ENTREPRENEURSHIP AND SMALL BUSINESS: An Analysis Report

This report delves into the multifaceted world of entrepreneurship, examining various types of entrepreneurial ventures, including small business, scalable start-up, large company, and social entrepreneurship. It explores the similarities and differences between these ventures, providing a comparative analysis. The report further assesses the economic impact of micro and small businesses, supported by relevant data and statistics, highlighting their contributions to competitiveness, employment, and economic growth. The significance of business start-ups in fostering economic growth, particularly in the post-Brexit context, is also discussed. Moreover, the report identifies key characteristics, traits, and skills that differentiate successful entrepreneurs from business managers, offering insights into entrepreneurial personality and the influence of background and experience on entrepreneurial endeavors. The report emphasizes the crucial role of small and medium-sized enterprises (SMEs) in driving economic growth and innovation, providing valuable information for understanding the entrepreneurial landscape and its impact.

ENTREPRENEURSHIP AND
SMALL BUSINESS

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
P1 Examining various types of entrepreneurial ventures and relation to entrepreneurship
typology.......................................................................................................................................3
P2 Description on explore of similarities and differences between entrepreneurial ventures. ...4
P3 Assess and interpret relevant data and statistics in mini research to how micro and small
businesses impact on economy. ..................................................................................................6
P4 Description on the importance of small businesses and business start ups that contribute
growth to firm after Brexit. .........................................................................................................8
P5 Determine characteristics, traits and skills of two successful entrepreneur that differentiate
business managers. ......................................................................................................................8
P6 Description on the assess of entrepreneurial personality as discussed. ...............................11
P7 Description on examining background and experience can hinder or foster
entrepreneurship. .......................................................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneurship is process of starting the business or an enterprise that in terms to earn
profit or for social needs (Naranjo-Valencia and et.al., 2018 ). It is concept that is develop and
managing business venture in order to gain profitability by taking several risk. It plays the vital
role in economic development to have expansion global marketplace. It is the capacity and
willingness in order to develop, organize and manage the business venture so that profitability
and productivity of the enterprise can be maximized.
In addition to this, report will cover the following things as types of entrepreneurial
venture, similarities and difference between entrepreneurial ventures, interpret relevant data that
how small and micro impact on economy, significance of business start up in order to make
contribution to growth of social economy and determinants of characteristics of traits and skills
in order to differentiate each other.
P1 Examining various types of entrepreneurial ventures and relation to entrepreneurship
typology
Entrepreneurship is referred as both study of creating innovative business along with
actual process of initiating any new enterprise. An entrepreneur has various ideas to create
service of product which would be purchased by people through building business entity for
supporting specific sales. The entrepreneurial ventures are of four various types which are stated
below:
 Small business entrepreneurship: In the present scenario, the entrepreneurs and start-
ups in various places are operating in small business. These includes grocery stores,
travel agents, hairdressers, internet commerce store fronts, consultants, electricians,
plumbers etc. They will hire local employees and family which is barely profitable. In the
similar aspect, the success definition is to feeding people which creates profit and not to
takeover industry or to creates huge amount of money in business (Schwens and et.al.,
2018). These entrepreneurs do not give any scale for attracting venture capital as they
finance their business through family, friends or small business loans (Naranjo-Valencia
and et.al., 2018).
 Scalable start-up entrepreneurship: In this aspect, entrepreneurs start organization
from initial day with vision which could be altering the world. The investment has been
attracted through equally crazy venture capitalists or financial investors. In the same

series, they hire best and outperforming people as their responsibility is for searching job
for scalable or repeatable business model. If this requirement is completed then their
special emphasis is on scale more than venture capital for fuel for expansion in rapid
aspect. The scalable start-up creates small contribution in entrepreneurs and start-ups due
to out sizing returns which directly attracts all risk capital.
 Large company entrepreneurship: The big firms have presence of finite life cycle as
they grow through sustaining innovation along with offering innovative products which
are unique in core products (Akhtar, Lodhi and Khan, 2015 ). The alteration in new
technologies, competitors, customer taste, legislations etc. could create pressure with
context of disruptive innovation with need of big firms for creating innovative products
sold in new market to new customers. The organizations which are existing perform this
with acquisition of new companies for appropriate attempt for building disruptive
product. Consequently, big company and culture create disruptive innovation which is
very difficult for execution.
 Social entrepreneurship: These are referred as innovators to lay special emphasis for
creating services and products for solving social problems and need. It is considered as
altruistic entrepreneurship as they combine social and commerce issues in method for
improving people lives for connecting to specific cause (Allio, 2006). It does not measure
success in form of margin or success to various social entrepreneurs' mode which is
improved the world. However, it is not unlike scalable start-ups their objective is to make
world as better as it has to not take market share or to create wealth for founders which
might be profitable, non profit or hybrid as well. Generally, people are attracted to those
business which has application of social entrepreneurship due to they are helping to solve
social problem with money spent which is required as desire (Schwens and et.al., 2018).
Typologies
Small business entrepreneurship Grocery stores, travel agents, hairdressers,
internet commerce store fronts, consultants,
electricians, plumbers
Scalable start-up entrepreneurship venture capitalists or financial investors
Social entrepreneurship Non profit social enterprise, Community based

social enterprise
Large entrprenurship Corporate entrepreneurs
Growth oriented owner entrepreneur
Administrative entreprenur
P2 Description on explore of similarities and differences between entrepreneurial ventures.
Large scale entrepreneurship-
In this, individual put their efforts in the business enterprise in order to long term
profitability ion the enterprise. These belong to big firm that put their major over to develop and
create innovation products so that long term profitability can be generated. ]
Social entrepreneurship-
This is the technique that works as to develop, implement and fund solution to the enterprise. In
this, social, culture and environment issues are to be judged so that all things are to be carried out
in the better manner. In addition to this, it can be said that this enterprise are belongs to the
differed sizes, aim and beliefs so that all things can be carried out effectively. Thus, it is defined
in following presented manner as are-
Basis of difference Social entrepreneurship Large scale entrepreneurship
Investment It is enterprise in which the
investor has a goal to make the
expansion in the business
activities and they invest in
money withing the enterprise
so that they conduct the things
in the efficient manner (Braun,
Latham and Porschitz 2016
Cheng, 2013.).
These are the enterprise and
they work as to make the large
investment so that there can be
possibility in order to have
long term profitability and
productivity. The main target
is to attract the customer with
the effective services.
Location The enterprise as social
enterprise has limited number
of the locations.
The enterprise that operates its
business function at the large
scale then they can operate

their business function at the
various levels (Bird, 2015 ).
Profit seeking The enterprise as social works
as to seeks profits so that they
can provide various benefits
for the helps of the society
(Bruni, Gherardi and Poggio,
2014.). In order to conduct the
proper things the overall thing
can be conducted in the
proficient mode.
The large scale entrepreneur
work as to perform their
business effectively so that
there can be possibilities of
earning high amount of the
profitability (Carland, Carland
and Stewart, 2015). These are
the enterprise who main aim is
to earn the long term profit so
that there can be better
competitive advantage. The
main aim is to earn profit for
the purpose of having long
term sustainability.
Donation In the enterprise as social
entrepreneurship, it is essential
to take the various initiatives
in order to promote better
working in the society
(Carraher and Paridon 2015).
The large scale enterprise must
perform their working
effectively. This kind of the
enterprise do not believe into
providing and taking
donations.
Organization goals There are the social enterprise
that works as to perform their
work in order to achieve the
one common goal to achieve to
the enterprise. The main
motive is to provide the
support to needy people
(Castello, Barbera and Vaara,
The large scale of the
enterprise works as to put their
major focus over the enterprise
that run their operations in the
systematically manner. The
main goal is to derives long
term profit for future
expansion.

2016).
P3 Assess and interpret relevant data and statistics in mini research to how micro and small
businesses impact on economy.
The effect on the small and micro environment of the business is invisible. This is helpful
in order to have high amount of growth and development. Under this, it can be said that there are
three way due to which small business gives the major contribution to nations. It is effective way
that give people to have financial independence, encourage innovation and creates the
employment opportunities (Charness, 2014). In addition to this, it can be said that the in terms of
the employment the SME's have the critical role in order to drive economic growth of the
country in the huge context. The various contribution are defined in the following manner as are-
 Competitiveness- The small and micro business aids to make the activities of the UYK
more competitive and this attractive to visitors and investors (Cherny and et.al., 2016.
Drucker, 2014). This is the effective term that plays crucial role in terms to serve the
communities they are based. This also effective term in order to boost the competition in
the local markets. The major competition among the form can be enhanced and thus it
impact on effective economic growth.
 Employment- The contribution of the mall firms are phenomenal. With the help of the
official figure, it can be clearly seen that 2.61 million jobs on the average were created
each year between the 1998 and 2010. This is effective in order to impact the growth of
the enterprise in the huge context.
 Economic growth- Small firm make their long term contribution to the local economies
by growth and communities to the enterprise. They also plays the crucial role in order to
provide the vital resources and complete the business function so that long term growth
can be achieved (George and Bock, 2011).
 Creativity- These kind of company can be better able to attract and retain and train new
talent in order to develop the new products that will be helpful in terms to target towards
the needs of the local communities.
 Challenge- This is the term that is helpful in order to gain access to the funding continues
and it is the major challenge for the firm. This kind do the enterprise are performing their

work in the effective manner so that they are able to attract the working towards the
enterprise.
 Impact on economy- The overall growth of the UK is based in the providing the larger
contribution to the small and medium size of the enterprise. In this, business enterprise
need to offer the innovation facilities so that customer can get attract towards the
services. This is the effective term in order to have the growth in the market for the long
term period.
 Employee contribution- This the effective term that is helpful in order to contribution to
the small business enterprise. There must be provide the job opportunities and the skilled
person should give the authority to perform the job in the enterprise in the effective
manner (Grenier, 2011).
P4 Description on the importance of small businesses and business start ups that contribute
growth to firm after Brexit.
After the Brexit, the growth of the enterprise has been impacted in the huge context. Due
to this, the UK laws and European laws as are been affected in the huge context. Therefore, the
new laws and legislations has been implemented in the UK. This kind of the enterprise can
impact on working of the enterprise. The following changes are made after the Brexit and has
been defined in the following manner as are-
Wealth creation and job opportunities- After this, there were very chances to create wealth and
job opportunities to the public. The resources and capital operation of the firm are running more
successfully as they have wide number of options. After apart of union laws, there are more
possibilities to hire the fresh talent and the problem of unemployment can be reduced. This kind
of the activity will be beneficial in terms to have growth and development of the country.
Balanced regional development- In this kind of the establishment, this factor is crucial to
promote the growth in various sector as power, water supply, shopping malls so that can be
enhancement in economic development of the country.
Standard of living- This is also one of the other document that helps to bring effective
development in the country. The growth of the enterprise has been enlarged due to new laws and
legislations. This kind of the activities brings the effective growth to the enterprise.

P5 Determine characteristics, traits and skills of two successful entrepreneur that differentiate
business managers.
The entrepreneur is the concept that is helpful to surpasses the mere confinement of
business management and it will be useful in terms to reflect the success of entrepreneur. It is
essential for entrepreneur to develop the ideas in accordance with changing the business
environment and to implement the business ideas so that towards the business.
Thus, the founder of the firm, Virgin group Richard Branson said that there are number
of the factors that leads to influence the entrepreneurship at the time of taking the risk. In his
point of view, risk is the term that will aid to bring tremendous opportunity for business as well
entrepreneur in order to be adaptive towards the situation. He perform his all activities in order to
be in positive aspects even in the adverse situation.
The another successful entrepreneur as Mark Zuckerberg he is the person who perform each
things with high level of integration and dedication. Thus, he always puts his major focus over
the solving problems, he is the entrepreneur who takes various initiatives in terms to solve the
problem and to make the better communication so that overall things can be done in better mode.
The characteristic, traits and skill of individuals plays the essential role in order t bring
effective working in the enterprise. This kind of the activities bring long term growth to the
enterprise. Without the effective skills they are not able to carry out the business function in the
appropriate manner. So, The entrepreneur and managers to the firm are both the crucial elements
in order to carry out the business function efficiently (Storey and Greene, 2010.). In addition to
this, it can be said that achievement in the work is the foremost motivation for the entrepreneurs
and power is also another kind of motivation to the manager. This kind of the activities will be
helpful in order to responsible about the performance of the enterprise. The individual should
have various skill so that he is able to carry out the operational activities. Thus, goals and
objectives of the enterprise must be decided so that he can take the best action plan to achieve it.
The characteristics, traits and skill of the individual defined in the following manner as are-
Basis Entrepreneur Manager
Meaning He is the person who starts
something new on his own risk
with the innovation and
creation in the mind of the
He is the person who is
responsible to manage the
function of the enterprise that
is provide by the direction any

individual so he so able to
carry out the long term
objectives of the enterprise. On
the other hand, he is the person
who takes the financial risk in
order to get the profit in the
enterprise.
senior authority. This leads to
perform the function of
organization in the system
manner. This kind of the
activities leads to achieve one
common goal at the time. In
addition to this, he is the
person who has the
responsibility in order to
controlling and monitoring the
enterprise activities.
Motive The main object of the
entrepreneur is to decide the
aim in order to give proper
initiate to the business
activities so that each things
can be conducted effectively
(Naranjo-Valencia and et.al.,
2018 ).
The manager is responsible to
set the goals ans task for their
subordinates and direct them to
achieve them with the planned
activities.
status He is playing his role as to be
owner of the enterprise.
He act as an employee of the
firm and planned out the each
thing in effective manner.
Risk The entrepreneur is
responsible to face the various
kind of the situation at the start
level as he is facing the huge
risk so that he has to be
responsible for managing the
organization activities in the
better manner. Thus, he can be
The manager is the person who
is not able to bear the each risk
of the enterprise. He perform
his work as per the direction
set buy the other individuals.

termed out as risk taken
person.
Reward In this, he gets the reward as
per the performance and
success of the enterprise. Thus,
it is helpful in order to meet
out the set target of the
Enterprise. He receive the
reward in the manner as profit.
They are the individual who
use to get the rewards as per
the performance and for them
salary is reward and with help
of it they are able to achieve
the desired objectives.
Innovation The entrepreneur are the
responsible person in order to
carry out the innovation so that
he can able to achieve one
common goals to the
enterprise.
The mangers are the person
who use to implement those
plan action that decide by the
entrepreneurs to carry out the
business activities in the
proficient manner (Schwens
and et.al., 2018).
Qualification Entrepreneur must have the
high skill in order to be
responsible for the changes
and development in the firm in
the positive manner. The good
qualification leads to achieve
one common goals to
enterprise.
The manager are responsible in
order to carry out the business
activities in the effective
manner. He must be qualified
as per managing his
subordinates so that they can
direct the business operation
effectively.
Focus The entrepreneur give their
major focus over the business
startup.
The manager of the enterprise
put their consideration over the
ongoing operations.
Driving force The entrepreneur has the one
focus over the creativity and
innovation. This leads to
They are the person who works
as to achieve and to preserving

achieve one common goal to
enterprise.
the status quo.
Decision making In this, the entrepreneur taken
the decision on the basis of
intuitive
The managers of the firm takes
the decision with the help of
calculative.
P6 Description on the assess of entrepreneurial personality as discussed.
The personality of the individual will reflect the motivation and idea in terms to making
the product and services. The policies and procedure must be understand in order to understand
innovation procedures of the enterprise. The skill of the entrepreneur must be effective in order
to carry out the activities of the enterprise effectively. In addition to this, entrepreneurship are the
backbone to the enterprise and it provides wealth to the nations. It is the significant and very
broad area of the study. In this, blue ocean theory work as to simultaneous pursuits of
differentiation and low cost to open up a new market place and it is also beneficial in terms to
create demand. Thus, this theory is based on the strategy that each entity can able to achieve
higher profitability by creation of demand in non-competitive market. The successful
entrepreneur works as to managing wealth with help of keeping eyes towards the future
performance and vigilance and the skill in order to enhance global working (Akhtar, Lodhi and
Khan, 2015). It is helpful for ensure its endurance for the future generations. The positive
working by the entrepreneur are needed to bring in the pursuit of the financial goals. This kind of
the activities leads to achieve one common goal to the enterprise. He must have the skill in order
to generate the high level of success to the enterprise. Without the better working of the
entrepreneur the enterprise cannot able to perform its functions effectively.
P7 Description on examining background and experience can hinder or foster entrepreneurship.
In this report, the successful entrepreneur has taken as Richard Branson and Mark
Zuckerberg. It is defined in the following manner as are-
Richard Branson-
The Richard Branson is one of the most successful and most influential person in word of
business. He has displayed his leadership power at the age of 16. He is known as icon and