Entrepreneurship & Small Business: Venture, Skills & Economy Impact

This report provides a comprehensive analysis of entrepreneurship and small business management, examining various types of entrepreneurial ventures and their impact on the economy at local, regional, national, and international levels. It explores the similarities and dissimilarities between different entrepreneurial ventures, including survival, lifestyle, managed growth, and aggressive growth ventures. The report also delves into the skills and qualities of successful entrepreneurs, highlighting the importance of entrepreneurial personality and traits. Furthermore, it discusses how background and experiences can either hinder or foster entrepreneurship. The study also covers the role of small businesses in driving social economy advancements and discusses the mission of small scale or micro level organizations. The report concludes by emphasizing the importance of adapting to changing environments and fulfilling customer needs to remain competitive.

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION ..........................................................................................................................1
PART 1............................................................................................................................................1
P1 Examining different types of entrepreneurship .....................................................................1
P2 Similarities and dissimilarities between entrepreneurial ventures.........................................2
P3 Micro and small business impact on economy as considering local, regional, national,
international and economic impact. ...........................................................................................4
P4 Importance of small business on growth of social economy.................................................5
PART 2............................................................................................................................................6
P5 Determination of skills and quality of a business man with reference to successful
entrepreneur.................................................................................................................................6
P6 Entrepreneurial personality and traits which reflect their motivation and mindset: .............7
P7 Background and experiences can hinder & foster entrepreneurship.....................................8
CONCLUSION..............................................................................................................................10
...................................................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship is concerned as system which explains the launching, development & running
the of any business organisation. Entrepreneur is relates to a person which coordinate &
managed all over the organisation. These domestic & small scale businesses cover the large of
the customers by provide there products & commodities in cheaper rate. This report is based on
the life & experiences of two persons who are successful in there business world that help to
understand how a business organisation which is based on the small scale can be flourished in
the market. Mr. Bill Gates & Mark Zuckerberg (Blackburn, Hart & Wainwright,2013) as
mentioned as individual identity. “Entrepreneur are not born they are made by there skills &
there talents.”
TASK 1
P1 Examination of various kind of entrepreneurship are as follows:-
Meaning of Entrepreneurship : It concerns to that systematised process under the
management organisation that relates to launching, designing & running the enterprise. These
companies are based on the small scale businesses & other various kind of products, goods &
services for sale.(Carland, Carland & Stewart 2015).
Roots of entrepreneurship:-This structure of the business organisation help to under
developing of countries like India as well as developed economy.. This provide help to both
developing and under developed economy. In this area of concern individuals can choose there
occupation as a career. Some reasons are following:-
 Desire to control over the future aspects
 Maximization of Profits
 Opportunities of employment are low.
 Measure the Government to promoting the Entrepreneurship
The small business organisation provides the opportunities of employment as well as the
earnings through there customers. The monopoly of the big or large level business. Some judicial
authorities provide the full support the business concern where government introduced the
different kinds of developed programs for the small business concern.(Chittithawon. &et.al.
2011)
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Kinds of Entrepreneurship:-
 Small Scale Business Organisation:- : This kind of organisations area very much popular
where they cover the entire area of the customers with there innovative ideas of produce
cheaper products..There are some small scale organisation established in U.S. which have
around 50% of employment 7 approx. 5.7 million turnover. ((Fassin.Van Rossem,
Buelens. 2011)).
 Start Up of Entrepreneurship: A Business man of the small business small scale
organisation can change the vision of the world vision of world.
 Big Companies : In these large companies they have their own finite goals & mission &
targets. They produce, technology, legislation regularly sold to new markets & new
customers. These organisations size, there cultures will extremely difficult to execute the
descriptive innovations. These business size, and culture makes disruptive innovation
which is extremely difficult to execute.
 Entrepreneurship Under Society:-:Their initial motive is to understand the requirement of
the customers. And according to that produce there goods & provide them services. Their
main motive is to serve society as well needs of customers. (Islam, Khan and et. al.,
2011).
There are different kinds of Entrepreneur ventures.
 Survival:- They are such type of undertaking which may or may not enrolled themselves
as well as work on small scale with few assets & on a little land & operates on cash or
barter basis.
 Lifestyle speculation:- They help in changing lifestyle of people in a particular area
where they operate. They select one particular land & market their product as well as
periodically they reinvest in their organisation to make it competitive.
 Managed growth venture:- these ventures on regular bases brings improvement in their
growth. They on daily bases come up with new products in fresh market. (Gorgievski,
Ascalon and Stephan, 2011).
 Aggressive growth: They work nationally as well as internationally. They focus on
technology based model and operates on larger scale.
P2 Similarities and dissimilarities between entrepreneurial ventures.
Dissimilarities:
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Basis of
difference
Survival Managed Lifestyle Aggressive
Role Their primary
motive is to serve
low income
group.
They
concentration on
quality as well as
are customer
focused.
They work for
self motive
They focus
growth and also
known for their
risk taking ability.
Characteristics No particular
goal, provide
benefit to
customers
Creative,
investigation on
new products.
Buyers directed,
think for well
being of society
Passionate,determ
ined
Objective They sell what
ever they have.
Focus on strategy
development.
Their main target
is to maintain
their firm for ling
run.
Always works on
proactive manner.
Similarity:
Basis of
difference
Survival Managed Lifestyle Aggressive
Role They believe
giving their
fulltime for
others.
Function for
community less
than survival
entrepreneurs
They change the
vision of
particular area.
They serve
society.
Characteristics Enterprise
concern
Business motive. Internally driven
and try to famous
their company.
Profit concern
Objective Always stand to
help others.
As they are
provide services
to society so
demand
Members of such
enterprise work
for community
but only for
Run for profits
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something back in
return
income.
Meaning of Private, Public & social Enterprise:-
Private Enterprise:-Operations of these large organisations survive without the intervention or
involvement of government authorities & there laws. They basic established for the profit
maximization or to increases the profit margin of their organisations. Members under this
corporation work for income basis. There firm are specifically medium. (Nakara, Benmoussa,
Jaouen,2012).
Public Enterprise: These organisations are specificity controlled & managed by the government
bodies. There overall control on the organisation structure of the companies policies are on the
basis of the government authorities. If in a case the organisation require making some changes
one can take a proper approval by the law. Under this category aggressiveness is there or
working on the small level.(McGowan and et. al.2012).
Social Enterprises:- These kind are also known as the non profit organisations they basically
work for the society as well as for the customers well being. They usually provide large no. of
employment opportunities where they cover large no. of area in market to serve there products.
Survival of such kind of entrepreneurship are comes under the micro level environment.
P3 Micro level & small sacle business organisations may impact on the economy as the local
considering, regional basis, national & international & economically affected.
Every business concern may impact on different level will affect the society. As these
small businesses will also affect the countries' economy as a whole. They provide to
development of economy as their maintenance is very much essential in the economic
development & non-industrial country.(Naudé, 2010). As Government authorities introduces an
ample no. of policies & programs to support this kind of business organisations as they gave
huge amount of employment opportunities to the country.
Mission of small scale or Micro level organisations:-
 Both gives ample of employment opportunities to the countries.
 They help to under the processing or processed companies.
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 This kind of organisations are based on the development as a whole.
1. Individual are indulged in such of the business in united kingdom as approx. 4.6
million. There are some factors which affect e working of organisations like,
local, regional, national, international, economic changes and so on. They usually
effect the country as a whole. Some of local impacts includes the contraction &
the expansion of actions which is taking place in the specific area as planning,
projects, chart of the government policies & the programs that changes may
occur. By this they effect the country as whole. Local impacts include expansion
and contraction action takes place in particular area as well as plan, projects, chart
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Illustration 1: Employment created by small business
(Source: Small Business Management / Entrepreneurship. 2017)

of government structure may change. That will the environment of companies
working schedule. Some regional factors which includes the changes in taste,
choices, preferences that directly or specifically may impact or affect the
organisations' product & goods or services. (Neck, Greene, 2011). But the
National will make impact on the company as a whole because they include all
the factors & elements regarding the base of nation even, Thus international
organisation may impact on the both the area concerns. National will affect
company as whole as this includes all other factors that are left. Internationally
company will affect both area and to others.
P4 Social economy increases by the advancement in small business:-
Small Business are essential:-The tiny businesses or the small scale organisations will
cover the large amount of area by this the monopoly of the large corporation has in the level of
reduction. These businesses working system is on the basis of society welfare & remain in long
basis in the market. As a help of such judicial & the government were converting into the large
level of organisations & companies. (Nga, Shamuganathan, 2010).
 Renovation on Prospective Basis:-:The society welfare initially help there business
organisations to their development. The entrepreneur will produce high technology base
products with the available resources that help the society to grow.
 Enlargement of Positions: There are wider platforms for the customers & the community
which is provided by the business organisations. These organisations provide wider
platform to customer and community. As a result companies recruiting the lower level
workers and provide them wages on the basis of there working hours that will help for the
reduction in poverty.
 Improvements: There attractive strategy for the larger area where they achieve the goal &
completed there mission. The good & services or the product of the may changes as the
changes occur in the te & preferences of buyers & customer. Such modification makes
them competitive in market.
 Export related experts: The demand of a goods or services & product is requre in the
organisation national & international level. They are expertise in commercialisation.
There implemented techniques as hired in the organisation on the various marketplace
that will help the society to grow & developed.
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 Fast Adoption surrounding:-There are some of the organisations which are not able to
make changes on according to changes in environment as they become less competitive
in nature as compare to other organisations. Such of these tiny or lower level cost or
revenue & where suffer high amount of losses in the market due to requirement of society
may changes day by day. (Blackburn, Hart, Wainwright, 2013).
 Creativity:-The creativity of the organisation are also essential for the employees & the
organisation as well. The talent & generation of innovative ideas are the part of the
creativeness which is based on the technologies' advancement & experiments & research
of the interest of there customers and prepared the customer based products. By this they
create new products & innovative goods on periodic basis that attract customers. With
this they bring new product on periodic basis.
 Fulfilment of Wants & needs of the customers:-These kind of organisations focus is to
fulfil the requirement & wants of the customer. Basically they prepare the customer based
products & on there needs & satisfaction is the base of this kind of the organisations. In
other simple words, The customers are the king in this kind of organisations because they
prepare there products according to changes in taste & preferences of the customers.
 Unequal distribution of income are avoidable:-The categorisation in equality of income
provided to the employees are must. Those employees are dedicative to their work in the
organisation at the same level they receive same income salary. Equality in incentives
receiving by the employees are working on the same level or same project in the
company that certainly avoid any kind of conflicts or ego clashes in the organisation.
 Customer Orientation:-There are micro level or some tiny organisations which are
popular as because they concentrate on the requirements of their customers. These small
investment companies are full of creativity & innovative ideas & per the preferences &
taste changes. As a result they are adaptive in nature & very much flexible in the
production strategy these small scale organisations prepare customer based products.
 Development in personal relationships:- The small scale organisations are very much
dedicated to there work as they communicate with the customer directly this will createv
an impact of the presentation of there goods such kind of firms will maintain the personal
relationships with their regular customer. As they sell their product that will create the
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trustworthiness in customers even there labours, suppliers, because they cover the area
purchasers are closely connected with them.
This all quality make small business the base of growth after 'Brexit' UK need to work in
order to build there economy more strong, this entity not only create employment opportunities
but also contribute in country's economy.
Task 2
P5 A successful entrepreneur has a duty to determine their actual skills & quality :-
A successful entrepreneur is that positive thinker that understand that the each and every
individual face the risk & failure in the way to success and that only achieved by the positiveness
& the confidence. The basic features of a great entrepreneur is they are highly patient in every
critical situation & become a mentor & give guidance to their employees. An enterpriser must be
cooperative & a good nature or behaviour like guidance for their employees and must be good in
nature.
Features & skills of Mr. Bill Gates:-
Good Leaner : He is great person with the down to earth behaviour who love to learn from
others talent & experiences. He belives that there no any specific age to learning. As learning is a
continuous process. He collects the information from different sources or his past failures to
perform any kind of activity whether is a small or a big, he believes to work seriously &
seniority. (Gorgievski,Ascalon, Stephan,2011).
Business focused: Bill gates is a person who is vbedruy much dedicated to his work & never
give up in any situation. So he always tries to make new or innovative e gadgets, very much
passionate.
Setting Benchmarks at higher level:-He always compare there products with there competitive
companies for the positive growth of the company. He tries to came up with the new or
innovative ideas.
Features & skills of Mark Zuckerberg :
Outsider: He is the one of the popular personality of America who observes the aspects in the
inside way. There services are highly innovative & creative software programs.
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Dream comes true:- He always positively think to that imagination in reality. He always thinks
about that how imagination can be bought into reality. Because this skill he is very famous
personality in the world.
Ready to take criticism: He always stands on side of his employees during every situation. He
always give guidance his workers & lower level labours& not act as a leader. (Fassin,Van
Rossem, Buelens,2011).
Skills of entrepreneur can be developed with only on time as they are made through their
experiences, knowledge and abilities.
P6 Reflection in motivation & mindset on the basis of entrepreneurial personality and traits
Individual personality may reflected by the features & quality. This include activity like actions
plans, knowledge, experiences of an individual person on that will judgement take place of
particular society and organisation (Lee-Ross, Lashley,2010). These some elements plays a
important role in every human life.
As personality traits are mentioned below:-
Passionate : This is a element which is available in a person than will no one cane stop him to
achieve success. In both Bill Gates and Mark Zuckerberg has innovated techniques to introduce
new products with new ideas on the basis of the customer satisfaction.
Flexiblity: After many struggles and sacrifices an individual jump on the stair of success. To
achieve this stage one had to work very harder and stronger in particular situation. As rather
than giving up in their life they try to learn from their failure and thinks that failure is key to
success.
Flexibility: A triat which is very essential in the personalty of a businessman one should be more
flexible & calm in nature. Who is ready to create modification as the changers occur in the
environment. One should accept the changes occur in the internal & external environment which
includes economical, technological, political & environmental. This help the Business
organisation remain to be competitive or qualitative nature in market. This element will help to
beat there competitors.
Vision:Vision is that important element which predetermined in the organisation in the early.
The vision is concerned to that situation where the company want to achieve.(Luiz, J., 2011).
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Intensely desire of learning: The learning process in each an every situation the business
concern have an great importance. Entrepreneur should always think about they don't know
anything and try to learn from others.
A personality of a individual or a person is analysed by its society, lifestyle or their
family unit. A persons' behaviour is based on these factors. A entreprenweur style & the
working culture id no specifically similar with each otherr, both the element is contrasting from
each other. Both are very much different to their society & place that makes them opposite to
each other. As this a person can may learn from other motivational stories how to modify the
persons' mindset.
P7 Experiences which can hinder & foster in entrepreneurship.
A individual who is establishing him/herself as entrepreneur one can understand the
importance of experiences & background which can be hinder & foster. An individual family
background & the experiences will highly require to established as a great entrepreneur, as these
experiences will help to the individual to analysing the technical methods & skills require for the
entrepreneur which is very much essential part. That will order achieving one's goals & mission.
(McGowan, P., et. al., 2012). Through his experience Mr. Bill Gates gained information &
knowledge about various aspects go life which has helped him in developing mew competencies
around the world. Mr. Mark Zuckerberg when he was in school he used to listen from his friends
about communicating with the world. So he decided to develop such as application which can
connect to different types altogether. Another important aspect is background of an individual.
As Bill Gates is from America and also Mark Zuckerberg is also from the same nation.So it help
them in developing there relative products & services as both were having great knowledge
about people & their mentality. Through it is important for an entrepreneur but if an entrepreneur
has various types of skills then he / She can foster entrepreneurial ventures & can attain goals &
objectives easily.
 Anxious learner:- If an individual or a person who is very much adaptive to learn new
skills & things & wants to develop such a thought which is based on the creativity &
delivering always something new & innovative that will be the world best advantage to
become a great entrepreneur. This is the essential advantage then one can attain all skills
powered by entrepreneurial growth and development (Nakara, Benmoussa, Jaouen,
2012).
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 Making Dreams come true:-A person who is going to develop something innovative in
the organisation Firstly dream himself about that innovative idea. But other related to that
innovation can also dream the same that is not important making them ready is also being
very essential task. One can understand the requirement of their team. As the society is
very much essential part of the organisational aspects or which is most beneficiary for the
society as per the need & wants will must satisfied this will essentially analyse.
 Work Hard :- Those persons or the individuals are very much dedicated to their work are
the people who are very much positively achieve their success. These constantly hard
workers are the persons who can set there proper or the systematic goals & achieve new
heights. This is based on the positive attitude towards the working style. & it will inspire
other through the skill & competencies behaviour in a way that fulfilled the objectives &
goals of individuals as well as society. (Schaper M. T al. 2014. ).
CONCLUSION
From the overall above report is based on the small scale business organisations both the
factors have their importance for the development of environment. As there are more than 4.6
million approx. by the advancement in small or tiny business companies are creating profits.
With the coming of these tiny enterprises market areas are becoming more competitive in nature.
More than 4.6 millions approx. are engaged in such activities and are becoming entrepreneurs. In
this report it is very much detailed that the Entrepreneurs are not born they create there skill 7 the
abilities to remain in the market world in this concern there positive attitude towards there work
& acceptance the changes in society & tastes or preferences of the customers are adaptable in the
organisation. So at last but not least as every coins has two face head and tail, same business
also have some merits as well as demerits. Steps should be taken to eliminate those hurdles from
organisation. Which will help company to be competitive in nature as well as flourished every
enterprise along with their entrepreneur. These competencies will help in achieving business
objectives and also development of economy as whole.
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Online:
Minor in small business management and entrepreneurship. 2017. [Online]. Available through:
<http://www.sacredheart.edu/academics/jackwelchcollegeofbusiness/undergraduateprogr
ams/management/minorinsmallbusinessmanagementandentrepreneurship/>. [Accessed
on 27th June 2017].
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Small Business Management / Entrepreneurship. 2017. [Online]. Available through:
<http://uwf.edu/cob/departments/management-and-mis/certificate-programs/small-
business-management—entrepreneurship/>. [Accessed on 27th June 2017].
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