Entrepreneurship Report: Ventures, SMEs, Traits, Skills, Background

This report delves into the multifaceted world of entrepreneurship, providing a comprehensive analysis of various aspects. It begins by exploring different typologies of entrepreneurship and their relationship with entrepreneurial ventures, differentiating and comparing various venture types. The report then assesses the impact of small and micro-level businesses on the economy, supported by statistical data and relevant information, emphasizing the importance of SMEs in fostering social economic growth. Furthermore, it identifies the crucial traits, skills, and characteristics of successful entrepreneurs, as well as examining different entrepreneurial personality types. Finally, the report investigates the experiences and backgrounds that either facilitate or hinder entrepreneurial success, offering a well-rounded perspective on the subject. The report covers various aspects of entrepreneurship, including the types of entrepreneurial ventures, the importance of SMEs for economic growth, and the traits of successful entrepreneurs. It also discusses the impact of small and micro-level businesses on the economy, with a focus on entrepreneurial traits, skills, and the backgrounds that foster or hinder entrepreneurship.

Entrepreneurship and Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Typologies of entrepreneurship relationship with entrepreneurial ventures .........................1
Differentiation and similarities among entrepreneurial ventures ..........................................4
TASK 2............................................................................................................................................6
Evaluation of small as well as micro level business on economy by statistics and applicable
data.........................................................................................................................................6
SME importance towards social economy growth ................................................................7
TASK 3............................................................................................................................................8
Successful entrepreneurs traits, skills and characteristics......................................................8
Different types of entrepreneurial personality........................................................................9
TASK 4..........................................................................................................................................10
Experience and Background that foster and hinder entrepreneurship ................................10
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship is an activity which is related to setting up businesses while undertaking
financial risk in order to acquire profitability at large scale. Entrepreneur is an individual who
starts a fresh venture by undertaking risk factors in order to earn more money (Bridge and
O'Neill, 2012). They are strong pillars of a country economy as with their entrepreneurial
ventures they offer numerous job opportunities to individuals that with the help of which country
cab significantly able to increase their GDP and income level of individuals. Thus, it is the core
responsibility of government to provide maximum support to entrepreneurial ventures as to
strengthen country economic stability. Present report include discussion on numerous form of
entrepreneurial ventures and entrepreneurship typologies. Further in this report difference and
similarities among entrepreneurial venture is being defined. Impact of micro and small business
on economy is also covered in this report with the importance of SME to social economy growth.
Lastly, report covers experience and background which is required by an entrepreneur to become
a successful entrepreneur.
TASK 1
Typologies of entrepreneurship relationship with entrepreneurial ventures
Entrepreneurship significantly offer economic advancements to country with their
contribution in employment sector and social development. Entrepreneur are those who initiate
new business with innovative idea and offer unique services and products to customers while
taking risk. With their effective contribution they offer significant growth in a country economy
that further increase nation global image. Main motive of an entrepreneur is to effectively
accomplish their entrepreneurial goal and objectives by offering unique and innovative services
and products to customers.
Differentiation and similarities among entrepreneurial ventures
Number of entrepreneurs operate their business within social, small and large segment.
As to offer satisfactory services to customers and further acquire large market holding by
providing unique and innovative products and services. There are some certain set of similarities
and difference among entrepreneurial ventures in being defined below:
Similarities between small, large, scalable and social entrepreneurs
 The main motive of all the entrepreneurs is to grow and develop their businesses.
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 Their main motive is to develop a business activity that leads to profit maximization of
the companies.
 With a view to compete in the market and gain competitive advantage they take the
benefit of innovative and new ideas and apply same on the functions of organization.
 Entrepreneur performing their business with an aim to satisfy the needs and demands of
customers in best effective way so that customer loyalty has been generated.
 They are mainly focus on maintaining sustainable business model so that organization
facilities will be provided to the customers in an effective and efficient way.
Difference between small, large, scalable and social entrepreneurs
Basis Small size Large size Social Scalable
Meaning Small size
entrepreneurs
functions at small
level.
They mainly
focus on location
for business to
operate.
They run business
for the benefit of
the societies.
Entrepreneurs
operates business
at scale level that
denotes fine
location and any
fine area.
Objects The main
objective of small
size entrepreneur
is to earn profit.
Their main
objective is to
expand its
operation in other
locations also.
The main objective
of these kind of
entrepreneur is the
welfare of the
society and
providing them
quality products
and services.
Profit
maximization is
the main motive of
scalable
entrepreneurs.
Capital Small size
entrepreneurs
need small
amount of capital
They require high
investment to set
the enterprise or
to advance their
They arrange
funds from the
society for their
They require less
investment as
compare to other
size of
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to perform its
operations.
activities. welfare. entrepreneurs.
Entrepreneurs
from scalable
enterprises mainly
attracts capitals
from financial
investors (The 4
Types of
Entrepreneurship.
2019).
This is being identified that there are mainly three types of business entities operate their
functions as to satisfy customers in best effective manner. Public, private and social are the
sectors mainly conduct their functioning with having different set of purpose and objectives.
Public Sector: In this sectors organisation those who operate their functions are duly
owned as well as managed by government. These organisation offer their services with an aim to
satisfy customers in well defined manner. Organisations within this only operate their services to
provide consumer satisfaction rather than to earn large base of profitability.
Private Sector: In this, companies mainly conduct their functions to earn profitability at
great extent while ensuring consumer satisfaction. In addition to this, each and every set of
activities and functions are duly controlled, operated and managed by private individuals or
group of individuals. In this there is rare or no interference from government entities. These
organisation mainly offer their services as to gain large base of profitability while ensuring long
term sustainable growth.
Social Sector: Companies within this sector mainly conduct their functioning as to
provide welfare to society and communities. These organisation only conduct their functions to
provide satisfaction to customers rather than to earn profitability at great extent.
Similarities of a public, private and social sector
There are three types of business sector those who operate their activities and functions in
marketplace as to effectively satisfy customers by fulfilling their needs and demand as per
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according to their perception. Mentioned below there are some certain for of similarities among
public, private and social sector is being depicted:
 It has been identified that organisations within public, social and private sector duly
provide significant growth opportunities to every person those who operate their roles
within these sector.
 In addition to this, one of the most common similarity among all these sector is that
companies within this sector mainly undertake their roles related to making increase in
economic prospects of company while ensuring satisfaction of customers in best effective
manner.
Differences between a public, private and social sector.
Basis of comparison Public Sector Private Sector Social Sector
Definition Public sector
organisations are those
entities those are duly
Private sector are
mainly owned,
managed and
These organisations
conduct their
operations with an
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owned, managed and
controlled by
government firms.
These organisations
mainly aim towards
satisfying need of
customers rather than
to earn high
profitability.
controlled by
individual or group of
individual. The main
aim that has been hold
by these form of
organisation is to
effectively increase
their growth
opportunities and
profitability.
aim to effectively
satisfy needs and
demand of customers
along with offering
satisfactory services to
community in well
defined manner.
Objectives Major objectives that
has been hold by these
organisations in these
sector is to provide
immense amount of
satisfaction to
customers and increase
economic growth of
country.
Main aim for which
these organisation
conduct their
functioning is related
to make significant
increase in
profitability and
growth opportunities
for entity while
satisfying needs of
customers in well
defined manner.
Significant aim that
has been hold by
organisations within
this sector is to satisfy
need and demand of
customers and society
in best effective
manner.
Owner Major share intake
within public sector
organisation is of
government entities,
firms and institutions.
Private sector
organisations are
mainly undertake their
operations as to ensure
large base of
profitability. Along
with this, they are
further managed by
These organisations
are duly owned,
managed and
controlled by
government
institutions, group of
individuals or
individual.
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private group of
individuals.
Benefits of working Individuals those who
undertake their roles
within these
organisational sector
have job security,
allowances and
additional benefits
after retirements.
Individuals by
performing their
operation in private
sector gain high
incentives, good salary
and more.
Within this
organisational sector
individual receive Self
satisfaction.
Similarities in between of small medium and micro businesses
There are mainly three different form of business those who operate their functions with
an aim to satisfy need, demand and preferences of customers in best effective manner.
Organisations like small, medium and micro level conduct their functioning as to effectively
satisfy customers need in best effective manner. Mentioned below there are some certain
similarities among small, medium and micro business in being depicted:
 All these group of business organisation perform their roles, responsibilities and
functions as to significantly increase economic growth of country in best effective
manner. In addition to this, these organisations significantly aim towards making increase
in living standards of individuals in best effective manner.
 In addition to this, all these organisation significantly generate large base of employment
opportunities that not only aim to increase nation economic growth but it also aim
towards making significant enhancement in individuals living standards.
Differences in between of small medium and micro businesses
Basis of comparison Small Medium Micro
Investment Organisation those
who offer their
services in small scale
In this organisational
segment entities make
investment of the
In this organisational
sector entity mainly
made formative
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industry make
formative investment
about 10 lakh but not
more than 2 cr.
estimated sum of more
than 2 cr but not more
than 5 cr.
investment in
equipments of not
more than 10 lakh.
Employees In this sector
organisation employee
10 employees. Along
with this, in
manufacturing unit of
entity there are 50
employees.
These organisation
employee 250 or less
than individuals within
their workplace.
These organisation
mainly conduct their
operations with having
less than 10 workers.
In addition to this they
invest very small
amount of capital.
Difference between the Corporate Sector and Public Sector
Corporate Sector Public Sector
Their main motive is to increase high amount
of profitability.
They aim towards providing effective facilities
to offer welfare to public.
In this ownership is with companies and
private individuals.
Ownership relies in the hand of government.
TASK 2
Evaluation of small as well as micro level business on economy by statistics and applicable data
In micro and small business enterprises who engage in the business process to deliver
products and services to customers in marketplace. In this there are not more than 50 employees
and they have small size of organisational working structure (Rauch and Hulsink, 2015). It has
been further identified that these organisations are mainly operated by sole proprietors.
Organisations within small and micro sector offer effective amount of job opportunities to local
and individuals with the help of which there is significant increase in per individual per capita
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income. With the help of these organisations a country can effectively able to decrease their
poverty ratio. Thus, it is essential for government to provide support to great extent to
entrepreneurs within small and micro sector as to effectively increase economic growth of
country. Entrepreneurs within this organisational segment operate their functions with successful
business ideas in order to improve lifestyle of individuals. In addition with this, it has been
identified that these entrepreneurs successfully strive towards economic prosperity as they are
well aware of the fact that if country grows then there is automatically rise in developing
opportunities. These entrepreneur undertake use of new ideas as to effectively offer services and
products to customers as to satisfy them with best.
Source: Impact on small businesses, 2017
This has been further identified that Brexit case scenario impacts on functoning on small
and mirco level business organisations at great extent which is th main reason for economic slow
down. Thus, in order to overcome this situation government is required to offer adequate support
to small and mirco level business organisation as they are the major source from where raw
material are provide to large organisations (Burns, 2016). By offering support government of
United Kingdom can enhance job opportunities within country with the help of which they cab
measure significant growth in income level of individuals. United Kingdom measure 14.8%
contribution from small and micro level business organisation. This significantly lead towards
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increase in employment opportunities with the help of which UK can strengthen their global
position at international platform.
Figure 1: Share of enterprises in the UK private sector, 2017
(Source: smallbusiness.co.uk, 2018)
In context small- scale business it is being determined that estimated that 650000 have
started their business in UK that effectively contibutes towards overall development of nation.
These business effectively helps UK to increase living standards of individuals in best effective
manner. As per the data, it has been signified that Birmingham Boasting is being setting new
records with holding 17000 kore than fresh entrepreneurs in SMEs. Further it has been identified,
Glsgow and leeds is being setting new records with having 7,845, 7,645 and 9416 thousand
entrepreneur on respective manner.
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