Entrepreneurship Report: Small Business, Economy and Entrepreneurship

This report provides a comprehensive analysis of entrepreneurship, focusing on small business ventures. It begins by defining entrepreneurship and categorizing different types of ventures, including serial, intrapreneurs, owner-managers, survival, lifestyle, and growth ventures, along with their relation to entrepreneurial typology such as small, scalable start-up, large company, and social enterprises. The report then evaluates the similarities and differences between these ventures. It also assesses the impact of micro and small businesses on the economy, using data and statistics to illustrate their contribution to GDP and employment. Furthermore, the report explores the importance of small businesses and start-ups to the growth of the social economy, highlighting their role in creating employment opportunities and fostering innovation. Finally, it identifies the characteristic traits and skills of successful entrepreneurs, differentiating them from business managers, and examines how entrepreneurial personality and background influence motivation and success. The report concludes by summarizing the key findings and their implications for the field of entrepreneurship.

Entrepreneurship and
small business.

Table of Contents
.........................................................................................................................................................1
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
P1 Different types of entrepreneurial ventures and their relation with typology.......................3
P2 Evaluate similarities and differences between entrepreneurial ventures...............................6
P3 Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy. .............................................................................................................7
P4 Explain the importance of small businesses and business start-ups to the growth of the
social economy............................................................................................................................8
P5 Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers. ..........................................................................................9
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mind-set..............................................................................................................................11
P7 Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship........................................................................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14
Books and journals:...................................................................................................................14

INTRODUCTION
Entrepreneurship defines as setting up a venture in an global market, the owner of
enterprise termed as an Enterprenuer. They are the only one liable for their profit or loss and
contribution of capital. These entrepreneurship ventures categorised into many categories, small,
scable, large and social enterprise. Enterprenuer chose their venture according to their capital
stability with the view to earn profit by analysing market demand and opportunities in order to
excess competitive advantage. Entrepreneurship focus on managing small scale business by
putting an individuals efforts and abilities towards its success. This report going to evaluate
about business operation of small scale business as a consultant of business solution company.
This includes different types of ventures and how they connect to the typology of entrepreneurial
by acknowledging their similarities between the ventures. Also, it includes impact of micro and
small business with their significance too (Barnard, Pittz, and Vanevenhoven, 2019). At last,
this report effectively shows an enterprenuer traits sand skills which require to run an
organisation successfully, this could be done through analysing personality of an enterprenuer
and their background. This report focus on all the factors that influences on society and economy
by engaging tin operational activity.
MAIN BODY
P1 Different types of entrepreneurial ventures and their relation with typology.
Entrepreneurship: operating a business or venture with the view to attain market
opportunities by making its full and efficient use. An enterprenuer operation its organisation for
maximum satisfaction. for this context, it provide innovation and technology into the society. It
includes planning, arranging and controlling the operation and develop strategy.
Different kinds of entrepreneurship
Serial entrepreneurs: These types of entrepreneur are always ready to think off new
ideas and innovations very frequently which makes them to put their ideas into practical manner.
That leads to start them new ventures (Choi, and Suh, 2017). They are not stick to only one
venture stabilisation. Once a venture started, its responsibility settled. They come up wit new
ventures in the market and so on.

Intrapreneurs: This type of entrepreneurship shows an individuals position into an
organisation, in which they pretend to be an entrepreneur by engaging in their innovative ideas
and creativity which makes them to act and guide as an entrepreneur. They have their ability to
perform in crises or uncertainty by using different techniques and styles to motivate others.
Owner-Managers: owners in the organisation are liable towards any crises and legal
activities, formulating planning and [polices and handling issues regarding operations and
guiding employees and managers. Mangers are the one who organise resources, building teams
and leaders to assign task and ensure performance of whole team whether any changes are
required or not (Gielnik, Zacher, and Schmitt, 2017).
Different entrepreneurial ventures.
There are different categories in which entrepreneurship has divide to run and operate its
function. These categories are discussed below:
Survival venture: This kind of venture focus on retention in business operation by
fulfilling financial needs and working capital. These type of venture often changes their
operation in order to survive into market by cutting cost of products, termination of employees
and sacrificing quality and quantity. There are some example of these type of venture which runs
their operation in UK such as amazon seller, MOMA food outlet (Kuratko, and Morris, 2018).
They run their operation at small level and mobilise available resources in order to fulfil basic
needs for their daily activities.
Lifestyle venture: This kind of enterprenuer are operating their business by following
their lifestyle and thoughts regarding their own experiences. These lifestyle could attain through
their followers perspective. The business operations are the replica of their lifestyle thoughts.
The best example of these organisation are SGS product established in UK.
Growth venture: These kind of venture mainly focus on long term perspective and
operates their ventures in order to survive in future for taking growth and expansion. They
mainly starts with huge capital contribution and innovative building strategy, so that could attain
competitive advantage and huge market share. This best example for this venture is TESCO,
which has become global largest food retailer.

Relation with entrepreneurial typology
Small business entrepreneurship: These type of business starts with low capital
investment and operates by using internal resources. These firms mainly deal with consumer
goods or basic goods in order to survive in market. The employees could be their family
members or only the owner itself. Also, their assets and liability are very less and moderate profit
maximisation. The examples of these are local grocery stores, bakeries, dairies, poultry farm and
many more
Scable start-up enterprise: These enterprenuer are highly creativity and innovative in
terms of serving something new to the society, they utilise available technologies and techniques
in effective and creative manner for special output. The aim also include to develop market
share and countries economy (Landström, 2019). The best example of these ventures are google,
Facebook, Instagram which reflecting high growth and consumer satisfaction.
Large company enterprise: These enterprise are mainly settle to serve large variety of
products and have lifelong target to achieve customer satisfaction. They start with single variety
and move on to produce variety of ranges as per customer demand. Customers preference are
the main motive to achieve for these organisation for which they indulge in various survey and
feedbacks. They also customize their product as per the special requirement. For which, they
invest huge capital and organise high quality resources in order to survive for long term.
TWSCO, Sainsbury's, Unilever are the best example for these kind of enterprise.
Social enterprise: These enterprise are operate for social welfare by providing needed
services to required people. Their aim is to provide more services and less profit optimisation.
These enterprise collect their funds and capital through donations or agencies are from
government support (Maas, and Jones, eds., 2017). UNICEF is best example for this, as they
provide child and women support by provoking to their rights.
These are main types of entrepreneurship ventures which are commonly purposed to
development of society and serve the best of their potential.

P2 Evaluate similarities and differences between entrepreneurial ventures.
Similarities:
Survival venture: The main aim of this venture is to survive into leading market to be in
business for longer period. For which, they ensure proper utilisation resources.
Lifestyle venture: These ventures are also aim to maintain their personality and lifestyle
into effective manner and enjoy profit satisfaction.
Growth venture: As the name states, this venture is already focus on its growth and
expansion which shows the motive for long term investment.
Difference:
Survival venture:
 These ventures gather their funds through personal resources like family, friends or
savings (Marietto, and Serra, 2019).
 The flow of work within this organisation is less complex as decision making process are
in hands of the owner. Also, no complex decisions are take place into these organisation
and because of less engagement of employees.
Lifestyle venture:
 These ventures organise their capital from granting loan from banking or financial
institution in the form of business loan and have to pay interest on majority.
 These organisation flow their work from high authorities to low authority, as decision
making takes times due to high operations, complexity and uncertainties arise very often.
Growth venture:
 These ventures require high financial needs for their operations. For that, they grant their
funds from high institution and in order to take loan they need to pledge their asses for
security purpose.

 In this organisation, policies and strategies are develop by top authorities and and
centralised environment is followed in order to eliminate delay in decision making.
P3 Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy.
Classification between micro business and small business.
Micro and small business are diamonds for the economy as their contribution
make the economy develop and grow. They serve their social and environmental aspects towards
the society which are in welfare for the people. The way they prove to be beneficial for the
economy are mentioned below (Niosi, 2018).
Contribution towards GDP: From the above data, it shows the increment in UK, GDP by
contribution towards micro and small business, they help in promoting development towards
society. Through providing products and services according to people requirement. This creates
positive impact on countries GDP. These small scale organisation are at a move towards their
development also by expansion or diversification.

Employment: Micro and small scale organisation have attempted rapid growth in the economy.
The above graph growth shows the comparison of medium and large scale organisation into
employee engagement. As small scale organisation has provided employment to various
unemployed people which serve value towards economy and that has increase employment rate
in UK which is beneficial for countries development. people are not sitting idol, they engaged in
work with small scale operations and serving their talent towards enterprise and economy. The
graph reflects small and micro enterprise
P4 Explain the importance of small businesses and business start-ups to the growth of the social
economy.
Social economy: social economy is defined as the group of enterprises which follows
social values, cultures and norms while operating their activities. They work in welfare for social
development and do every possible efforts to serve the best for their good. They include
organisation like cooperative mutual association or cooperative agencies and ensure bout
privacy policy of individuals.
Significance of small organisation for growth of social economy

Employment opportunities: Small enterprises are becoming a vital part in social
economy as they operate on large level which provide employment for necessary people. This
serve a value towards economic growth and also GDP rises. This creates a positive impact of
organisation into communities and people preferences (Rustamov, 2019). Employment creates
pool or hidden talent for an organisation which gave benefit into innovation and quality.
Innovation: innovation is a significant for market growth which require good
knowledge and creative thinking. Small scale business use their innovative products and
services to serve something rare.
social purpose: small enterprise fulfil social needs by concern to healthy environment
and product quality. They provide support to the people for their welfare in terms of any
obligations.
P5 Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers.
Characteristic traits: traits are defined as an individuals capability and talents which
make it rare from the other. A person has good traits or skills has their out of the box thoughts.
Which make them believe in what they are doing in their career or profession. A business
organisation require these traits into an entrepreneur. These includes good communication skills,
vision, leadership abilities and many more.
Characteristic skills: A person having polite and generous behaviour count as skilled
person. who has patience and innovations into their ideas through which it can deliver to other in
a clear way, and the people are ready to take their commands at priority at workplace.
Difference between characteristics traits and characteristic skills:
Basis
Traits
Zuber and Mohsin Issa.
 These issa brothers are
always willing to
accept new ideas and
Sir philip Green
 sir philip green is a
good leader and always
focus on quality

skills
techniques which grew
them to new level of
success,
 These enterprenuer are
always believes into
taking feedback to
better know the market
trends and work
according to that.
 These brothers are well
known for there soft
and polite skills which
help the employees to
better focus ion their
commands.
 They are good
motivator and also a
good leader as they
have good
communication skills
also, power to
convenience to
customers.
products by ensuring
proper use of
technologies into
effective manner.
 This enterprenuer is
always believe in
practical and do and
check methods.
 This enterprenuer
mainly focus on
operations
effectiveness and
profitability.
Distinguish between an enterprenuer and other managers
Enterprenuer Managers
An enterprenuer manages all operational
activities with the fear of risk and uncertainty
Managers are the one who work at a pay basis
an work on the the area of their position

to take business on high level.
Enterprenuer always focus on achieving
expansion and diversification of the business in
order to take market share.
Enterprenuer work by taking all together.
Employees and its teams. In order to motivate
and guide them effectively
Managers focus on effective functioning of
their respective department so that no
obligation could come in their way.
Managers are bound with their position
responsibilities and has no scope to deliberate
their ideas.
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mind-set.
Entrepreneurial motivation and mind-set: This defines the key skills and abilities of
entrepreneur which make them to be in positive mindset and inner interest towards activities.
Also, motivation to overcome business mistakes and improve skills.
Examples of motivational drivers include:
Independence and flexibility: An enterprenuer requires independence in order to work
with no boundaries and pressure (Taneja, Pryor, and Hayek, 2016). Flexibility defines its
ability to adapt change in very less time. This drives an individual motivation to set them free
towards performing the task the way they want.
Power and control: This reflects aspect of motivation in order to enjoy power and
control for their own self. Various factors bound these power. These could be eliminate by
engaging into entrepreneurial activities. Powers makes an individual well motivated under
which other people are obliged to work.
Achievement: An individual gains their motivation in order to achieve something in
return. An enterprenuer wants to achieve its enterprise success through expansion. It help them to
perform in more efficient manner. Achievement also terms as performance reward which an
enterprenuer gets in form of profit and its reputation.

Creation of wealth: enterprenuer are always stand to face risk and challenges positively
which increase their chances to create wealth into market by achieving before other do it. Wealth
creation leads an individual to perform entrepreneurial activities in innovative way.
From the above key drivers of individual motivation, it analysis the need for these factors
for an enterprenuer for their inner development and positive mind set leads to innovative
thinking also ,facing challenges into positive way (Tenfelde, 2019). An enterprenuer motivates
others but at some time they also need motivation to stick on their path. These drives ensure all
these aspects.
P7 Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship.
Poverty : Poverty is much important factor of effective entrepreneur. Its outline the skills and
abilities of the person for being a good entrepreneur. Just take an example of SUNDAR PICHAI,
he is the CEO of google and currently serving very good to the company . He is a very excellent
entrepreneur with good and creative ideas. His contribution towards the company is very good
because he always find and get new ideas for development of the company. His backgrounds was
not so good, he is from poor background ,his father was a farmer and mother is a housewife. His
father used to do farming but they always support him encourage him towards his ability to do
work . That pandemic helps him to learn more and grow and his effective and excellent way to
grab the opportunities for the better career.
Unemployment: Unemployment is also a very big reason for growing the opportunities of the
businessman and women in the market because now a day unemployment is increasing and they
were so desperate to earn money for their family and for themselves so they think that they can
start a business according to their skills and knowledge which will increase their skills and help
them to earn money and they can also provide employment to others.

Culture : Culture guide the background of the business because culture help many entrepreneur
to grab about different knowledge and abilities that relates to the business and develop the new
ideas and way to increase the skills and knowledge. This also support them to provide several
opportunities in the market so others can also gain the knowledge and abilities.
Family wealth : Family wealth is also create a impact on entrepreneurship time and also create a
impact on the person to grab the moments and opportunities in the market . There are many
different businessman/women who are dealing in the market on their family name.
School dropouts : This background also help the person or individual to encourage and promote
the opportunities in the market. Lets take an example of bill gates. He is college dropout but he
is now doing excellent with their abilities of doing work , skills and knowledge. He is the
founder of Microsoft company. Microsoft is multinational company of computer technology.
This company is known for the best software products (Turner, and Gianiodis, 2018). Bill gates
are college dropout but they are now entrepreneurs because he do not believes in trends means 9
to 6 job like most of the people do this. He is always believing in to do something different and
wants to grab as much as he can gain the opportunities and knowledge. He always conduct a
innovative ideas to expand their value in the market and make an accomplishment in front of
other person so that they can follow them and inspired by them.
So from the above it can be seen that there are so many ways and factors that encourage
the entrepreneurship in the market.
CONCLUSION
The above report conclude the significance of small business enterprise and role of
entrepreneur to look forward towards its success. enterprenuers are those individual who are
future of the countries economy by serving their existing services , this reports reflects the
necessary traits and skills which an entrepreneur must have by acknowledging the examples of
popular entrepreneurs. It also include the growth of economy with the contribution of micro and
small enterprise which shows positive increment in countries GDP and employee engagement.
At last, it considers an individual background in terms of poverty, culture, employment and
many others.

REFERENCES
Books and journals:
Barnard, A., Pittz, T. and Vanevenhoven, J., 2019. Entrepreneurship education in US community
colleges: a review and analysis. Journal of Small Business and Enterprise Development.
Choi, D.R. and Suh, G.H., 2017. A study on the effects of small business management result by
the Korean government: Focus on SEMAS. The Journal of Business Economics and
Environmental Studies. 7(3). pp.33-43.
Gielnik, M.M., Zacher, H. and Schmitt, A., 2017. How small business managers’ age and focus
on opportunities affect business growth: a mediated moderation growth model. Journal
of Small Business Management. 55(3). pp.460-483.
Kuratko, D.F. and Morris, M.H., 2018. Examining the future trajectory of entrepreneurship.
Journal of Small Business Management. 56(1). pp.11-23.
Landström, H., 2019. The rigour-relevance debate: strategies to avoid creating an ivory tower in
entrepreneurship research. In Rigour and Relevance in Entrepreneurship Research,
Resources and Outcomes. Edward Elgar Publishing.
Maas, G. and Jones, P. eds., 2017. Entrepreneurship centres: global perspectives on their
contributions to higher education institutions. Springer.
Marietto, M.L. and Serra, F.A.R., 2019. The role of institutional elements on strategic activities
of small business practitioners. International Journal of Entrepreneurship and Small
Business. 37(2). pp.250-270.
Niosi, J., 2018. Entrepreneurship: a short literature review. Int. J. Entrepreneurship and Small
Business. 35(3). p.257.
Rustamov, D.J., 2019. THE ROLE OF INVESTMENT IN SMALL BUSINESS AND PRIVATE
ENTREPRENEURSHIP. Столица Науки, p.29.
Taneja, S., Pryor, M.G. and Hayek, M., 2016. Leaping innovation barriers to small business
longevity. Journal of Business Strategy.
Tenfelde, W. ed., 2019. Entrepreneurship, Small Business and Education in Developing
Economies: Contextual Elements and Practical Examples. Rainer Hampp Verlag.
Turner, T. and Gianiodis, P., 2018. Entrepreneurship unleashed: Understanding entrepreneurial
education outside of the business school. Journal of Small Business Management. 56(1).
pp.131-149.