out the production process or to offer various
services. An entrepreneur also controls the sales and marketing along with distribution and
different kinds of important aspects. Entrepreneurship is different from running or taking
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over the same business either it is a family business or co-owned business. Also, working for
some other businesses or other entrepreneurs for earning a salary or becoming a commission
agent for some other business and selling the goods or services that already available in the
market. There is a very thin line between the small business and an entrepreneurial venture as
there are many things in common (Renz, 2016, p.554). In the initial stages of both small
business and entrepreneurial ventures there is a high requirement of dedication and hard work
and later on, a very small amount of small businesses become entrepreneurial ventures.
Usually, a small business uses products and services that are already known and established
in the market whereas the entrepreneurial ventures offer innovative and new products and
services to the market. In other words, the small business aims mainly for limited growth and
maintain the equal amount of productivity where the entrepreneurial venture targets for
growth at a very high speed and requires high production as a return. Small businesses are
known and aware of the various types of risks that might affect them and the entrepreneurial
ventures face a lot of risks which are unknown. Entrepreneurs often take risks that are
unknown and uncalculated to them but they also keep a well-précised plan to deal with those
unknown risks to an extent. Most of the entrepreneurs start a business with innovative ideas
and revolutionary inventions which help in their rapid growth and makes them an
entrepreneurial venture (Chiarini and Vagnoni, 2015, p.593). As most of the entrepreneurs
are young and not much experienced and mainly follow their passions and often do not carry
out the research that is required. As capital being the most important requirement of the
entrepreneurial venture and in many cases, most of the entrepreneurs start with insufficient or
less capital making the plan of running a business risk. There are mainly four different types
of entrepreneurship.
P2
M1
4

With the number of entrepreneurs increasing day by day and set up of a small business
remains the same. As stated above a small business mainly consists of small stores like
grocery, hairdressing, travel agency, carpenters, plumbers and much more. These types of
businesses are started by anyone willing to run their own business as they hire local
employees or family members and earn a very less amount of profit. The owners of these
businesses decide the profit by feeding the families (Fullertonet al. 2014, p.420). The funding
of such small business is mainly done by rich friends or loans that are provided to them by
the bank. Another type of entrepreneurship is the scalable startup entrepreneurship as the
business starting under this category keeps a vision of providing a revolutionary change to the
world. The main funding is done by the financial investors the ventures capitalists. These
businesses mainly hire employees with high skills as they are repeatedly searching for
innovations and for this it requires a very investment for the growth. Large scale company
entrepreneurship these companies are limited to offer the customers with new products and
services and different variations. As the change in customer's demands and requirements
occur the company pressurises its employees to fulfil the needs of the customers with new
products, services and technologies. The introduction of new competitors in the market can
also be challenging for these companies along with the change in the law of the government
of thecountry. Large size companies usually carry some poor innovative operations that can
cause harm for their place in the market as the operations are very difficult to execute. Lastly,
Social Entrepreneurship is the companies that focus on basically the needs of the customers
which may be solved by the products (Noordinet al. 2015, p.17). These companies are also
like the scalable start-ups as the goal is to make the world a better place to live as it does not
requires funds or shares from the market or the founders. These companies are mainly
working for the benefits of the customers and not for their profit, but in many cases, some
companies work for the benefits of the consumers as well as the profit of the company.
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P3
M2, D2
Small businesses make the positive impact on the community in many ways as they do more
than providing services and products but they also provide strength and also shape the
community. Small businesses may not be able to generate a large amount of capital like the
bigger companies the small businesses also provide strength to the local economy. A business
with less than five hundred employees is the small businesses but they represent 99.7 percent
of firms of the employers. The small businesses offered64 per cent of jobs with good salary.
By bringing growth and various innovations to the community the small business contributes
to the local economy they can affect the local economy on a huge basis. As these businesses
are also able to attract new talents as they can produce new products or implement new ideas
by providing solutions. Various small businesses can adapt and respond in a very rapid way
to the change in economic climate (Dashtbayazet al. 2014, p.19). The small businesses are
mainly customer-oriented. Apart from these, the customers who are lucky to the business
might stay loyal to them even in changing the economy. Small businesses also acquire very
less revenue when compared to many large companies which mean that the loss in economic
crisis will be comparatively less. The consumers get their money back when the small
business gets patronised by the consumers. The local government can charge the local
business to pay the higher tax than usual and the money is basically used for police stations
along with fire departments and schools. Independent entrepreneurship ventures are not
generally remaining little in quantity. Various types of organisations, for example, Nike and
Ben and Jerry's, began off as independent entrepreneurial ventures that developed to end up
basically as significant and affecting companies in the national and worldwide commercial
centre or the foreign market (Rahman and Ramli, 2016, p.182). A large number of computer
industry pioneers started as a very small business taking a shot within reach collected
6

machines out of their carports. Asan example, Microsoft is a prime case of how a private
venture thought of changing the world. Private companies that develop into substantial
organisations regularly stay in the group in which the business was initially settled. Having a
very wide range of partnership headquartered in a group can additionally help to give
business and fulfil the nearby economy and to achieve the goal.
P4
M2
In the recent days, small business plays a very important and vital role in leading the local
economic development all around the country. In recent reports, a number of small
businesses is the reason for the sales and they also provide a large number of jobs to the
candidates for more than 40 per cent of sales occur due to the reason of small businesses. It is
very easy to attract as well as to start and help the growth of small business as developing
economy as it helps in leading the growth of a company and the growth of such small
businesses are growing at a very fast pace (Strumickas and Valanciene, 2015, p.6). In terms
of flexibility, the small businesses are much more flexible and innovative than the larger
companies as the work, live near the business and provide jobs and help the government by
paying the taxes and helping the local charities. Entrepreneurship is an important component
of economic development and attracting, developing and supporting is a necessary part too.
Due to the reasons stated above many people choose to set up the small business as it
provides them independence to them as they reward themselves with huge incentives for
themselves. To set up a small business personal enterprise is not needed it just requires skills,
an attitude of the employees and regular initiatives that were taken by the small business and
new innovations that are able to contribute to the organisation and also provide and are the
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source of the employment. This is the main reason that makes the small business survive and
reach new levels and prosper in the local economic conditions (Hillet al. 2014, p.94).
Figure 1: Effective management
(Source: Hillet al. 2014, p.94)
Part 2:
P5
M3, D3
8

Being a fruitful entrepreneur implies extra than opening recent hobbies each vile day. It
implies the accurate behavior toward an enterprise yet the undertaking and coarseness in
conformity with perform progress. A fertile entrepreneur has a strong internal force so helps
him and her in imitation of succeed. Give to us a chance in conformity with investigate the
characteristics as suffice among make a fantastic entrepreneur. An entrepreneur obligation
after keep energised by the opportunity concerning work. They ought in imitation of
dependably have a sure force after prevail yet emit obstructions. They labor to embark
widespread objectives because of themselves as nicely as like look at so they are simply
dedicated after carrying out them paying little accept in accordance with the innumerable
difficulties that occur (Rothaermel, 2015, p.71). A fecund entrepreneur dependably has a
consolidated intuition regarding fearlessness and an answer end of theirs aptitudes or
capacities. Their identity is self-assured or solid. They are constantly busy or don't usually
falter including the contemporary issues. This is the issue up to expectation makes them not
quite the identical as the rest. An entrepreneur duty in accordance with dependably stay alert
for recent trends or ideas together with a specific quit purpose after upward shove as like a
victory. They duty in conformity with always re-evaluate themselves then consider better
strategies after keeping a business yet advert lib regarding the items and administrations
presented by them. Another indispensable behavior concerning a high-quality entrepreneur is
openness in reception exchange (Noordin, 2016, p.714). They function not in imitation of lie
adamant or wilful with regards to picking exceptional choices. Change is the important thing
up to expectation is steady between enterprise nobody do perform any benefits regarding age-
old techniques. The course to fulfillment lies between the development, regardless regarding
whether it is the advancement concerning thoughts, administrations or objects yet innovation.
An entrepreneur function in conformity with hold a receptive countenance then electricity in
conformity with research recent things. Understand that the best path in conformity with hold
9

at the pinnacle is after continue altering and advancing with the time. An entrepreneur
function after understand about the nearly latest regime structures or innovation so as like
according to revere the customers betterment (Rothaermel, 2015, p.57). Rivalry function in
accordance with not ever funk an entrepreneur. Truth remain told, a rivalry is the issue that an
advantageous entrepreneur blossoms with. Imposing commercial enterprise mannequin is by
no means something virtue life thankful for. This is regarding tale on of Interesting enterprise
mannequin in that place is no extension because ad lib yet change. An entrepreneur labor
after keep entirely passionate or persuaded. He and he assignment after dependably be of a
hurry. In the meantime, the rank degrees should remain sincerely high.
P6
M3
The entrepreneur will be driven by a reasonable feeling of reason and energy. Commonly,
that energy originates from one of two sources: the point of the business, or the round of
business-building itself. Basically in light of the fact that you're probably going to work too
hard, for a really long time, for too little pay with no assurance that it'll work out so you
should be propelled by something inborn and not cash related. In case will manufacture a
start-up, you'll require a soul of assurance combined with a high torment resistance (Morden,
2016, p.58). The entrepreneur should will and be ready to gain from your oversights – to get
thumped down more than once, get up, tidy yourself off, and advance with re-established
inspiration.Individuals will always disclose to you your child's revolting, that your business
won't work. Presently, the entrepreneur ought to listen painstakingly and be interested in
productive feedback. In any case, before long, having the entryway closed forcefully over and
again can shrink, and the best entrepreneurs figure out how to nourish off the pessimism and
really pick up quality from it.The entrepreneur will require a solid feeling of self. The
entrepreneur will can't be undermined by being encompassed by skilled, driven individuals.
10

To genuinely succeed, you'll require the self-assurance to encircle yourself with individuals
"who don't seem as though you that is, individuals with aptitudes, foundation and space
information that supplement your own (Cooperet al. 2017, p.91). Also, abandon theself-
image shouldn't be excessively pleased, making it impossible to make espresso for the group,
purge the waste bushel, or do the bank runs. You'll have to build up a solace level with
uncertainly and uncertainty. Entrepreneurs assemble as much data as they can in a brief
timeframe and afterwards, changes. On the sliding scale from "hazard opposed" to "hazard
chasing," it shouldn't astonish anybody that entrepreneurs have a tendency to be nearer to the
last mentioned. In any case, you don't be a screwball, the sort who bungee-hops without a
head protector. Keen entrepreneurs build up an instinctive capacity to sniff out and alleviate
new company hazard. In any case, you know will tumble down, and feel good with that
reality and that will gain from your disappointments and conform as you go. The fact of the
matter is that the people who remain on their feet are the ones who remain adaptable and
acclimate to new data and evolving conditions (Goetsch and Davis, 2014, p.67). Regardless
of whether you're a conceived social butterfly or thoughtful person, as an originator/CEO, the
entrepreneur will get yourself continually offering. The entrepreneur will be pitching your
vision to imminent accomplices and subsidising sources. The entrepreneur will be offering
imminent selects on why they ought to stop their day employments and join this start up
they've never known about. The entrepreneur will be offering your items and administrations.
The entrepreneur will be offering your workers on why they ought to keep quiet and remain
with the ship when the oceans definitely get harsh.
P7
M4, D4
11

The background of the entrepreneur is important to understand how the business develops
and the people around the business who create them. The background of the entrepreneur is
necessary as it the basic character in which the entrepreneur is living in (Manyaevaet al.
2016, p.48). The past experiences might harm the thinking of the entrepreneur and the rate of
failing in the business will increase and will cause a loss. The various factors that might
affect the success of an entrepreneur is mainly based on the person that is the background the
person comes from, the believes or the ideas which is possessed by the person or the quality
of education the person perused last but not the least the experience of the entrepreneur can
also decide the success. Usually, the family background also affects the characteristics of a
person and it can be decided that if the person is going to produce an impact or it will be a
failure. If educated the entrepreneur can bring numerous changes to the business with the
education that is possessed underneath. In recent times the growth of technologies and
competition made education an important part of entrepreneurship. The belief of the
entrepreneur in some strategies that might give positive and long term results like profits,
sales, or share in the market. It is completely hypothesized that if the belief of an entrepreneur
is strong the result produced will also be positive as entrepreneurship is based on taking risks
with the capital and funds invested. As the definition of entrepreneur states that a person who
perceives the opportunity that is created for the organization to be able to pursue it.
Conclusion
To lie successfully within sustainable business practices hourly requires entrepreneurship
then innovation. This book gives an overview concerning entrepreneurship then innovation as
like that relates in accordance with sustainable business. The discussion is nearly relevant to
sustainable groups centred regarding presenting recent products then capabilities in the
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explanation in conformity with societal concerns. The importance of entrepreneurship or
innovation also applies according to agencies as alternate how it production products yet
services. The recent agencies execute use progressive practices and entrepreneurship in
imitation of setting up theirs brand renown than to keep demand leaders into doing things so
much effect shared charge because of community or their corporations then also, upon the
time, make a contribution after adjustments between practices of their industry. This will help
in enhnacing the business sustainability.
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Noordin, R., Zainuddin, Y., Mail, R. and Sariman, N.K., (2015). Performance outcomes of
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