Comprehensive Report on Entrepreneurship and Small Business

This report delves into the realm of entrepreneurship and small business management, exploring various entrepreneurial ventures and their typologies, highlighting similarities and differences between them. It examines the significant impact of micro and small business enterprises on the economy, particularly in the context of Brexit, and analyzes the characteristics, traits, and skills of successful entrepreneurs like Bill Gates and Mark Zuckerberg. The report also discusses how an entrepreneur's background and experiences can either hinder or foster entrepreneurial endeavors, emphasizing the critical role of enterprises in driving economic growth and providing employment opportunities. Desklib provides access to this document along with a wealth of other study resources.

Entrepreneurship
and Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different type of entrepreneurial ventures and their typology...............................................1
P2 Similarities and diffidences between entrepreneurial ventures.............................................2
M1...............................................................................................................................................3
D1................................................................................................................................................3
TASK 2............................................................................................................................................3
P3 Impact of micro and small business enterprises on economy................................................3
P4 Contribution of small businesses and business start ups to the growth of economy after
Brexit...........................................................................................................................................4
M2...............................................................................................................................................4
D2................................................................................................................................................5
TASK 3 ...........................................................................................................................................5
P5 Characteristics, traits and skills of two successful entrepreneurs..........................................5
P6 Entrepreneurial personality reflect its motivation and mindset.............................................6
M3...............................................................................................................................................7
D3................................................................................................................................................7
TSK 4 ..............................................................................................................................................7
P7 Background and experience can hinder or foster entrepreneurship.......................................7
M4...............................................................................................................................................8
D4................................................................................................................................................9
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurs are the one who undertake business activities to gain financial returns on
the amount invested in its operations. Enterprises plays a crucial and essential role in the
development of the economy of the country. Small commercial enterprise plays an essential role
in the development of the economy by providing innovative products to the people and and the
same time provide employment opportunities to the unemployed masses. These enterprises
provide an opportunity to the skilled lower level employees including artisans to show their
talent to the whole world. After the Brexit small commercial enterprise play a essential role in
maintain the economy of the country.
Experiences plays an important role in encouraging the entity activities. If the owners and
employees working in an entity have a positive experience, than this will foster the activities of
enterprise and opposite will be happen in the other situation(Blackburn, Hart and Wainwright,
2013). There are number motivational drivers which motivate the enterprise's activities.
Different types of entrepreneurial ventures with their typologies are discussed under the
report. How mindset and motivation of enterprises affect its success and its activities are
discussed under the report.
TASK 1
P1 Different type of entrepreneurial ventures and their typology.
Entrepreneurs are the one who start or undertake the business activity to gain profit or
financial increases. These people undertake various business activities or take risks order to gain
profit. Entrepreneurs can be of various types including the following: Small business entrepreneurs: These type of entrepreneurs are the one under which a
small number of workers work and a small amount of money is invested in their business
operations. Theses entrepreneurs play an important role in the development of the
economy by providing employment to the unemployed ones. Large business entrepreneurs:A large amount of money is invested under these type of
entrepreneurs and these entities generate a large amount of profits because of their high
volume of sales. Sociable entrepreneurs: These type of entrepreneurs are start to solve the social
problems rather than to make a large amount of profit every year. The main aim of these
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enterprises is to undertake the production activity or make the products to satisfy or
solve the social problems(Bridge and O'Neill, 2012)
 Start up enterprises: These are the entities who start or undertake the business activities
with a creative idea. The main aim of theses type of enterprises is to capture a greater
market share.
Typologies of entrepreneur: Copy cat entrepreneurs: These are the organization who copy the idea of other
successful entities and undertake the business activities. Determinant enterprises: These type of enterprises start whit a very creative idea and do
a lot of hard work to achieve success.
 Women entrepreneurs: Entrepreneurs whose main control relays in the hand of a women
are called women entrepreneurs.
Type of entrepreneurs get affected through its typology. Typology of enterprises affect its
activities and its success a lot.
P2 Similarities and diffidences between entrepreneurial ventures.
There are number of entities whose activities are differs from the other. Instead of many
differences there are number of similarities among the various enterprises. All the differences
and similarities among the various enterprises can be understood by the following:
Type of entrepreneurs Similarities Differences
Small v/s large business
enterprises
Small and large both the
enterprises undertake various
business activities or take the
risk in order to gain profit or
financial returns(Burns, 2010)
Small amount of money is
invested in the business
operations of small business
enterprise and on the other
hand huge amount is inveterate
in the business activities of
large business enterprises.
Social v/s start up business
enterprises
Both the enterprises undertake
the business acclivities nib
order to satisfy the demands of
the customers or offer
The primary or main objective
of social business enterprise is
to solve the social problems
whether the main objective of
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innovative products for the
large number of people.
business start ups is to capture
a larger market share by
offering innovative products to
the customers.
M1
Entrepreneurship is a activity which can be undertake or perform in both the sectors
including public and corporate sector. Enterprises run in the public sector get various support
from the government in order to increase or maintain the economic level of the
country(Carland, Carland and Stewart, 2015). The main objective public enterprises is to
promote the entrepreneurial activities in the country.
Like the public sector the entrepreneurial activity also undertake in the corporate or
private sector. The main objective of these enterprises is to capture greater market share by
providing innovative and need satisfying products to the public. Private enterprises undertake all
the operations by doing a research on the needs and wants of the customers and undertake
production activity to satisfy the dissatisfy or unmet demand of the customer.
D1
Entrepreneurial activities plays a important role in increasing the economy of the country
because these activities increase the trade in the country and helps the nation in earning foreign
exchange. In today's world the needs and wants of the customers are changing very fast and one
product cannot satisfy their needs of there is a need of different enterprises to satisfy the needs of
the customers so a lot of scope is there of enterprises who can offer variety of products to the
people. Enterprises plays an important role in the development of the economy of the nation and
for this enterprises get various support from the government like various subsidiaries, tax returns
and many more.
TASK 2
P3 Impact of micro and small business enterprises on economy.
Small and micro businesses plays an important role in growth of the economy. These
business enterprises start or undertake enterprise activities with a creative or innovative opinion.
These enterprises attract large number of investors by providing or give them a chance to earn
high returns on their money(Carraher and Paridon, 2015). These business concerns offer
innovative products to their customers and meet their various needs and wants.
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The main benefit of these concerns is that they provide an opportunity to the small
artisans to present or show their talent to the whole world. All the activities of these enterprises
are done in a ethical way and transparency is maintained by the managers of these businesses.
These enterprises increase the wealth of the country by encouraging the trade and by earning
foreign exchange these business helps the nation to earn foreign exchange. These enterprise
contribute a lot in the GDP of the country(Chittithaworn and et. al., 2011). These organization
provide support services to the large business enterprises to execute their business operations.
Other than this these enterprises give training to the unskilled labour to enhance their skills ta
make them able to survive in the competitive market.
P4 Contribution of small businesses and business start ups to the growth of economy after Brexit.
From the term Brexit one can understand about the changes or economic changes that
takes place between the united kingdom and European union. This affect the balance of trade that
take place among the nation and disturbs the overall economy of the nation and in this situation
small business enterprise or entrepreneurs plays an effective role in managing the growth of the
economy. Small business concerns ensures the trading operations taken place in the country at a
small level in order to overcome or manage the dis balance that take place after the Brexit.
Brexit take place on an international level so it largely affect the activities of the large
business enterprises and this give rise to the dis balance among the trade take place on an
international level. So this was a situation where small business concerns plays a important role
in regularly carrying out the activities on a national level.
M2
Whether it is small, medium or large every enterprise plays a big role in improving the
economic conditions of the nation by providing or generating employment opportunities.
From all type of enterprises small business enterprises plays and important and crucial
role in growing the economic conditions. One of the main feature of theses enterprises is that it
encourage trade activities in the rural areas and provide employment to the rural people and
contribute a lot in increasing their standard of living.
Medium business enterprises also plays a critical role in maintain the economy of the
country(Dennis, 2011). These enterprises provide financial services to the small business
enterprises and consultancy and base services to the large business enterprises.
4

Large business enterprises are the one who undertake business operations on an
international level and contribute a lot in increasing the economy of the nation. These enterprises
do the international transaction and helps the nation in earning foreign exchange.
D2
Small business enterprises plays an important role in increasing or managing the
economy of the nation. These concerns provide various employment opportunities to the masses
of the nation and contributing in increase their standard of living(Fassin, Rossem and Buelens,
2011). These businesses are the back bone of the economy of every nation and contribute a lot in
increasing the wealth of the nation. These enterprises affect the economy on various level
including local, regional and international level.
It affect the local economy buy providing employment to the local masses and it also
undertake the trade operations on an international level and affect the economy on a international
level also.
TASK 3
P5 Characteristics, traits and skills of two successful entrepreneurs.
Characteristics and skill are important factor which is required in every personalities to
become a successful entrepreneur. Some of characteristic and skills of Bill Gates and Mark
Zuckerberg is described as follows:-
Characteristics:-
 Passion and motivation:- To become a successful entrepreneur it is necessary for
individuals to be passionate and motivated to start new venture. The passion towards
developing own business lead to start a business and made them successful. Motivation is
a factor which influences individual to take initiative for start-up of business(Gorgievski,
Ascalon and Stephan, 2011). The eagerness to earn more money act as motivation to
individual which forces them to incorporate venture further leads to success of
personalities.
 Risk taking:- The success of every entrepreneur is only because of taking risks to
establish new business. Bill gates and Mark Zuckerberg have taken risk positively in
incorporation of new business which made them successful entrepreneur in competitive
business world.
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 Dedication and Hard working:- Bill Gates and Mark Zuckerberg both have achieved
success only because of their dedication towards business and hard working in
organisation to achieve predefined goals and objective.
Skills:-
 Communication skills:- Bill gates and Mark Zuckerberg both the personalities have
good skill in communicating with customers and clients of business which have made
them successful entrepreneurs(Islam and et. al., 2011). The skill helps to build good
healthy relation with customers and staff of organisation which enhances the performance
of business.
 Leadership skills:- Both Bill Gates and Mark Zuckerberg have leadership skills which
supports them to influence the employees of organisation to perform work significantly
and achieve objectives within time frame. This skill made both the personalities
successful as an entrepreneur.
P6 Entrepreneurial personality reflect its motivation and mindset
Motivation and positive mindset are the two essential factors which should be there in
every business entity to be successful. One of the main characteristic of both the enterprises
listed above is there positive mindset which help them to achieve the success. Positive mindset
encourage the business owner continuously not to fear from the risk of failures and do the
innovation on a regularly basis.
Like the positive mindset motivation is an essential factor which affect the success of the
business entity by encouraging the business owners. Personality of the business owner affect the
success of the business and its activities. More positive will be the behaviour of the business
owner more it will encourage him and the employees to take and accept the challenges in the
business environment(Lee-Ross and Lashley, 2010). Taking the risk will helps the business
endeavour to achieve success more easily and earlier than other enterprises who does not take the
risk.
It is very essential for every enterprise to undertake some amount of risk and provide
innovative products to its customers in order to well satisfy their needs and wants and at the
same time achieve the competitive position in the market.
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M3
Characteristics are that unique quality that makes the one enterprise different from the
other. More skilled the employees will be more there will be chances that the enterprise will
achieve success. Skilled workers contribute and help a lot the in achieving success(Luiz, 2011).
For this it is the responsibility of the managers to recruit skilled taskforce and if any of the
present employees lack kin any skill than it is the responsibility of the manager to conduct
training programmes for the employees in order to enhance their skills and traits. In today's very
dynamic and changing world the tastes of the customers are changing very fast and for the
survival of the enterprises it is very essential for them to provide them products according to
their needs and for this there is an immense need of talented workforce which can help the
enterprise in providing featured products.
D3
There are number of traits and skills which should be there in every enterprise to be
successful some basic skills which should be there in every enterprise to be successful include
the following: Money management: Money management simply means management of financial
accounts or reports of the company. It is one of the main and important skill, this will
help the manager in knowing from where the money is come in or where the money is
going from the business operations. Flexibility: Flexibility means doing changes according to the changing situations in the
business environment. Number of changes takes place in the environment where
company undertake all the business operations and when an enterprise do the necessary
changes than it achieve the success more easily.
 Vision & mission: Vision is the where the enterprise wants to see itself after some years
more effective or meaningful will be the vision than more it will motivate the employees
to achieve the same.
TSK 4
P7 Background and experience can hinder or foster entrepreneurship.
There are many factors that creates various impacts on an entrepreneurs life and
experiences(Neck and Greene, 2011). Those factors could be a subject that may foster or hinder
their entrepreneurship. There are certain effects on the business done by a person depending on
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his individual background and his past experiences that he has faced in his life. Some factors
from his personal background and experiences can be: Education: An entrepreneur's education is an important aspect that may hinder or foster
the business he is involved in(Schaper and et. al., 2014). His education and the
knowledge he possess may help in the development and growth of his business or if he is
not educated enough, the lack of awareness and knowledge he has regarding the industry
and the economy, he will be facing heavy challenges to reach his point of success. Upbringing: This is a factor involved within the background and experiences of the
entrepreneur, supports in making the person aware about the businesses and the ethics
related to it. If he is brought up in a good family within good conditions, he will behave
to the customers with the proper ethical manners and otherwise, he may not respect them. Financial Conditions: The financial conditions in which he rises in another major factor
that would help him in the establishment and development of his business. The financial
condition in which is brought up is dependent on the type of industry he is going to be
involved and the capability of him to grow the enterprise.
 Character Traits: Every characteristic aspects of an individual is made up as a part of his
past experiences and personal background as it helps in an individual's personality
development. Attitude and behavioural aspects within the business and business activities
are developed within the person's past experiences.
M4
This is major sense of personality and business development science that an individual;
develops his mind for establishing the business and the mentality to grow that business to a
vaster level, are all a part of business personality development(Shane, 2012). A person's
background and experiences play a major portion of motivation and creating mindsets towards
setting the goals at the organisational level. A person develops his attitude and behavioural
aspects within his childhood and the education plays an important role in giving him the practical
knowledge of facing various situations that come within his entrepreneurial life. The struggles
and challenges he faced in his past life also gives him the motivation to succeed with the
objectives of his entrepreneurship.
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D4
Hereby, the examples are given as to realise that the personal experiences and
background of an entrepreneur certainly influences the entrepreneurship and its growth. Any
entrepreneur who has post graduated with a Masters in Business Administration may be aware of
the economical risks and the financial provisions allowed to particular industries from the
government(Stokes,Wilson and Wilson, 2010). But an individual with no higher education who
starts up an enterprise may take time to face challenges and realise there are seasonal inflation
and deflation that may affect his business negatively. He may not be able to pay his employees
while financial crisis and he may face more risks of loss.
CONCLUSION
From the above information it can be concluded that activities of enterprises contribute a
lot in growing the economy of the country. Various activities of the small business enterprises
helps in increasing the wealth of the economy. Numerous types of enterprises are there who
work differently from each other but there main objective is the same that is to generate or create
large number of revenue by selling unique products to the customers. There are large number of
factors which affect the success of the enterprise include personal experience of its owners and
workers working in it(Storey and Greene, 2010). In today's world it is very necessary for the
enterprises to hire skilled employees in order to get a successive position in the market. There is
a need to the managers of the enterprises to understand that success and failure are the two sides
of a one coin and they should learn from the mistakes they done in the past.
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REFERENCES
Books and Journal
Blackburn, R.A., Hart, M. and Wainwright, T., 2013. Small business performance: business,
strategy and owner-manager characteristics. Journal of small business and enterprise
development. 20(1). pp.8-27.
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: entrepreneurship and small business.
Palgrave Macmillan.
Burns, P., 2010. Entrepreneurship and Small Business: Start-up. Growth and Maturity. Palgrave
Macmillan.
Carland, J.C., Carland, J.W. and Stewart, W.H., 2015. Seeing what's not there: The enigma of
entrepreneurship. Journal of small business strategy. 7(1). pp.1-20.
Carraher, S.M. and Paridon, T.J., 2015. Entrepreneurship journal rankings across the discipline.
Journal of Small Business Strategy. 19(2). pp.89-98.
Chittithaworn and et. al., 2011. Factors affecting business success of small & medium
enterprises (SMEs) in Thailand. Asian Social Science. 7(5). p.180.
Dennis Jr, W.J., 2011. Entrepreneurship, small business and public policy levers. Journal of
Small Business Management. 49(1). pp.92-106.
Fassin, Y., Van Rossem, A. and Buelens, M., 2011. Small-business owner-managers’
perceptions of business ethics and CSR-related concepts. Journal of Business ethics.
98(3). pp.425-453.
Gorgievski, M.J., Ascalon, M.E. and Stephan, U., 2011. Small business owners' success criteria,
a values approach to personal differences. Journal of Small Business Management.
49(2). pp.207-232.
Islam and et. al., 2011. Effect of entrepreneur and firm characteristics on the business success of
small and medium enterprises (SMEs) in Bangladesh. International Journal of Business
and Management. 6(3). p.289.
Lee-Ross, D. and Lashley, C., 2010. Entrepreneurship and small business management in the
hospitality industry. Routledge.
Luiz, J., 2011. Small business development, entrepreneurship and expanding the business sector
in a developing economy: The case of South Africa. Journal of Applied Business
Research (JABR). 18(2).
Neck, H.M. and Greene, P.G., 2011. Entrepreneurship education: known worlds and new
frontiers. Journal of Small Business Management. 49(1). pp.55-70.
Schaper and et. al., 2014. Entrepreneurship and small business.
Schaper, M. ed., 2016. Making ecopreneurs: developing sustainable entrepreneurship. CRC
Press.
Shane, S., 2012. Reflections on the 2010 AMR decade award: delivering on the promise of
entrepreneurship as a field of research. Academy of Management Review. 37(1). pp.10-
20.
Stokes, D., Wilson, N. and Wilson, N., 2010. Small business management and entrepreneurship.
Cengage Learning EMEA.
Storey, D.J. and Greene, F.J., 2010. Small business and entrepreneurship. Financial
Times/Prentice Hall.
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