Entrepreneurship: Small Business Management and Economic Impact Report

This report delves into the multifaceted world of entrepreneurship and small business management, examining the significant impact of micro and small businesses on the economy. It provides an in-depth analysis of how these businesses generate employment, drive innovation, and contribute to poverty alleviation. The report also explores the importance of small businesses and start-ups in fostering social economic growth, highlighting key factors such as brand awareness, job creation, and domestic culture improvement. Furthermore, it identifies the characteristic traits, skills, and motivations of successful entrepreneurs, differentiating them from traditional business managers. The report also considers how an entrepreneur's background and experience can either facilitate or hinder their entrepreneurial endeavors, supported by relevant examples. Finally, the report provides a comprehensive understanding of how entrepreneurship is critical for economic development and social progress.

Entrepreneurship And Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1 COVERED IN PPT...........................................................................................................1
TASK 2............................................................................................................................................1
3) Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy. .............................................................................................................1
4) Explain the importance of small businesses and business start-ups to the growth of the
social economy............................................................................................................................4
TASK 3............................................................................................................................................4
5) Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers............................................................................................4
6) Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mindset.................................................................................................................................6
TASK 4............................................................................................................................................7
7) Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship..........................................................................................................................7
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
The entrepreneurship is a process creating and identifying new resources that can help in
building market value of organisation. Entrepreneur refers to individual who use resources,
organise and manage businesses strategies. With the help of resources, entrepreneur can design
and run a new business. There is a high risk are involved while starting a business such as
funding, decisions making problems and economic situation. The entrepreneurship provides an
effective learning from which skills of an entrepreneur can be enhanced. It also includes raising
benefits of small businesses. The various type of risks can help entrepreneur in developing their
skills so that they can more enhance business profits (Anggadwita ,2017). In this, the capability
of entrepreneur also occur which helps them in developing new products. They develop new and
innovative ideas that can promote their market at global level.
The small businesses are generally designed by entrepreneurs skills. It is an process
which an entrepreneur use while designing their businesses operations. The management is
necessary in all firms whether they are small or large businesses. With the help of this,
entrepreneur can understand business operations by handling assets, decisions, staffs and
resources by utilizing their skills. In this assignment, the different types of entrepreneurs and
similarities and differences between the are covered. Moreover, the skills, traits and
characteristic of entrepreneur are discussed from which they are differentiated from other
business managers. In addition to this, personality, background and experiences of entrepreneur
are discussed which plays an important role in their entrepreneurship.
TASK 1 COVERED IN PPT
TASK 2
3) Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy.
An Economy involves production, consumption, distribution of products & services by
various agents. It also includes exchange of goods & services. The small businesses effect
economy in both positive as well as negative aspects. The economy of United Kingdom is
developed rapidly due to the help of innovation developed by small and micro businesses. Many
job opportunities is increases globally due to raise in number of small businesses. The affect of
this businesses is mentioned below:
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Small & Micro businesses affecting Economy:
Employment generation: Due to increases in number of SME's in economy, the job opp
is increased for people and impacts positively on the overall development of an economy. Small
businesses offers jobs in market and select those candidates who can bring their company on
higher position. They recruit those employees who have the potential to understand their work
and effectively perform it (Bogdanova, 2016). The talent and skills of employees is optimally
utilized in order to gain positive outcomes effectively. These employees assist SMEs to remain
longer at marketplace and gain high success. This will also improves national income of a nation
by raisin employment opportunities. They emphasise to fulfilling basic human needs of
employees.
Innovation: Small and micro entrepreneurs brings innovation in products and services
offered to customers at marketplace. They developed unique goods in order to remain and to gain
competitive advantage within the market. They invest money, time and put their best efforts so
that creative products as well as services is developed that generates higher profits. By the
assistance of new innovations, a company can remain for longer time frame and achieve leading
position within the particular industry.
Poverty Alleviation: Small and Micro entrepreneurs declines the poverty level of an
economy. These entrepreneurs basically focuses on fulfilling their basic needs first and improves
their status in society which automatically declines poverty from the economy. These
entrepreneur develop opportunities for many people by hiring them and then optimally use their
skills and competencies to enhance profitability. This will also help employees to satisfy their
requirements that impacts positively on the GDP of a nation.
Small & Micro businesses impact on International Economy:
Economic Development: It has been analysed that there are various SMEs available at
the marketplace which might affect the overall economic system of the country. Small and
medium business organisation, highly contribute their share in order to increase the economic
system of the country in a positive manner (Cole, 2018)(Dunne, 2016). With the help of this, it
has been analysed that the living standard of individuals will be enhanced which leads towards
the development of overall society.
Infrastructure development: It has also been said that due to rise in economic system of
the country, infrastructure might be develop in an effective manner. It has been examined that
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the highly equipped infrastructure help in faster economic growth which help in enhancing the
standard of living of the individuals within the society. In the present business environment, it is
said that there are large number of small and medium business environment which might help in
developing the infrastructure of the country so that growth opportunities will be enhanced.
With the assistance of below mentioned graph, impact of SMEs can effectively be
identified which can enhance the overall economic system of the country.
With the assistance of above stated graph, it has clearly been identified that the business
organisation enhanced on a regular basis within the country which help in gaining various
growth opportunities at the marketplace. In the year 2000, it can easily be interpret with the help
of above mentioned data that around 3.5 million business has been increased in the private
sector. Furthermore, in the year 2005, it has been increased by approximately 3.9 million within
private sector in order to upgrade the employment opportunities. Whereas at the end, in the year
2019, 5.9 million business organisation has been raised (Eijdenberg, 2015). This has been
analysed with the help above mentioned graph that the private sector is continuously increasing
day by day which as a result increase the overall GDP of the company. This leads towards the
minimisation of poverty at large scale and enhance the living standard of individual.
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4) Explain the importance of small businesses and business start-ups to the growth of the social
economy.
Small and business start-up plays very essential role in order to grow at the competitive
marketplace which might influence the overall economic system of the country in a positive
manner (Theodoraki, 2017). There are few key points which are required to enhance the growth
of business of both small as well as start-ups businesses. Some of these elements are going to be
discussed as follows:
Increasing brand awareness:- In order to remain at the competitive marketplace, it is
very important for the business organisation to develop brand awareness which enhance the
economic system of the company. There are ample number of business organisation which might
face challenges which as a result affect the business activity in a negative manner. This might
increase the growth of business entities which leads towards the development of economic
system of the country.
Providing job opportunities:- It has been said that new and fresh product creates ample
number of job opportunities at the marketplace. It is said that entrepreneur develop innovative
ideas in order to start a business organisation (Emami, 2017). There are ample number of new
ventures where fresh candidates get job opportunities which help them in order to enhance their
living standard. This will help them in performing their day to day functions in an effective
manner.
Improvement of domestic culture:- It has examined that the profitability as well as
productivity of a business entity reduced after the Brexit arise. It directly affect the economic
condition of ample number of business organisations. The small & start-businesses develop
unique goods and services which is required by the customers. The policies and strategies help in
enhancing the sales in a positive manner which leads towards the enhancement of profit margin.
TASK 3
5) Determine the characteristic traits and skills of successful entrepreneurs that differentiate them
from other business managers.
There are traits, skills and characteristic which are needed to be in entrepreneur. This can
help them to enhance their businesses productivity and profitability. With the help of this,
entrepreneur becomes able to take risks of their businesses which help them in raising revenue of
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their company. The ability of use of traits, entrepreneur can develop new and innovative ideas
from which market share can be increases. The traits, skills and characteristic which are needed
in entrepreneur are described below.
Traits required in successful entrepreneur
Passion:- This is most important skills that are needed in an entrepreneur. They must
passionate about their strategies and services that they are going to implement in their business.
With this skills, the entrepreneur can solve various risks and problems by obtaining desire
outcomes of their business (Henry, 2015). The Brent Hoberman and Ben Jeffriess have both this
skills which help them in solving various challenges of their business.
Creativity:- it is define as the ability of a person to imagine innovative ideas that can
used in developing new products in their business. With creativity, entrepreneur can generate
effective solution of challenges that arise in businesses. The both Brent Hoberman and Ben
Jeffriess have this ability which help them in bringing new products in market.
Skills required in successful entrepreneur
Ability to listen:- in order to make business successful, it is necessary to have ability of
listen. This help in achieving specific target and goals of business. The entrepreneur must have
good communicator so that they can understand other views in an effective manner. This can
improve business strategies and motivation towards employees so that they can bring more ideas
in business (Hosseininia, 2016). This skills of both Brent Hoberman and Ben Jeffriess help them
achieving higher success of their organisation.
Ambition:- The entrepreneur must need to be ambition about their business. They must
have internal drive about their work so that they can do work hard in their business. It develops
an enthusiasm in entrepreneur from which they are able to take risks. This skill help both Brent
Hoberman and Ben Jeffriess in achieving specific goal of their business.
Characteristic required in successful entrepreneur
Optimistic:- this type of characteristic entrepreneur always looks on bright side of
situation. The entrepreneur take challenges in a optimistic way which help in minimizing those
challenges in a appropriate manner. The Brent Hoberman and Ben Jeffriess can enhance their
business productivity and profitability.
Motivated:- the entrepreneur must motivate themselves and their employees. This will
lead to increment in level of self-esteem and confidence which help them to adapt new strategies
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of business (Karabulut, 2016). This characteristic helps in bring out talent and creativity of
individual which can foster business. The Brent Hoberman and Ben Jeffriess motivate their
employees so that they can work efficiently.
The difference between traits of an entrepreneur and other business manager.
Traits Entrepreneur Business manager
Creativity The Brent Hoberman and Ben
Jeffriess has adapted this trait
which help them developing
new and innovative products.
This will result in increase
number of productivity and
profitability of business
revenue.
The Sean Clarke is not able to
develop new ideas which
result in low productivity of
their organisation.
Ability of listen The Brent Hoberman and Ben
Jeffriess have a good
communication skills which
help in developing an positive
environment in their business.
The employees of their
company are now able to
communicate with them
effectively (Leitch, 2017) .
The Sean Clarke does not have
this skills which arise some
problems in their business. The
employees are not able to
communicate with them easily.
6) Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mindset.
The personality of entrepreneur enhance their profits of business. So, entrepreneur must
have such personality which help them in raising productivity of their organisation. The
personality affect mindset of entrepreneur from which it directly impacts on their strategies. The
OCEAN model can help entrepreneur in developing their personality by attaining specific skills.
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This model help entrepreneur in developing more skills so that they can achieve required aim of
their business.
 Openness:- This is first step of this model in which entrepreneur have open mindset
about things. They can imagine, create innovative things with the help of this model. The
curiosity, intuition are some risk factors which are needed to be open by entrepreneur so
that these risk factors can be prevented (Mengel, 2015). . The Brent Hoberman and Ben
Jeffriess both can adapt this step which help them in becoming successful entrepreneur.
 Conscientiousness:- This step is related to concentration of entrepreneur which are
needed to achieve specific goals of their business. With this step, entrepreneur become
careful and discipline about their actions that are taken by them in their businesses. The
Brent Hoberman and Ben Jeffriess both have concentrating ability from which they can
attain higher level of profits of their businesses.
 Extraversion:- this step is related to extrovert nature of an entrepreneur in which they
share their experiences to all. This type of people are relatively talkative and expressive
about their emotions . The Brent Hoberman and Ben Jeffriess both are expressive about
their ideas and views which help them in developing more profits of their businesses
(Piperopoulos, 2015) .
 Agreeableness:- in this, the people are generally trustable and affectionate among
others. This help both Brent Hoberman and Ben Jeffriess in promoting positive
environment of their business.
 Neuroticism:- the entrepreneur must need to control their anger, stress and anxiety so
that it can't affect other members of their business. The Brent Hoberman and Ben
Jeffriess both control their aggressive behaviours which help them in developing
communication to them.
TASK 4
7) Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship.
The experiences and background of an repenter is directly influenced on their business
schemes. Ben Jefferies and Brent Hoberman. They have several better past experiences that
assist those people who wants job to becoming prosperous entrepreneur person. It aid population
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of job seekers to begin their thoughts, ideas and planning in their business organisation (Ratten,
2016). It assist entrepreneur to create new innovative and creative ideas which can bring to raise
the productivity of company. Decline and growth of an entrepreneurship which can be reliable
on features for example religion, caste, creed, race, background and various other aspects. An
important characteristic that influenced entrepreneurship is experiences of past as well as
condition in which a person develop their skills. In which there are several aspect of
entrepreneurship which is consider as national culture, characteristics traits, type of education,
economic conditions.
Background and experiences of Brent Hoberman
Brent Shawzin Hoberman is the British entrepreneur born on 25 November 1968. He is
the founder of earnings factory, in this company he promote and support entrepreneurship by his
education. He was motivated from its father, his father is the very successful business man, he
has estimate 650 shops around the country. When he started his career in such company but he
fired form its primary job, investment banker was the first job Brent (Renko, 2015). If a person is
passionate about his work so the work and business can be successful. By this passionate and
dedicated skills a person can break the regulation and rules from where the benefit can be
enhance. He consider that an cheerful behaviour that can create a solution of any type of business
that may raise in businesses. He has several memorable good past experiences that prompt Brent
to busy and involve in their strategies of businesses organisation. He came up of its thoughts and
ideas through acquiring out from his basic organisation. He gives as statement his faith that the
most small and successful business are those people where the founders stay aroused for their
businesses as well as themselves portion their quarry marketplace.
Background and experiences of Ben Jefferies
The Ben Jeffries is 23 year old entrepreneur, specialised in social media and marketing.
He founded his second organisation, determiner at age 18 as well as has since motivated it to
become an industry leading business in marketing burning aspect, increasing their basic round of
investment funds on crowd cube in 24 hours. Later on, he became influencer. He came from the
backmost of its friend that normally opportunity around them (Taneja, 2016). He was worked in
several companies for example Alibaba, Apple, You-tube and others. He consider that capability
of communicating and listening wit others that can assist to enhancing the interaction among
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influencer and customers. This behaviour motivate the new entrepreneur for work and increase
the successful business.
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CONCLUSION
From above assignment, it has been concluded that there are different types
entrepreneurial ventures are occur globally. There are similarities and differences occur in this
types of ventures. The statistics about small and large business can help in identifying data about
them. There are various start-up and small businesses which help in growth of economy.
However, skills, characteristic and traits are determined which are necessary to improve by
entrepreneur. The personality of an entrepreneur reflects on their mindset which develop a
motivation in their business. The analyse of experience and background of Brent Hoberman and
Ben Jeffriess help in enhancing new ideas in their services.
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