University of London: Entrepreneurship and Small Business Report

This report delves into the multifaceted world of entrepreneurship and small business management. It begins by defining entrepreneurship and exploring different types of entrepreneurial ventures, including small business entrepreneurship, scalable start-up entrepreneurship, large company entrepreneurship, and social entrepreneurship. The report then analyzes the similarities and differences between these ventures. It presents relevant data and statistics on the impact of micro and small businesses on the UK economy, highlighting their crucial role in employment, GDP contribution, and innovation. Furthermore, it examines the importance of small businesses and start-ups in the social economy after Brexit. The report also identifies the characteristics, traits, and skills of successful entrepreneurs and how entrepreneurial personality reflects motivation and mindset. Finally, it explores how background and experience can either hinder or foster entrepreneurship, concluding with a synthesis of the key findings.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
LO 1.................................................................................................................................................3
Mini research conducted for examination of different types of entrepreneurial ventures and
how they relate to typology of entrepreneurship. ..................................................................3
P2. Explain similarities and differences between entrepreneurial ventures...........................5
LO 2.................................................................................................................................................6
Relevant data and statistics about impact of micro and small business on economy.............6
Importance of small business and start-ups in social economy after Brexit..........................9
LO 3...............................................................................................................................................10
Determine characteristics, traits and skills of two successful entrepreneurs........................10
Characteristics......................................................................................................................10
Traits ....................................................................................................................................11
Skills.....................................................................................................................................11
How entrepreneurial personality reflect entrepreneurial motivation and mind-set..............12
LO 4...............................................................................................................................................13
Examine how background and experience can hinder or foster entrepreneurship...............13
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Entrepreneur is an individual who has some idea to start business related to concept
which is not existing in society. While running small enterprise, there are possibilities that person
may face financial risk in operating entity. Entrepreneurship is the business states at small level
with new idea. Entrepreneur is the person who is responsible of creation, ownership, profits,
losses of business (Blackburn, Hart and Wainwright, 2013). Entrepreneurial is the person who
has ability to take risk and compete in local, national or international market. There are many
factors which affects business growth and development, such as financial resources, human
resources, planning, etc. In this report there is discussion about various types of entrepreneurial
ventures, impact of small scale business on economy, key aspects which shows mind-set of
entrepreneurs. At last the following study will also disclose the environmental factors which
hinder and foster the entrepreneurship.
LO 1
Mini research conducted for examination of different types of entrepreneurial ventures and how
they relate to typology of entrepreneurship.
Entrepreneurial venture means business enterprise which has been set by entrepreneur in
order to make successful innovative idea. While person thinks to start new business, there is
requirement of various resources which is important and relevant for achieving targets. There are
different types of entrepreneurial ventures which assist in executing business ideas in effective
way. Some of the entrepreneurial ventures are as under-
Small business entrepreneurship- This is the business enterprise which runs at small
scale. Examples of this business entrepreneurs are- hairdresser, travel agent, plumber, etc. They
have motive to earn livelihood. In case of change in external market, they cannot change
business policies because of lack of funds (Bridge and O'Neill, 2012). Sometimes due to
mismanagement of business, small business enterprises close down.
Scaleable start-up entrepreneurship- These are the entrepreneurs which has bright idea
to change external world. These investors have some zeal to come with new and innovative idea.
They motivate investors of same mind-set and hence this helps to launch business idea in
effective way. Business investors want some new investors to run business in smooth and

effective way. This gears the business growth in positive way. In this type of business ventures,
higher risk is associated with profits as well as capital.
Large company entrepreneurship- These are the large scale business enterprises which
operates at different locations. These organisations have aim to expand business, hence they keep
eyes on change in taste, technologies, trends, etc. They innovate new ideas which is important
and significant for improving organisational brand name. These business are the organisation
which aims to attract new consumers with new product and services. This helps to grab
opportunities present in industry. There is much competition among these organisation (Burns,
2010).
Social entrepreneurship- Social organisations work for creating good services for
improving values of society. Their aim is to improve living of standards, generate employment.
They do not focus on profit.
Type of entrepreneurial typologies
Copycat entrepreneurs- These are the entrepreneurs which analyse market and then
thinks to start business related to it. Such entrepreneurs are safe players because they analyse
success of other business and then take actions. This increases possibilities of profits for
association. This is related to small business enterprises.
Lifestyle entrepreneurs- Lifestyle entrepreneurs are the individuals who gets inspired
with their own life. A “lifestyle entrepreneur” is a a successful entrepreneur who creates their
living online. Such type of venture don't have a physical place or require one to run. All they
requite is a laptop and link to the Internet in order to manage and handle their business in
successful manner. There are some techniques and software which are used by them in proper
manner. Lifestyle entrepreneurs are related to scaleable business entrepreneurs because they have
one after another business plan.
Women entrepreneurs- As name identifies this business is run by women. Owners and
managers of such entrepreneurs are females (Carland, Carland and Stewart, 2015). Boutiques,
parlours, are example of this typology. Women make efforts to collect money and they have their
own idea, so they plan all operations to get positive results out of their business. These are
related to social entrepreneurs because some women works to improve social upliftment of
society.

Researcher entrepreneurs- These are the entrepreneurs who research in market about
new business idea and then best idea is executed. In business environment, many issues keeps on
arising so these entrepreneurs take actions according to existing market. There are possibilities
that this business works on seasonal basis. Researcher entrepreneurs are related to business
enterprises large scale business because they analyse market and then execute it.
P2. Explain similarities and differences between entrepreneurial ventures
In environment, there are different business enterprises, there is difference in working
style of those organisation. Apart from this there are some similarity also among these business.
Some difference and similarity of scaleable and social enterprise are discussed as under-
Particulars Scaleable enterprise Social enterprise
Difference This is the enterprise who has
number of business ventures.
They have aim to execute
new ideas and earn profits.
Executing future new ideas
and profit earning are main
objective of scale enterprise.
These entrepreneurs have
zeal to change condition of
society (Carraher and
Paridon, 2015).
Social enterprise is the
organisation which works to
improve condition of society.
There are possibilities if some
issue arises in society, then
business idea may click. Social
welfare is prime objective of
these organisations.
Similarity Scaleable business has some
contribution to society
development. They pay some
percentage of revenue in
society upliftment. They
provide employment in
society because of different
new and innovative ideas.
These enterprise works for
society benefits and upliftment of
people. They analyse need of
society and then take actions to
resolve it.

Similarity and difference between large and small business enterprise are as under-
Particulars Large scale enterprise Small scale enterprise
Difference Large scale enterprise operates
at different locations. These
enterprises respond quickly to
change in customer's demand.
Hence they alter their business
policies frequently, so they
resist in industry for longer
duration. These business have
main aim of earning profits
and customer satisfaction.
They do not have lack of
financial funds.
These business aim to earn
livelihood. This type of
business are operated by
family members and due to
monetary crises enterprise gets
shut down. This type of
entrepreneurs do not get
affected because of change in
demand of customers because
of lack of funds. There is less
competition among these
business enterprise and have
less long run sustainability in
industry.
Similarity Large scale organisation has
emphasise on smooth running
of business. These business
has aim to earn god profits.
Small scale business also
wants to make long run
sustainability so they can earn
profits. Revenue earning is
main aim of organisation.
LO 2
Relevant data and statistics about impact of micro and small business on economy
Micro and small business are the organisations which has less than 50 employees. These
associations play crucial role in development of society (Chittithaworn and et. al., 2011). There
is requirement of alterations which are important and significant for making changes in effective
way. In UK, small scale business organisations are backbone which assist in development of
business operations. When some innovative ideas are executed, then this helps to boost economy
of country. These organisation provides competition in society. Small scale business

organisations are important and relevant for boosting economy of UK. They make good image in
all over the world. This helps represent country at regional, national and international level. So
they play a effective role.
Private organisation provide employment to people. As compared to last years, there is
increment in 2%. Annual turnover of private sector was £2.0 trillion out of which 52% is because
of small scale business (UK Small Business Statistics, 2018).

Illustration 1: Role of Startups and Small Businesses in Today’s Economy
(Source: Role of Startups and Small Businesses in Today’s Economy, 2018)
With the help of small scale business, people residing in society gets employment. This
helps to maintain Gross Domestic product of country. According to Vikas Shah, 675 jobs are
offered by small scale business and out of 50% of GDP is because of such association. This is
essential and relevant for improving condition of country. There is about £25-500 million
turnover of small scale business (The role of SME's In the UK economy, 2018). There are many
people who have knowledge about artisans, paintings, pottery, architecture, etc. Which helps to
provide employment and creates literacy above society. This is fruitful for development of
economy of countrify.
National GDP, economic rates, employment, literacy, etc. are positively affected with
micro and small business. There is positive impact on tourism sector also. Government plays
significant role in motivating individuals to come with new ideas. This helps to represent country
at international level. When people have employment, they are not indulge in illegal activities
which helps to improve social and cultural situation of association also. There is process
regulation of finance which helps to give positive impact on loans rates also. When some new
and innovative ideas are used then loans are also available at low rates.

Government motivation is one of the important factors which provides edge to
entrepreneurial business. There are many people who have new skills, knowledge talent through
which they can start business and this helps to motivate artisans to give best. There is
requirement of some seminars, conferences through which knowledge can be polished of local
residing people (Dennis Jr, 2011). Small business helps to improve UK's position at national and
international level. There are some skills which are unique in person such as pottery, painting,
etc. so this helps to creates goodwill at international level. This increase tourism in country and
improves financial position of country. With the help of micro and small scale organisation,
living of standards of people gets improved. These days there is good scope of innovative and
new businesses so this attracts individual and hence there is less miss-happening in society. This
gives good image of UK at international level.
Importance of small business and start-ups in social economy after Brexit
When United Kingdom choose to move out from European association, this is known as
Brexit. This happened because U.K. was facing some issues during its stay in EU. At that time,
small businesses are the one who affect the economic growth of UK. Various changes were
introduced by Government of same after Brexit. Small businesses are the one which play a
significant role in maintaining the economic growth of nation after Brexit. Importance of small
businesses in economy of UK can be understood by the following points: Innovation: Small businesses are the one who carry out research to manufacture better
and feature products in order to better satisfy the needs of target customers. This not only
results in their satisfaction but also contribute in social development of country (Fassin,
Van Rossem and Buelens, 2011). When there is innovation in society, image of UK gets
improved in world's economy. This raises social and cultural background of country also.
 Employment generation: Small businesses are the one which provide employment
opportunities to the local individuals and offer them a platform to present their skills and
talent. All this rise their standards of living which results in development of economy.
When there is employment then less possibilities of theft, robbery, etc. This improves
social awareness among people. After Brexit, UK there is reduction in unemployment
rate of UK. People are of political changes taking place in external environment.
With the hep of small scale business, there is improvement in living of standards of
people. Innovations are taking place in society which helps to provide good quality product and

services to consumers. Social economy stands for social factors of particular geographical
region.
LO 3
Determine characteristics, traits and skills of two successful entrepreneurs
Entrepreneurs are the person who has some new and innovative ideas which gives
positive impact on association. They are different from managers and hence this way success in
industry is achieved (Gorgievski, Ascalon and Stephan, 2011). There is difference in working
style of entrepreneurs and managers. There is discussion about two successful entrepreneurs i.e.
Bill Gates and Mark Zuckerberg. These are two famous personalities in industry having vast
successful business empire.
Bill gates- William henry Gates III is an American business tycoon, investor, author. He
was key founder of Microsoft. He was born on 28th October 1955. He is the second richest
person in world.
Mark Zuckerberg- Facebook is very common make in social media sites. This is the
application which is used by individual of every age group. Mark Elliot Zuckerberg is the
personality due to which society enjoys Facebook. He was born in 1984 and is co- founder,
chairman and chief executive officer of Facebook.
Characteristics
Focused- This is one of the important characteristic which is present in Mark Zuckerberg
. This skill helps to attain goals. In business, there are many changes which are taking place
because of change in environment (Islam and et. al., 2011). Sometimes, there are possibilities of
failure also. In that case also Mark Zuckerberg remains energetic. This helps to ultimately get
positive result in form of Facebook. While at the same time, managers are not so focused. Hence
there are possibilities that they cannot motivate team. This ultimately affects business overall
goals and objectives.
Flexibility- While running business, there was proper planning done by Entrepreneurs.
But at the time of actual execution due to change in external environment, business objectives
gets affected. Hence in such case, Bill Gates have ability to deal with situation. They are ready to
accept changes and implement in business operations. This characteristic is missing in managers
because they follow set standards, rules and regulations (Lee-Ross and Lashley, 2010).

Long sightedness- Entrepreneurs have some ideas which is lacking in society. For
instance, Mark Zuckerberg have innovated idea of social media site with far sightedness. This is
because society is able to entertain and connect with people. This quality is missing in managers.
They work for achieving short terms objectives.
Traits
Risk taking- In order to get success there is requirement of some efforts of taking risk.
Bill Gates take risk to launch software (Luiz, 2011). While staring a business, there are many
risk associated with it such as financial risk, failure, etc. But still Bill Gates make efforts to
launch software. This helps to increase name and fame in industry. Managers do not have ability
to take risk,. They are risk controllers. They perform activities according to set benchmarks.
Innovation- Entrepreneurship is result of innovation. It is the idea which is not present in
society. Mark Zuckerberg have thought of some creative so they launch social media application
which is one of the famous and most using application. While managers don not take actions to
perform sometime new. This affects performance and possibilities of positive results are less.
Skills
Time management- For entrepreneur’s time is money. When they have new idea or have
small business unit, then they are owners and workers. In case of Bill Gates, while having idea to
launch software (Neck and Greene, 2011). This helps to attain goals and objectives in effective
and efficient manner. Managers do not work according to deadlines. Managers are not able to
business operations within time limit.
Appropriate distribution of work- Entrepreneurs is the person which has some new ideas
to work on it commercially. In initial days of work, they do not have sufficient funds to
employee other individual. Mark Zuckerberg engage to come with new concept hence they
distribute work in proper way. Manager distribute task among managers. They do not distribute
operations according to skills this affects targets of organisation.
Money management- Money is one of the important factors for Bill Gates and Mark
Zuckerberg in initial days of enterprise (Schaper and et. al., 2014). There is lack of funds, so this
affects business operations of organisation. Hence Bill Gates and Mark Zuckerberg they manage
financial resources. Managers are not personally liable for expense occurring in business
operations, so they do not bother about it. This affects financial budget of organisation in
negative way.

How entrepreneurial personality reflect entrepreneurial motivation and mind-set
Entrepreneurs are the persons who have new and innovative ideas which is fresh for society.
There is requirement of skills which helps to make business idea successful. Some characteristics
which are essential for Bill Gates and Mark Zuckerberg to become successful in industry.
Knowledge, skills are helpful in performing business operations in effective and efficient
manner. Mindset, qualities can be understood with Big Five Personality Traits. This is discussed
under in detail (Schaper 2016).
Openness- Entrepreneurs must be open to new ideas and changes to become successful.
This helps to deal with external changes which are important and relevant to deal with alterations
in business environment. If entrepreneur has rigid nature, then it is tough to get success in
society. Imagination power of entrepreneurs are good so they are able to come with new and
innovative approaches.
Conscientiousness- Conscientiousness is one of the important skills present in
entrepreneurs. This helps to perform operations with best efforts. In case of negative result, it is
easy to perform operations. This is effective and significant for getting achieving targets.
Entrepreneurs must be focus to attain good objectives.
Extraversion- Extraversion is present in entrepreneurs as this helps to communicate with
external parties to raise funds (Shane, 2012). Marks Zuckerberg have idea of social media, so it
is important to convey to society. This helps to create awareness and increase name fame in
industry.
Agreeableness- Entrepreneurship is the result of some issues which people are facing is
the society. So it is important that managers must agree upon changes which are taking place in
environment. This helps to make strategies which make business idea successful in industry.
Natural Reactions- This characteristic is also known as Neuroticism. As per this skill,
entrepreneurs must have ability to be neutral. In business organisation, there are various ups and
downs, so person must be neutral in both situations. Emotional stability is main component
which helps to perform make business run according to external market.

LO 4
Examine how background and experience can hinder or foster entrepreneurship
Entrepreneur is the person who has new and innovative idea to launch business
enterprise. There is requirement of some internal as well as external forces which helps to get
positive return (Stokes, Wilson and Wilson, 2010). It is important to make strategies which are
important and relevant forgetting positive results. Entrepreneurs are social person, so they also
get affected because of external forces such as education, family background, nationality. These
factors play important role in becoming successful entrepreneurs. There is requirement of
changes which are important and significant for achieving targets.
Sometimes, these factors give negative impact so this affects mind-set and confidence
level of entrepreneurs gets affected. There is requirement of proper planning through which
positive results can be achieved. Social background also affects idea of entrepreneurs. There is
requirement of change in plans and policies which is significant and relevant in current market
trends.
Education- Education is one of the important concept which affects idea of
entrepreneurs. For instance: Bills Gates have knowledge and interest of Computer programming.
Hence he pursued General Electric (GE) programming. But parents of Bills Gate to continue
with Law studies. This boosts knowledge of Bill Gates related to computers and hence they have
keen interest in it. This provides edge to Bills Gates in launching Microsoft. Hence educational
backgrounds play important role in successful launching of business and they are able to get
success through innovative ideas (Storey and Greene, 2010).
Family background: Marks Zuckerberg born and bought in good family. He has strong
family background which helped him to begood in studies. His parents are Karen, a psychiatrist,
and Edward Zuckerberg, a dentist. He excelled in classes and then his parents promoted him to
private school. Their family works as households. This helps Marks Zuckerberg in business idea.
Hence this helps to perform entrepreneurial activities in appropriate way.
Society- Society is one of the important component which gives positive or negative
impact on entrepreneurs. For instance, in case of Bills Gates, there is requirement of software in
market which ease in operations through computer. This motivates Bills Gates with idea to

launch software. Hence entrepreneurs get boosted with environment of society. When there is
lack of some idea then entrepreneurs can work over it through analysis.
These factors does not only affects positively but there is negative impact too. For
instance in early days, there is lack of awareness about different social sites, so this affects
growth and development of Marks Zuckerberg because people are not aware.
CONCLUSION
From the above given project report, it can be summarised that different type of
entrepreneurial ventures operate and perform different commercial operations in order to attain
their set business objectives. Small business and start-ups play a big role in maintaining the
economic growth of a nation as these are the one which provide employment opportunities to the
local individuals and provide them platform to show their skills and talent. All this help in
improving their standard of living. Various features and skills are there which should be there in
an individual in order to be a successful entrepreneur and which makes them different from
business managers. Personality of an individual largely affect his mind set and motivation which
impact on the business decision taken by him. Further, experience and background of an
individual’s hinder and foster the process of entrepreneurship.

REFERENCES
Books and Journals

Online
The role of SME's In the UK economy. 2018. [Online]. Available
through:<https://thoughteconomics.com/the-role-of-smes-in-the-uk-economy/>.