Entrepreneurship & Small Business: Analysis and Opportunities

This report provides a detailed overview of entrepreneurship and small business management, beginning with an examination of various entrepreneurial ventures and their classification. It highlights the similarities and differences between these ventures, focusing on the impact of micro and small businesses on the economy, particularly in the UK. The report emphasizes the importance of small businesses in driving social economic growth and discusses the essential traits and skills that differentiate successful entrepreneurs, such as Bill Gates and Steve Jobs, from other business managers. It also explores how entrepreneurial personalities reflect motivation and mindset, and how background and experience can either hinder or foster entrepreneurship. The conclusion underscores the significant contribution of small enterprises to various economies, noting their crucial role in employment, living standards, and overall economic development.

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

TABLE OF CONTENT
 INTRODUCTION
 DIFFERENT TYPES OF ENTREPRENEURIAL VENTURES
 CLASSIFICATION OF ENTREPRENEURIAL VENTURES
 SIMILARITIES BETWEEN ENTREPRENEURIAL VENTURES
 DIFFERENCES BETWEEN ENTREPRENEURIAL VENTURES
 ILLUSTRATE HOW MICRO AND SMALL BUSINESSES IMPACT ON THE ECONOMY
 IMPORTANCE OF SMALL IN THE GROWTH OF THE SOCIAL ECONOMY
 TRAITS AND SKILLS OF SUCCESSFUL ENTREPRENEURS THAT DIFFERENTIATE THEM FROM OTHER BUSINESS
MANAGERS
 TRAITS AND SKILLS OF SUCCESSFUL ENTREPRENEURS THAT DIFFERENTIATE THEM FROM OTHER BUSINESS
MANAGERS
 HOW ASPECTS OF THE ENTREPRENEURIAL PERSONALITY REFLECT ENTREPRENEURIAL MOTIVATION AND
MIND-SET
 HOW BACKGROUND AND EXPERIENCE CAN HINDER OR FOSTER ENTREPRENEURSHIP
 CONCLUSION
 REFERENCES

INTRODUCTION
The purpose of this study is to address many elements of
entrepreneurship. At the outset, the study will examine several
entrepreneurship ventures and explain how they are connected to the
entrepreneurship typology. There's also talk on how entrepreneurial
projects are similar and different. The report's centre section discusses
numerous assets and data related to micro - small scale enterprises in a
specific corporate environment, as well as the value of small scale
enterprises as start-ups for an economy. Also there is analysis of the
many attributes and features of a successful entrepreneur that will aid
them in running their firm, and how they might be gained by an
individual. At the conclusion of this study, there is a summary of how
one's professional background might either inhibit or encourage
entrepreneurship.

DIFFERENT TYPES OF
ENTREPRENEURIAL VENTURES
Entrepreneurship is a wide notion that refers to the process of
creating, developing, and operating a new business endeavour
within a business environment by an individual who is motivated to
make a large profit by taking into account a variety of factors.
Entrepreneur is a term used to describe a person who begins a
business. They organize, manage, and grow the company, as well as
create a venture with a unique product. There are several types of
business ventures, which are detailed below:

CLASSIFICATION OF
ENTREPRENEURIAL VENTURES
There are a variety of initiatives with various varieties, which are
defined below according to their shapes, plant structure styles, and
other factors.
 Lifestyle venture: These are businesses that are primarily focused
on enhancing customer pleasure while also supplying goods and
services through delivering new services and meeting client
wants.

SIMILARITIES BETWEEN
ENTREPRENEURIAL VENTURES
Social enterprise
 This may be characterized as a sort of business that focuses solely
on delivering goods and services to customers without regard for
profit.
 The goal of these businesses is to offer services and raise the
level of living in the communities where they operate.

DIFFERENCES BETWEEN
ENTREPRENEURIAL VENTURES
Entrepreneurial efforts by large corporations
 These are people who have a direct impact on an organization's
innovation and technology and utilize various approaches and
tactics to inspire them to enhance productivity. They are always
bringing innovation to society on a broad scale, where we may
modify the environment and boost our chances by removing
market rivalry.

ILLUSTRATE HOW MICRO AND SMALL
BUSINESSES IMPACT ON THE ECONOMY
According to the graph above, there are around 4.5 million small and
medium firms operating in the nation, providing employment to
around three times their number of customers.

From the graph above, it can be seen that small businesses account for 99.3% of all
businesses in the UK, as well as providing the most jobs to diverse people. It is also
estimated that small size firms generate roughly 37% of the overall turnover of the
UK following major firms.

It has also been established that they have a stronger influence on
the UK economy as well as on the global economy, where the bulk
of small scale enterprises produce various items.

IMPORTANCE OF SMALL IN THE
GROWTH OF THE SOCIAL ECONOMY
Innovative company concepts and business start-ups are always
crucial for the economy and its resources, as they have aided the
country and economy in various ways in their social and economic
development. A great diversity of firms might be classified as social
economic. It includes organizations in which the collaborative
mutual agreement core, social, and premium elements are shown so
that they too can share some common as well as profitable attribute
towards the societal structure, such as consensual and open
participation supremacy of the personal and society ultimate goal
placed above capital, and the pairing of the interests of participants,
consumers and general public to a mutual purpose.

TRAITS AND SKILLS OF SUCCESSFUL
ENTREPRENEURS THAT DIFFERENTIATE
THEM FROM OTHER BUSINESS MANAGERS
It can be observed that a variety of entrepreneurs have achieved
success in their lives as a result of their hard work and appropriate
management of their abilities, attributes, and features. As a result of
the above remark, there are two important entrepreneurs who are
recognized for their entrepreneurship and innovation in their lives.
They are:
 Bill Gates is a well-known entrepreneur and the founder of
Microsoft Corporation.
 Steve Jobs is a well-known entrepreneur and the co-founder of
Apple.

Bill Gates Steve Jobs
Traits Bill Gates is a firm believer in innovation within his
company, launching a variety of software and tools to help
with various functions.
Steve Jobs is a guy who believes in innovation within
his products since it has helped the company increase
its market share and attract new customers.
Skills He's a good motivator at the workplace, where he
constantly encourages staff and workers to do their best
work by offering a variety of monetary and non-monetary
incentives.
Steve Jobs' key strength is his ability to focus on his
job, and he used to practise yoga and other practices
within the company to help him focus on his job and
increase output.
Charateristics Bill Gates is a team player. He has always believed in
coordinated work and team management, in which he
effectively manages his team and divides the work
according to each individual's skills and abilities.
Risk taker: It is one of Steve Jobs' most defining
features that he adopts this approach throughout the
organization. This may be observed in situations
when an organization is experiencing significant
losses, yet Steve Jobs continues to spend and invest
money in research and development, which aids the
organization's future growth by allowing it to utilise
new products.
The following are some of the important characteristics and capabilities
that have been identified in Bill Gates and Steve Jobs:

HOW ASPECTS OF THE ENTREPRENEURIAL
PERSONALITY REFLECT ENTREPRENEURIAL
MOTIVATION AND MIND-SET
Entrepreneurial personality represents the entrepreneur's perspective
and assists them in attaining their goals and objectives by
integrating their talents and talents in a work setting. A personality
characteristic model, popularly known as the ocean model, is used to
better comprehend this. It consists of five main points.

HOW BACKGROUND AND
EXPERIENCE CAN HINDER OR FOSTER
ENTREPRENEURSHIP
There are several aspects that can assist determine an
individual's degree of talents and attributes based on their
future and past. Some of these elements have been
discovered in order to learn more about the effects of
background and experience on entrepreneurship. The
following are some of the aspects to consider:

CONCLUSION
According to the report discussed above, it can be concluded that,
small size enterprises provide a significant contribution to the
business industry of various countries. It is also stated that small
firms and new enterprises are becoming an increasingly essential
aspect of many economies, contributing to employment ratios,
living standards, and a variety of other factors. It is also recognized
that a person's ability to acquire entrepreneurial skills, abilities, and
attributes is critical. This will assist them in seizing various
possibilities as well as expanding their worldwide business by
bringing various aspects together.

REFERENCES

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