Entrepreneurship and Small Business Management: Ventures & Skills

This report provides a comprehensive overview of entrepreneurship and small business management, covering various types of entrepreneurial ventures, their similarities and differences, and the impact of micro and small businesses on the economy. It highlights the importance of small businesses and start-ups in the growth of the social economy, examining the characteristic traits and skills of successful entrepreneurs, using Peter Jones and Richard Branson as examples. Furthermore, the report assesses how aspects of the entrepreneurial personality reflect motivation and mindset, and explores how background and experience can hinder or foster entrepreneurship. The report concludes by emphasizing the crucial role of entrepreneurs in driving economic contribution through innovative business ideas.

ENTREPENEURSHIP AND SMALL
BUSINESS MANAGEMENT

Contents
PART 1............................................................................................................................................3
P1 Different types of entrepreneurial ventures:......................................................................3
P2 Similarities and differences between entrepreneurial ventures.........................................4
P3 Interpretation of statistics for showing impact of micro and small business on the economy..........................................................4
P4 Importance of small businesses and business starts-ups in growth of social economy....4
PART 2............................................................................................................................................5
P5 Determine the characteristic traits and skills of successful entrepreneurs that differentiate them from other business managers...5
P6Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and mindset............................................8
P7 Examine, using relevant examples, how background and experience can hinder or foster entrepreneurship...................................9
CONCLUSION..............................................................................................................................10
REFRENCES.................................................................................................................................12

PART 1
Entrepreneurship and Small Business Management
INTRODUCTION
Entrepreneurs these are the persons that has been inventing and implementing different ideas, which
makes satisfaction created in relation over demand, which increases population and makes earning of
revenue and profit possible. They are knows as backbone of existing economy which makes operations
of business conducted in more affected manner.
P1 Different types of entrepreneurial ventures:
Entrepreneurship refereed over making establishment possible within which risk is been
associated regarding profit generation. Entrepreneur is the person that takes responsibility upon
managing business, which makes growth of market possible. There are various kinds of
Entrepreneurial Ventures, which are based over scales that has been discussed as follows:
Small Scale Enterprise
Large Scale Enterprise
Scalable Enterprise
Social Enterprise
Small Scale Enterprise: As per this small-scale sole proprietor, making basic expenses met in proper
manner owns business. Such businesses only includes family members and staff conducting small
activities.
Large Scale Enterprise: Multiple operations goes on same time within these large organizations.
They have been working on making infrastructure create legal job opportunities. Further, this
organization work over bringing new product or services within market that makes loyal customer
base formed with evolution of time.
Scalable Enterprise: This is that enterprise leading over developing entrepreneur, which makes
development possible through creative ideas. It makes customers’ needs to be fulfilled.
Social Enterprise: The business earn profit through operations and provide better facilities to people
in need of carrying operations of enterprises.
All these enterprises work in business environment having major role for establishing
business environment. In this various typologies is used that has been given as follows:
Typologies of entrepreneurship
There are different kinds of typologies that is involved over different kinds of entrepreneur
ventures associated through development of business making enterprise more effective in nature.
Some typologies are discussed below:
Growth firms: These business is been formed out of earning maximum profit and making
high revenue generated. These ideas are mainly generated for satisfying the needs and requirements
of their customers so that they can get improved results from the products or services.
Lifestyle Enterprise: These are the types of enterprises that are formed for improving the
standard of living of the local people in which the company is operating its functions.
These typologies and entrepreneurial is interconnected with each other that makes
maximum efforts improving living standards and lifestyle of people. This leads over growth of
economy possible.

P2 Similarities and differences between entrepreneurial ventures
Basis Small business Large company Social entrepreneurship
Scale They are known as
small business and
has low investment
capacity within
business.
This business operates
Upon high scale because
of high money
requirement.
This organization
operates at local level
with safety needs of
local person or society.
Purpose Major purpose of
this business is to
generate
livelihood, which
make life standards
improved.
These organizations has
been formed to earn
money through
innovation.
They makes major
contribution for
uplifting local people
and their lifestyle.
Characteristics These business is
requires limited
source to run
business.
Such businesses includes
high amount of money
and government
interference is more.
They requires money
which is been provided
through government
finance authorities.
P3 Interpretation of statistics for showing impact of micro and small business on the economy
• Small business turnover has helped shape UK economy: Small businesses
in UK is having less turnover of 50 million. 99% of the SMEs are currently operating in UK.
So this a mixture of success and failure in the economy.
• Small business growth affects the UK economy- These organizations has made
growth of business enterprises while performing well- employment rate. With 50% of small
business enterprises, expand their operations. Businesses are positively responding in the
economy.
• Small businesses has made market of UK expand with innovation to global market
that made productivity boosted with exporting plans.
• Since small businesses uses more innovative practices which has helped in
enhancing product and services making domestic recognizant possible.
• UK small business enterprises has less growth within economy that makes SMEs
growth up to 17% in UK compared to 27% in the US.
P4 Importance of small businesses and business starts-ups in growth of social
economy
Small businesses and business start-ups plays important role within social
economy and acts as its backbone. Also they contributes towards creating new
employment opportunity.
Employment opportunities: Small business and business start-ups provides local
employees job which makes employment growth possible. This makes small
business to be enhanced with better employment ideas(Mosbah and et. al., 2020).
Contributing to local government: These business and start-ups generated
high amount of revenue and pays tax through which money is given back to
community. Thus leads over GDP improvement.
Innovation: Start-ups and small businesses uses innovative ideas which make
development done in more affective manner. Such improvement mainly contributes
towards technological development leading towards improving various process
within an SME.

PART 2
P5 Determine the characteristic traits and skills of successful entrepreneurs that differentiate them from other business managers

Notes: Business entrepreneurship is handled by entrepreneur making effective skills and characteristics with innovation
provided(McKenzie, 2021). Through implementing of various attributes and measures making effective business entrepreneurship
developed. In this two entrepreneur is been selected from UK on the basis of their skills, traits and characteristic are elaborates in
details:
Peter Jones: Is an British business entrepreneur and television personality having interest in technologies and other services. He owns
television shows called Dragon Den and on American television series American Inventor.
Skills:
Effective Communication: In this being or wanted to be an successful entrepreneur skills require to be enhanced through
effective communication. Since Peter Jones is famous celebrity in UK and shows excellent personality with communication skill.

Notes: Richard Branson: He is an English business magnate, author, investors and philanthropist. Also known as founder of Virgin
group that was established in the year 1970 and has 400 companies in various fields.
Characteristic:

Passion: This is important characteristic which makes business having approach and ability which makes motivation driven
through effective passion making success possible. Richard Branson is very enthusiastic towards technology making passion per sued
in effective manner
P6Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and mindset.

Notes: Personality of an entrepreneur is important to make sure motivation is there within entrepreneur. Fir this purpose Ocean
Personality is used that covers five main personality which reflects over above entrepreneurs and they are as follows:
Extroversion: In this personality involves over interacting with others which makes energy distributed. For example Richard Branson
makes influence possible making experiences shared.
Neuroticism: According to this trait control in emotional aspect like feelings and mutual understanding is developed making emotional
instability deal with positivist.
P7 Examine, using relevant examples, how background and experience can hinder or foster entrepreneurship.

Notes: Experience : Hurd pursue as Convenor of climatic change making better development within UK environmental society. In this
participation towards social cause is done with better awareness in society. After successful social cause election and elected for
social cause minister in year 2011-2015(Ughetto and et. al., 2020).
CONCLUSION
From this discussion it can be concluded that entrepreneurs are those persons having innovative busies ideas leading towards
contribution within economy. In this different kind of entrepreneur and typologies is been covered. In the end impact of small business
on economy is covered. In this characteristics, traits and skill of successful entrepreneur is been covered.
REFERENCES
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and Small Business, 40(3), pp.309-321.