Entrepreneurship and Small Business: Venture, Economy and Skills

This report provides a detailed analysis of entrepreneurship and small business management, focusing on various entrepreneurship ventures and their typologies within the UK market. It identifies the differences and similarities between survival, lifestyle, and growth ventures, and examines the statistical data related to the contribution of small and micro businesses to the UK economy. The report also discusses the impact of these businesses on the social economy, highlighting their role in job creation and innovation. Furthermore, it identifies the key characteristics, tricks, and skills required for entrepreneurs and managers to successfully manage their businesses, and explores how entrepreneurship personality impacts an individual's motivation. Finally, the report considers how different backgrounds and experiences can foster or hinder entrepreneurship opportunities, providing a comprehensive overview of the factors influencing entrepreneurial success.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION......................................................................................................................3
MAIN BODY.............................................................................................................................3
TASK1.......................................................................................................................................3
P1 Identification of various branches related to entrepreneurship and discussion about their
typology..................................................................................................................................3
P2 Identification of differences and similarities between various entrepreneurship ventures.
................................................................................................................................................5
TASK2.......................................................................................................................................6
P3 Identification of statistical data related to contribution of small and micro business and
their impact on economy........................................................................................................6
P4 Identification of various aspects related to small and micro business within the
economy and their impact on social economy.......................................................................8
TASK3.......................................................................................................................................9
P5 Identification of different characters tricks and skills of various entrepreneurs and
manager for successfully managing the business...................................................................9
P6 identification of various aspects related to entrepreneurship personality and how it
impact the mind set of individual for entrepreneurship motivation.....................................11
TASK4.....................................................................................................................................12
P7 identification of the data related to the impact of various backgrounds and experience of
different opinion on fostering and hiding entrepreneurship.................................................12
CONCLUSION........................................................................................................................13
REFERENCES.........................................................................................................................15
Books and journals...............................................................................................................15

INTRODUCTION
Entrepreneurship can be defined as the ability of the individual to see the opportunity
within the market and start business with innovative idea where it can minimise the risk
associated with the business and increase the profitability for achieving the future goals and
objectives. Entrepreneurship is directly related to the development of small scale businesses
within the economy and achieving the objectives by combining different abilities and traits of
the individuals (Qureshi, Saeed and Wasti, 2016). In context of this report, the chosen
organisation is the small scale organisations which are doing business within the UK. The
beginning of the report is consisting of discussion about different entrepreneurship ventures
and explanation how they are related to the different typology of entrepreneurship within the
market for fostering different opportunities. There is also discussion about different
similarities and differences between entrepreneurship ventures. In the middle of this report
there is discussion about the different aspects of micro and small businesses and their impact
on the economy. There is also a discussion about the importance of small businesses and
business start-up to growth of the social economy as well as determination of the
characteristics and skills required by an entrepreneur to foster different business
opportunities.in the end of this report there is discussion about the entrepreneurship
personality by reflecting the motivational mind-set. There is also discussion about the
different factors background and experience which can help or hinder the entrepreneurship
opportunity to an individual.
MAIN BODY
TASK1
P1 Identification of various branches related to entrepreneurship and discussion about their
typology.
Entrepreneurship: Entrepreneurship can be defined as an ability of individual where
it described it as a process of designing, launching and running a new business with some
innovative ideas, it has a capacity to take the risk as well as increase the chances of profit.
The different concepts of entrepreneurship
Serial entrepreneurs: A serial entrepreneur can be defined as a person who
continuously come up with new ideas and start a new business. They are different from the
typical entrepreneur who will often come with a single idea to start the company and then see
through it and play an important role in day to day functioning of the company. Serial

entrepreneur come with a new idea and get things started but then taking responsibility to
someone else within the organisation and move ahead for new idea and a new venture (Lee
and Huang, 2018).
Intrapreneurs: Intrapreneurship can define as action of an individual to behave like
an entrepreneur while working with a large organisation. These are the people who are
known for their corporate management style that integrate the risk taking and innovative
approach within the organisation as well as manage the reward and motivation within the
firm by use of different techniques.
Owner-Managers: Owners are the persons within the organisation who are liable to
follow different duties related to handing legal issues managing the office supervising the
team monitoring inventory as well as providing the firm towards goals and objective setting
them for a longer period of time. Managers are those people within the organisation who are
liable to manage resources according to the needs and requirement of the organisation to
achieve its goals and objectives within a specific time limit.
The various entrepreneurial ventures
There are various kinds of branches within the industry where entrepreneurship is
going. Some of the branches are discussed below:
Survival venture: Survival venture can be defined as those basic ventures which have
the substance to the entrepreneurship and allow a little more to head to the mouth type of
existence. This organisation of basic goal is to meet their survival where they can easily fulfil
their financial obligations and can set up a venture which will engage. Common example of
this type of ventures are those small skill ventures like MOMA food who is operating at low
level within the economy of UK as well as arrange finance for its different operations. There
is some more example of this venture the Amazon seller, baby selling in child minding
ventures (DeSantola and Gulati, 2017)
Lifestyle ventures: These are those which are micro enterprises and permit their
owner to follow the design pattern of living which will support the college cost or taking
vacations. This type of venture is based on some specific culture of entrepreneurship where
the lifestyle of the entrepreneur will be copied by different followers. These are the venture
which is not meant for change in the process and the following continue process which is
made by their entrepreneur. Some common example of these ventures is small retailers like
SGS products UK.

Growth venture: These are those which are set up for the intention of the growth by
their entrepreneur. Their growth enterprises who always want to increase their business for
getting a larger market cover as well as success for long period of time.
Entrepreneurship typologies
Small business entrepreneurship: These are those entrepreneurship ventures that do
not have large number of capital investment. Business venture are dependent on their family
and friends for investment in the form of small business loans. These types of ventures hire
local employees and most of them probably our family members. the common example of
this type of stores are grocery stores, hair dryer, consultants, travel agents, internet commerce
store and many more (Neumeyer and Santos, 2018).
Scalable start-up entrepreneurship: Entrepreneurs with start the company by
developing a vision which can change the world. Major intention of the companies to attract
the investment where it can perform its different functions at beginner level where it invest
more on Jobs as well as searching different businesses to increase the market of the firm.
Some common example are Facebook, Amazon, Wal-Mart, twitter and Google, all of these
are in the category of scalable start-up enterprises.
Large company enterprises: These are those organisations which have a final life
cycle and I have the main motive to bring innovation by offering new products in variety of
rangers. This company have already exists within the market with some existing product but
they customise the product according to the changes within the test new technology
legislation competition within the market where the farmers trading. Sometime this company
also acquire the product of other company to increase the market share of the organisation.
Common example of this type of companies is Tesco, Sainsbury, Unilever and many more
(Draebye, 2016).
Social enterprises: social entrepreneurs can be defined as that type of organisation
which is built for utilising the resources within the society which include people building
equipment and finding a proper way to use them for the fulfilment of social needs.
These are some common typologies of entrepreneurship which are directly related to
development of the concept of entrepreneurship in current times.
P2 Identification of differences and similarities between various entrepreneurship ventures.
Similarity and differences between various ventures

Similarity
 Survival venture: The main objective of survival venture is to survive for a longer
period of time.
 Lifestyle ventures: Lifestyle venture also focuses on surviving for a longer period of
time where it can run its operations.
Growth venture: Growth venture always focus on long period because they want to increase
their growth as well as trend toward the profitability (Chipfupa, 2017)
Difference
 Survival venture: Seeks investment from family and friends in small amount, scope
of work within survival ventures is slow from each level within the organization
where they always try to seek investment for fulfilling different objectives.
 Lifestyle ventures: Investment in this type of ventures is in form of loans which are
taken from commercial banks and other financial institutes. In this kind of venture the
flow of work is from the top level management of the entrepreneur of the organization
who govern different activities..
 Growth venture: This kind of ventures require huge amount of investment and
financial resources and forgetting these resources organization issue share as well as
other kinds of security to take large amount of investment. In growth ventures the
flow works completely in the hand of top level management where they guide all the
employees about different works.
TASK2
P3 Identification of statistical data related to contribution of small and micro business and
their impact on economy.
Classification of businesses into Micro Business and small business
Small and micro businesses have their great impact within the economy of the UK as
well as they are also providing different benefits to the economy. Small scale businesses are
contributing towards the GDP of the UK as well as they are also providing the employment to
the people live in the society of UK. Some of these points are mentioned below:

Online: https://www.merchantsavvy.co.uk/uk-sme-data-stats-charts/
Employment: according to the graph mentioned below it can be seen that there are a
large number of unemployed person within the economy of UK. Can also be seen that it is
compared with large organisation and medium scale organisation then the contribution of
micro and small enterprises within the employment sectors for journal people of UK is more
than both large and medium organisation (Burgess, 2016) It can also see from the above
mentioned graph that micro and small scale enterprise are providing more than 130000,
120000 employments in comparison of large-scale organisation which stood at 105000.
Online: https://www.merchantsavvy.co.uk/uk-sme-data-stats-charts/

Contribution towards GDP: can also see that small and micro scale businesses also
increasing contribution towards the GDP of UK. This can be seen from the above mentioned
graft where is small and micro scale businesses are together going towards development with
low rate of shortfall. They are continuously increasing their contribution to GDP of the UK as
providing a great support to the economy (Houston and Reuschke, 2017).
P4 Identification of various aspects related to small and micro business within the economy
and their impact on social economy.
Define Social economy: Social economic and be defined as a formation by the rich
diversity of the enterprises and organisation like cooperative mutual associations and
foundations related to the organisation are shared in a common value and features like
privacy of the individual and social objectives over the capital, voluntary and open
membership and many more things related to social economic enterprises.
‘WHY’ small business organisations are vital for the growth of the social economy
Creation of employment: Small and medium organisation directly social economy
where they provide the opportunity of employment within the organisation because of their
large number of contribution and increasing trends. Small and micro enterprises are now
becoming an essential part of the economic within the US and UK where they provide large
number of opportunities for the individuals who are seeking for employment because of their
increasing number and large number of function (Spear, Defourny and Laville, 2018).
Innovation: Innovation is the key strength of small and micro enterprises where they
are forms to provide innovative product to the customers within the market as well as
increase their customer base by offering them innovative ideas and products. They also bring
innovation within the social economy of the area where the organisation is trading
Engage significant number of people including the firm disadvantaged groups:
This is also the benefit of small scale and micro enterprises to the social economy where they
engage the sufficient number of the people including the firm disadvantage groups within the
different functioning of the firm by using the resources of the area where the organisation is
trading in an innovative way.
Leading the way on diversity: These kinds of organisation are based on small
functions also have diverse work forces because of their hiring system. Company always
higher the local resources of the area where it is doing its business so it also employ the
diverse workforce and manager it for increasing the productivity (Hübschle, 2017).

Meeting social purpose: Small and medium term organisation also help the society
by meeting the social purpose is like obligations towards the society for providing different
resources to organisation. This start-up always provides facility to different people within the
society for increasing their benefits. This is beneficial to organization because is help in
development of separate identity in organtional of social concept.
It can be evaluated from the above-mentioned mention information that small and
micro businesses have a great impact on the business and economy of the UK. This is
because it directly impact employment as well as GDP contribution within the UK.it can also
see that it also impacted on the social economy where it have direct contribution toward the
different factors and is important for all these factors.
TASK3
P5 Identification of different characters tricks and skills of various entrepreneurs and
manager for successfully managing the business.
Characteristics traits: Character traits are the value aspect of the person's behaviour
where every person have its different characteristics traits which are both good and bad and
are in favour as well as in against of the organisation which can indicated as a label with
descriptive adjectives such as patient and faithfulness jealousy and many more (Monzón and
Chaves, 2017).
Characteristics skills: Character skills or soft skills are the combination of people
skills social skills communication skills character and the personality of an individual which
will bring the character attributes and social intelligence within the individual to be fair with
other as well as perform different functions by a great influence within the organisation.
Difference between characteristic traits and skills:
Sir Richard Branson Sir Philip Green
Trait
s
 Innovation: Sir Richard Branson is
ground-breaking tycoon this is since
when her company’s presentation
going depressed she transports new
and ground-breaking kind of software
which assistance secure in improving
for threatening times.
 Innovation: Sir Philip Green is
also a ground-breaking leader
as they he present new and well
food idea in its business.
 Experimentalist: He is that type
of entrepreneur who believes in
experiments and success.

 Feedback Approach: Sir Richard
Branson continuously trusts in taking
responses from its client where they
can recover presentation of firm.
Skills  Motivator: He always tries to
motivate his employees within the
organisation for achievement of goals
and objectives in an appropriate
manner (Costin, O'Brien and Slattery,
2018).
 Communication: He always prefers a
proper communication channel within
the organisation where the flow of
information can be done in an
effective manner for reducing the
conflict.
 Focused: He is focused men
who always focus on his work
where it can increase the
productivity of the work and
ensure the effective quality
services to its customers.
Distinguish between the Entrepreneur and the Business Manager
Entrepreneur Business Manager
Entrepreneur is listening every individual and bears
all financial risk within the organization which is
arising during the business.
Manager work for the salary within
the organization and does not bear any
risk.
Entrepreneur always focus on the starting and
expanding the business ideas to the global area
where the objectives of the organization can be
achieved by fulfillment of different functions.
The main focus of the manager is to
smoothen the functioning for the
business where operations can be done
by the entrepreneur.
Key motives of every entrepreneur are to achieve
the business objectives by combining the
performance of different individuals (Bux, 2017).
Manager motive is to come from the
power that comes with their position
they have no other authority to
execute their ideas.
This can be seen from the above that there are various characteristics skills and trades
within the individual entrepreneur which helped them in managing the business such as

innovation feedback approach and experimental is that treats of entrepreneurs who help them
in managing the business activities by fulfilling the objectives and identifying different
requirements within the firm (Werthes, Mauer and Brettel, 2018). Skills like motivator and
communication help them in maintaining the working environment. Within the firmware each
individual can be motivated and communicated with entrepreneur for managing a successful
business operation.
P6 identification of various aspects related to entrepreneurship personality and how it impact
the mind set of individual for entrepreneurship motivation.
Entrepreneurial Motivation Mind-set: It can be defined as a certain way of thinking
by an individual where it is about the way in which the individual approaches the challenges
and mistakes within the business.it can also defined as inherited need to improve the skills of
an individual and making them effective by the regular practices.
Its importance to successful entrepreneurial ventures
 It will help the entrepreneur in representing their visions on daily basis by continue
follow up.
 This also help entrepreneur to be itself in a challenging situation as well as handle its
resources in that kind of challenging situation.
 This will also help an entrepreneur should develop its approaches for solving the
problem from all sides.
Example of motivational drivers include
Need for independence: The need of independence is a motivator within an
individual which drive them toward the entrepreneurship skills. For an entrepreneur
independence can be termed as free life where there is no time Foundation on an individual
for 9 or 10 our jobs.
Need for power and control: Need have power and control also driver motivation within the
individual for becoming entrepreneur. This is because there are various kinds of restrictions
on the power to control to an individual while working within an organisation. All these
restrictions will be removed after grabbing the opportunity of entrepreneurship (Kirkley,
2016)
Need for achievement: Entrepreneurship also drive and sense of achievement within an
individual while performing different business functions as an entrepreneur. This is because
It helped them to achieve a plaint in the business where they can become the person they
want to.

Need for wealth creation: Entrepreneurship always include a high risk but it is well
known that if there is a risk within the situation then profit chances are also higher. Wealth
creation is also need which drive the motivation of entrepreneurship within the individual
where they increased their wealth by the help of entrepreneurship and performing different
business with innovative ideas.
It can be evaluated from the above-mentioned information that motivational mind-set
always increases different aspects of an individual as well as is important part for
entrepreneurship venture and its success. There are various motivational drivers which will
increase the chances of motivation within the individual it includes the need of independence
power and control and many others.
TASK4
P7 identification of the data related to the impact of various backgrounds and experience of
different opinion on fostering and hiding entrepreneurship.
People’s background and experience can hinder or foster entrepreneurship
Poverty: Poverty is an important factor which also shapes skills and abilities of
individual for being an effective entrepreneur. This can be seen from an example of
SUNDAR PICHAI, he is currently serving as and CEO of Google. He is a famous
entrepreneur and known for its contribution toward the Google and it’s newly Idea related to
development within the Google. he is from a poor background where is father used to do
farming jobs and mother is a housewife but this poverty help him to grow at his fuller ability
and use the scary sources in effective way to grab the golden opportunities within the career.
Unemployment: Unemployment also become a reason for increasing the opportunity
of entrepreneurship within the market this is because various unemployed person thinks that
they can start a business which will help them in earning their livelihood as well as bringing
an innovative idea toward the economy for increasing the concept of entrepreneurship and
providing employment to other unemployed persons.
Culture: Culture also influences the background and forcing the entrepreneurship
within individuals because culture help different entrepreneur to learn about different skills
and abilities related to entrepreneurship and developed the new concepts for increasing the
knowledge. This also helps in posting different opportunities within the market related to
entrepreneurship which can be developed because of the culture where the individual is
learning (Hamouda and Ledwith, 2018).