Entrepreneurship & Small Business Management: An In-Depth Report

This report provides a comprehensive overview of entrepreneurship and small business management, covering various key areas such as types of entrepreneurial ventures based on scope, growth, and development, including micro-enterprises, small/lifestyle ventures, medium-sized ventures, gazelle ventures, and social entrepreneurship ventures. It discusses the related typology of entrepreneurial ventures, such as survival, lifestyles, managed growth, and aggressive growth, highlighting the differences and similarities between these ventures. The report also examines the impact of micro and small businesses on the economy, including their role in decreasing unemployment, generating GDP, improving living standards, and raising competition levels. Furthermore, it explores the skills, characteristics, traits, and motivational drivers of successful entrepreneurs, reflecting their personality, and analyzes varied factors or environments that hinder or foster entrepreneurship, such as background and experience.

Entrepreneurship and Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................2
MAIN BODY..................................................................................................................................2
LO1..................................................................................................................................................2
Types of Entrepreneurial ventures...............................................................................................2
Related typology of entrepreneurial ventures..............................................................................4
Difference between entrepreneurial ventures..............................................................................5
Similarities between entrepreneurial ventures.............................................................................6
LO 2.................................................................................................................................................6
Micro and Small business impact on economy...........................................................................6
LO 3...............................................................................................................................................10
Skills, characteristics traits, and motivational drivers of successful entrepreneurs, that reflect
their personality.........................................................................................................................10
LO 4...............................................................................................................................................14
Varied factors or environment that hinder or foster entrepreneurships.....................................14
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................17

INTRODUCTION
Entrepreneurship is a process that of setting business activities by undertaking financial
risk in order to earn maximum amount of profitability and market share. Serial entrepreneur are
individual that continuously come up with new ideas and innovation to start a business and
satisfied needs of customers in effective manner. Intrapreneur is a person that is self motivated
and active to undertake high amount of financial associated with starting and establishment of
business. There is rapid growth and expansion of small and micro business in UK that have
contributed in increasing overall employment opportunities and GDP of country. Entrepreneurs
have several skills, capabilities and knowledge that motivate them to start their own business for
earning profitability in competitive market. Background and experiences are two main factors
that hinder or fosters entrepreneurship in the economy. This report is about small and
entrepreneurship management which is prepared in order to know the way business are being
managed and operated. It covers several key areas such as types of entrepreneur venture on basis
of scope, growth and development and their related typology. It also discusses about impact of
small businesses on economy and several characteristics, traits, skills that drive entrepreneur. At
last it have explained about the way background and experienced of individual hinder or foster
entrepreneurship.
MAIN BODY
LO1
Types of Entrepreneurial ventures
There are different ranges of entrepreneurial ventures from small to large scale enterprise
that operates in society. Such venture can be easily classified on basis of their scope of operation,
growth and development and legal ownership of business (Jones and et.al., 2020). Therefore
various types of entrepreneur ventures can be stated as below:
Micro enterprise: It can be stated that micro and small enterprise are growing at rapid stage as
most of the people are planning to start their own business by using their saving amount for

operation and establishment of business. Micro enterprises have employees ranging from 0-10
that work together in small workplace to render services to few individuals in society. Such
enterprise have limited or no scope of development due to less availability of financial and
physical resources to operate business. For examples: small cafe in a street or plumbers that
planned to start its own business for earning sufficient amount of profitability. There are certain
benefits of micro ventures that is required low capital, more flexibility and can takes decision
independently. But they have limited or no access to capital and earn lower profit margin by
satisfying needs of few individuals.
Small/lifestyles ventures: Such types of enterprise are established by owner
because they are more interested or love doing business in specific field. Lifestyles ventures
owner comes with new and innovative ideas to start and operates business so that needs of
diverse individual can be fulfilled. Entrepreneurs have established these firms in order to have
luxury life by earning large amount of profitability (Saseendran and Salman, 2019). Most such
business includes activities or services that are of entertainment and fun like holiday in.
Lifestyles ventures entrepreneur are independent and have full control over business operation as
they wants to attain their respective goals. Lifestyles ventures may required high amount of
capital to run and operates business so entrepreneur must have sufficient amount of fund for
smooth operation of enterprise.
Medium size ventures: These are enterprises that are mostly established with main perspective
to grow and expand its business by rendering qualitative and innovative products and services to
end customers. It has employees ranging from 0-250 that worked hard for achievement of
success and its operates its business at regional level only. Therefore it can be illustrated that
medium enterprise contributed in effective generation of employment opportunities and
increasing level of standard of living of various individuals.
Gazelle Ventures: It is another types of ventures that is found in economy which have large
scale of operation and grow and developed at rapid stage in order to earn more and more profit
margin. Gazelle ventures always offer qualitative or innovative products and services to ends
users for retaining their satisfaction and loyalty for long term growth and success of enterprise.

There are large numbers of employees that are performing their function at different stores or
office of firm located at different countries (Belitski and Heron, 2017). So, gazelle ventures
required more capital, employees to operate its various function or satisfied needs of diverse
individual living across worldwide.
Social entrepreneurship ventures: There are some enterprise which are not established with
motive to earn profit rather than to delivered several products and services to people at
affordable rates. Main aim of social entrepreneurship ventures is to provide support to various
individual or enhance their welfare. Social enterprise may be run and own by sole proprietors or
partners to make life of people better so it reinvest profit earned in business so that needs of
people can be meet and economy can grow.
Related typology of entrepreneurial ventures
There are various types of typology for entrepreneurial ventures that can be illustrated as
follows:
Survival: Firms that are established with a motivate to survive and sustain in market by
delivering small amount of products and services to few individual. Survival is typology of
micro business as they are generally operated to sustain in competitive market by delivering
products at lower profit margin so that customers may be induced to purchase from such
enterprise for satisfaction of their respective requirements.
Lifestyles: These enterprises have owner that wants to live better or luxurious life by earning
more amount of profit margin from business (Staniewski, 2016). Lifestyles is related typology of
small business as they mainly operated with minimum number of employees that is less than 50
to cater needs of few individuals.
Managed growth: There are certain firms in market that have medium scale of operation and
profit margin or managed growth that contributed in expansion and sustainability of business.
Medium size ventures included managed growth business as it also have sufficient employees
and resources for satisfaction of wants of various individual.
Aggressive growth: Organisation that are established with an motivate or aimed to expand or
grow in market by innovating products and services so that new as well as existing customers are

influenced to have purchased of products from one company to another (Randolph, Li and
Daspit, 2017). These firm plans to expand business operation by entering into new market or
different countries to cater needs of diverse individual. Aggressive growth firm is typology of
large or gazelle ventures as it also have large market share, strong brand image and customers
satisfaction because of differentiate products and services.
Difference between entrepreneurial ventures
There are key differences between various types of entrepreneurial ventures which can
be illustrated as follows:
Basis High growth firm Small/ social
enterprise
Lifestyles ventures
Scale of operation It can be stated that it
have large market
share or scale of
operation as it deals in
varieties of products
and services to
fulfilled needs of
diverse individuals.
It have limited scale
of operation as main
motivate it to sustain
its business operation
in competitive market
environment.
These are firm have
medium to high scale
of operation in
industry and operated
with an motivate to
maximise owner fund
so that it can live
better lifestyles.
Growth perspectives It has high growth
perspective due to
strong brand presence
and awareness among
large number of
customers regarding
qualities of products
and services render by
firm.
Small enterprise has
no or limited
approached for
growth because of
insufficient funds and
other resources for
operation of business
(Liñán, Paul and
Fayolle, 2019).
Entrepreneur of
lifestyles ventures
have established
company with main
motivate to grow its
profit so that it can
live luxury lifestyles.
Ownerships Such enterprise are
mostly owned and
These enterprises are
mainly owned and
It is owned and
managed by sole

managed by partners
or individual for
effective achievement
of company goals.
operated by single
individual and its
family member for
earning sufficient
profit for their living.
proprietor or
entrepreneurs that
want to have their
dream life or business.
Similarities between entrepreneurial ventures
It can be illustrated that lifestyles, high growth and small business all are established and
operated in market for earning profit margin by delivering products and services to several
individual (Schaper, 2016). In order to make optimum utilisation of resource, reduce amount of
wastages, errors or mistake companies’ needs to be effective managed so that particular goals
can be achieved.
LO 2
Micro and Small business impact on economy
Small businesses is defined as a partnership, privately owned or sole proprietorship that
has limited applicants who work from them and limited fund more than a regular seized or
corporation business. They provide daily used products or services to local people, with fixed
rate and satisfy consumers. While medium sized ventures is defined as a firm that not exceed at
least 2 out of 3 of following criteria in present and future year. They are unable to earn a lot of
profit by selling things because it has limited resources. It can be said that small and micro small
business by operating and managing their business put positive impact on economy but at
different levels such as local, regional and national as well as at international degree as well.
Decrease unemployment rate-
5.7 million Private sector companies are operating in United Kingdom they are increasing
more than more year by year. These small businesses put affect in positive manner by providing
job opportunities to local people who are unable to earn and fulfil their psychological needs.

They help to decrease unemployment ratio and offer the best job opportunities at local level.
They account for more than 33 percent of job and 21 percent of turnover.
Figure 1SMEs Impact
(Source: What Are SMEs & Why Are They So Important for the UK Economy? 2019)
They make effective contribution towards local economies by conducting this practice
which is quite beneficial for them as well as residential people (Rungani and Potgieter, 2018).
Generate GDP-
Small and medium business contributes at regional level effectively by increasing gross
development profit through market expansion. By starting new businesses SMEs generate more
GDP that help in development of economy.
Improve living standard of people-
Small and medium sized businesses by providing fair employment opportunities and
quality services, improve livings standard of individual, they contribute at regional level by
conducting effective practices.
Raise competition level-

At international level, SMEs contributed or influenced at greater level, they help to
increase competitive environment that force other firms to improve their business activities even
better. Small and medium businesses play vital role in being service providers to primary sector,
they put high pressure on companies to manage their growth and success for long. It can be said
that, these types of ventures in global economy is a quite essential role in construction of
community which is free of poverty.
Importance of business start up and small businesses in context of social economy growth-
Social economy-
It formed by a rich diversity of companies and enterprises, such as mutual’s, social
enterprises, cooperatives, foundations, paritarian institutions, cooperatives and sharing common
features and values.
In United Kingdom, small & medium business are defined as independent ventures with
fewer than 260 workers, they have an year turnover of less than 50 million or an yearly balance
sheet sum that does not exceed over 43 million. It analysed that SMEs are really very important
for growth and development of social economy (Srhoj, Škrinjarić and Radas, 2019). They create
a team of skilled and talented applicants as well as semi skilled employees to help further
business and industrial expansion in nation. SMEs contribute to economy by innovative and
bringing growth to community in which ventures is established. Every country is consist of cities
and states and has their own demands and living standards. Small and medium size businesses
play the largest role to fulfil daily life, business and social demands (Abeh, 2017). They are part
of community that is begin to aid individual and get profit, and every person deserved to be
beneficial and some do it through beginning a small venture, some do it by starting an online
services and rest of the do it through jobs and professions. In the UK, there are millions of start-
up’s and small businesses operating and running their business.
There are certain things to be understood here, for example approximately 600 million
employment would be needed worldwide over next 15 eras. Mostly, most of formal roles that are
accessible in developing markets are created by start up and SMEs. It is almost four out of 5 jobs
available in market. It can be said that start up businesses contributes to fast development of new
locations and technologies where they operate (Quingco and Leonoras, 2019). In long term, these

types of organizations create a wide portion of new employments and contribute to nation’s
economic growth. Considering that start up firms are based on innovations and creations,
potential of these businesses represents healthy middle of economy. When nation wishes to
encourage new employments in long term, it is important for it to invest into segment of firms
that create most vacancies in long period. Starts up ventures are ideal opportunity & form for
activating and employing young generation. They have ability to create more patents than big
companies, which is usually because workers are given freedom to create and work
independently.
Evaluating differences between small, medium and large ventures make to economy-
It analysed that small, big and medium sized of business are different from each other on
basis of some points, they affect economy and contribute in its development effectively. It can be
said that medium enterprises are everywhere around the world like an ice cream parlour or cafe
where people like to visit with their friends and family members. There are small ventures with
minimum workers and capital. Medium size firms are not been able to provide high percentage
of employment to local people. They do not need more workers who serve services or provide
products to consumers. It usually operates with less than 5 people and is started with less amount
of capital.
On the other hand, Small enterprises are defined as business that employs more than
medium size of businesses and have a good volume of sales than the other. They are capable to
hire 10 to 15 workers who are able to provide quality services or goods to target market. They
are exist almost in every sector and can range from convenience outlets to small production
plants. It can be a local general store or bakery that employs 10 individual or a production unit
that employs more than 50 applicants. Additional kinds of small scale ventures include law
firms, engineering, privately owned restaurants, dry cleaners and architectural organizations.
Despite of small and medium businesses, large companies impact economy and
contribute to make it better than before, by generating revenue even better and providing high
employment opportunities to residential people after Brexit. This is one of the biggest factors
that increase unemployment rate in UK and affect living standards of local people negatively.
Large companies like TESCO and other support to make economy and economic condition even

better, they recruit people who have semi and high skilled. Large firms are significant to overall
economy because they seek to have more financial assets than small or medium organizations to
conduct investigation and develop new things for target consumers.
LO 3
Skills, characteristics traits, and motivational drivers of successful entrepreneurs, that reflect
their personality
Definition of Entrepreneurs-
Entrepreneur is an person who creates or develop a new business, bearing most of the
challenges and enjoying most of rewards (Veleva and Bodkin, 2018). These are the people who
prove to be successful in taking on major risks of start up are awarded with profits, benefits and
continued progress chances. They take risk to grab the available opportunities and potential
chances within sector to enhance business performance and build strong brand image in
marketplace, which is really very important. Entrepreneur is the one who manages, organizes and
assumes risks of a venture or company. An business tycoon develops a firm around a new idea or
concept, assuming risk for their growth and success. They take decision after analyse overall
situation and take suggestions from other stakeholders who are working with them in same
company since for so long to make business more powerful.
They invest money in profitable activities or projects to increase their productivity &
profitability level even better. It can be said that tycoon is an essential driver of innovation and
economic growth, they generate innovative ideas and concepts and develop plan to convert into
physical form.
Definition of business managers-
They are responsible for measuring and supervising a organization activities and workers
as well as management practices. Business managers are accountable for managing day to day
functions or ventures operations of a firm. It can be said that an effective business managers is
one who aligns guidance and appropriate directions of enterprises to meet set aims and objectives
of company. Managers in business is in charge of all helping services for organization, they may

work all recordkeeping, office staff, supervise management assistants and assign work activities
to employees and set deadlines for goals of venture. They create and implement procedures to
enhance operational efficiencies and maintain as well as repair work area equipment in
systematic manner. They monitor work place area to assure health & safety standards are
effectively meet. Business managers should deal with outside stakeholders and consumers
problems and communicate with business executives.
They also develop work schedules and fixed budgets. They are capable to manage staff
performance and improve their current skills even better which is important and beneficial for
management in term of increasing profit margin.
Skills of successful entrepreneurs that differentiate them from managers of business-
Curiosity-
An successful entrepreneurs have appropriate skills or abilities which makes them able to
handles every situation. For example, to gain competitive benefits, successful business man use
their skill they discover new ideas, reveal potential niche chances and innovate something new. It
is contingent on being passionate about varied types of study outside of one’s comfort area. This
skill makes successful entrepreneurs different from business managers as they are unable to
discover innovative idea and implement it (Mamabolo, Kerrin and Kele, 2017).
Strategic thinking-
Another skill of successful entrepreneurs which make them different from an business
managers is strategic thinking. They are capable to learn to decompose a issue to their root and
reveal better chances for growth. Business man figure out innovative solutions and determine
low risk activities. While business manager is not able to find out creative ideas, as they only
follow existing structure developed by high authority. Manager is able to conduct practices
according to set plans developed by an entrepreneur like Bill Gates.
Critical thinking skills-
It is one of the most important and beneficial skills of successful entrepreneurs which
make them totally different from managers of companies. It can be said that progressive and
successful business man is able to build business via technological innovation or effective

creation like Bill Gates. It analyzed that he is the one who build their own venture through
different technological innovation which makes him successful in business world. Managers
would not be that stronger, they cannot build business through above factor while working in a
company.
Risk taker-
This is one the best skills which has been found in a person who is risk taker like Bill
Gates. He is known as for this ability that makes him more popular and famous in whole world,
he take several risk to build brand image in market and develop their business more powerful
than others. It can be said that Bill Gates has always been risk takers; it is one of the best ability
to be possessed by him in order to operate or manage a successful venture. This skill
differentiates them from business managers, because business managers is not a risk takers
persons, they cannot be capable to take risk.
Decision making-
Successful entrepreneurs have this skill which they can use to take decision for investing
money and other things. Richard Branson is also known as successful entrepreneur in the world
because they take effective decision to prevent his business from legal issues.
Entrepreneurial personality reflect entrepreneurial mind set and motivation-
Entrepreneurial mindset is state of human mind interested in pursuit of chance with
uncontrolled resources. The aim is to develop user defined value at varied multiple of current
competitive offering through deployment of creation. This is personality of businessman which
reflects entrepreneurial mindset and motivation. Personality traits of successful entrepreneurs
like Bill gates and Richard Branson includes attitudes, characteristics and motives which shape
their experience and activities in effective manner. It can be said that personality traits of
businessman can boost her or him in motivating to work varied actions or things which can lead
to way of growth and long term success. For example, Bill Gates personality traits is that he is,
creative so it is the reason behind Microsoft has obtained popularity across whole world as
individual found it creative to obtain connected with others. Instead of standing at safe zone, he
encouraged and motivated himself and his workers to embrace creativity at workplace. This kind

of personality motivate person to do something better than before and others who are performing
in same sector.
It analysed that personality of human refer to individual differences in patterns or way of
thinking, behaviour or feeling. A personality of individual can motivate them and set their mind
accordingly. It can be said that successful entrepreneurs are motivated and inspired to achieve
their aims when they desire to get something or for specific needs. For example, personality
traits of Richard Branson reflect on his motivation and mind set. He has willingness to listen and
learn from practical things. He is good communicator and listener which make him and his
workers more productive. While taking decision and implement change at workplace in Virgin
group, he takes suggestions from other. As successful entrepreneurs he always listen what other
try to explain and say. He considers stakeholder suggestions and gives respect to them. As
entrepreneurial he posses varied traits like one of the main characteristics of him is that he self
motivated as this personality he act as driver for achieving greater success.
Four Behavioural investor Types (BIT Model)-
It concept determining varied kind of entrepreneurs, it consist of four different types
behavioural entrepreneur.
Preserver-
These types of persons are considered as investors who place great deal of emphasis on
preserving wealth and financial security, more than taking risk to grow wealth. Such investors
are guardians of their resources and they take losses quite seriously Like Bill gates.
Follower-
A follower business man is passive and lacks interest in or has little aptitude for investing
or money. These types of entrepreneur typically do not have their own concepts or ideas about
investing. More, they may follow other ideas or lead of their colleagues or whatever common
investing fad is famous to make their investment judgement.
Independent-

Entrepreneurs with this type of behaviour have actual ideas about investing money and
like to obtain included in investment procedure, like Bill gates. He is an independent business
man who takes their decision without taking approval from other. He is independent and free to
take further actions which are important and beneficial for his business.
Accumulator-
These kinds of persons are considered as investor who are interested in accumulating
wealth and is confident that she or he can do so. They have usually been successful in come
ventures pursuit and trust in themselves enough that they can be successful investors in the
future.
LO 4
Varied factors or environment that hinder or foster entrepreneurships
There are varied kinds of factors available in world that may be foster or hinder an
entrepreneurships or entrepreneur. Personal background or experience of a person has a huge
affect on their skills, knowledge and abilities. Both elements help a individual in learning and
understanding a lot of things which is implemented by them while initial stage of its business.
For instance, Richard Branson was born in 1950 on 18 July in Blackheath and he is a
British author and investor as well as magnate. He was youngest child of Eve Branson and he has
two younger sisters. His grandfather was a judge of High court of Justice. He was suffering with
dyslexia disease, and was facing issues or hitches in reading, writing and pronouncing words &
the academic performance of Richard Branson was very poor. Childhood of Richard was full of
challenges and this thing made him able to stay motivated and inspired in difficult
circumstances. This difficulties and ability of handling & managing several tasks help him to
come up with new or innovative idea of ventures. The physical restraint doesn't stop him from
become a successful tycoon. Parents were quite supportive in nature; in 1970s he build virgin
group which rule more than 400 organizations in different fields. Branson disclose his goal to
become an entrepreneur at very young age. At the age of around 16 years he started his first
business of magazine. In 1972-1980 with Nik Powell launched virgin records, Virgin name was

recommended by his one of worker. He was tangled with number of the break down company
such as Virgin cars, clothing, brides etc.
After 1985 he made many world records. In 1972 he was get married with the Kristen
Tomassi, he has two children Holly(daughter) and Sam (son) or he had one more daughter
named Clare Sarah with his second wife, Joan Temple man whom he was met in 1976. The poor
background of Richard Branson, foster him to become a successful business man and make him
more stronger. He faces a lot of issues in his life but never give up and continually efforts to
achieve and fulfil their dreams which he want to obtain. This experience and background of
family foster him and motivate to do something better and different from other people. A good
family background will always motivate a person to make their dreams in real form and do what
they want to do at personal or professional level.
But on the other hand, it can be said that when a person belong to bad background and
grow in negative environment at home can impact on their life and career in negative manner.
Poor background will always hinder individual and do not allow them to grow at personal or
professional degree effectively (Achtenhagen, Ekberg and Melander, 2017).
Another example that defines how factors hinder or foster entrepreneur is stated in
context of William Bill Gates. He is the founder of Microsoft Company and well known
business man and Chief executive officer & chief software architect in firm. He has better
educational background and educated and good family members. Bill Gates father was
prominent and good lawyer and his mother served on BOD for united way & primary interstate
Bancsystm. It clearly defines that above data foster him to become successful and great
entrepreneur. Due to this factor he feel highly motivated and inspired and feel able to make
effective plans for taking their business stronger and successful more than its competitors. When
bill gates was just 7 year old his house was damaged by rare tornado which is one of the most
difficult phase of his life. He observed that his family members and parents suffer a lot and they
need him to become a lawyer which is totally not possible because he wants to do something
different from this profession and more than other people. He takes decision to work better and
hard to achieve their aims and his mother & father motivate him and fully encourage driving
towards success in which they want to do. They inspire him to work well rather than other as it
foster him to become a great and successful business man.

Bill gates is national merit researcher when he graduated from Lakeside institution, he is
excellent student or brilliant learner. He does not have definite study schedule, but his parent
support aid to achieve and reach his aims and helps to make him greater business man and
world’s popular or most famous entrepreneur. When he was taking decision for starting his
organization, his family members also fully support at that time which also work to foster and
motivate him and aid to take better judgements. From above, it has been justifying that
entrepreneur background and experience as well as traits influence individual and support to
make them successful business man.
On the other hand, it analyse that ineffective experience of person will hinder them, it
make them unable to get better and best opportunities. Without getting support from friends or
family members an individual cannot be able to do anything. In every stage of life person need
support and it motivate them for longer.
CONCLUSION
It can be concluded from above report that there are different types of entrepreneurial
ventures and their typology on terms of scope of operation or growth and development of firm.
The report also stated that individual that has unique characteristics and skills and knowledge
have capabilities to find new or innovative ideas to start business for earning profitability. It can
also be concluded from above analysis that Small and micro business are crucial for growth and
expansion of social and national economy as it helps in generation of more revenue and
employment opportunities for local residents of country. People have wide varieties of choice or
option related to products and services due to increased in small and micro business for
satisfaction of their needs in best possible manner. Therefore it can be stated that effective
management of small business can contributed towards delivery of qualitative services to
customers and achievement of set objectives.

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