Entrepreneurship: Ventures, Economic Impact & Skills Analysis

This report provides a detailed analysis of entrepreneurship and small business management. It identifies different types of entrepreneurial ventures, including small businesses, large companies, and social enterprises, and examines the similarities and differences between them. The report interprets statistics to demonstrate the impact of micro and small enterprises on the economy, highlighting their role in local and regional development. It also discusses the characteristics, traits, and skills of successful entrepreneurs, exploring how entrepreneurial personality reflects motivation. Finally, the report considers how background and experience can either hinder or foster entrepreneurship, offering a comprehensive overview of the key factors influencing entrepreneurial success. Desklib offers a wide range of solved assignments and past papers for students.

ENTREPRENEURSHIP
AND SMALL
BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION ..........................................................................................................................3
Task 1...............................................................................................................................................3
P1 What are the different kinds of entrepreneurial ventures and typology of entrepreneurship.
.....................................................................................................................................................3
P2 What are the similarities and differences between entrepreneurial ventures?......................5
Task 2...............................................................................................................................................7
P3 Interpretate the statistics for showing the impact of micro and small enterprises on the
economy......................................................................................................................................7
P4 What are the importance of small businesses and business starts-ups in the growth of social
economy?....................................................................................................................................8
Task 3...............................................................................................................................................9
P5 What are the Characteristic, traits and skills of successful entrepreneurs.............................9
P6 What are the aspects of entrepreneurial aspects personality reflect entrepreneurial
motivation.................................................................................................................................11
Task 4.............................................................................................................................................12
P7 What is the Background and experience can hinder or foster entrepreneurship.................12
CONCLUSION .............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Entrepreneurs are those individuals who use to invent and implement such inventions into
the reality which helps them to satisfy the demands of their customers which helps them to earn
profitability from the market. They plays an important role in the development of an economy as
they operate their business in order to earn revenue from the market which helps them to
contribute in the growth of the economy of nation. This helps them in increasing the standards of
living beings (Ahmed and et. al., 2017). The business entrepreneurs use to start their new small
or medium size businesses which provides direct or indirect support to the development of the
economy of the country. With the context of this report, it determines the different different
business ventures and the typologies of those ventures along with the similarities and difference
between those ventures. Further, the report is being discussed about the statics which shows the
impact on the micro and small business on the economy. This report is also talked about the
importance of small business and start-ups for the growth of the economy along with their
characteristics, tratis and skills which are required to being an successful entrepreneurs in the
market. Lastly, the report covers the different aspects of entrepreneurial personality reflects their
motivation and mindset along with the background and experience which is posed by them in
order to become the successful entrepreneurs.
Task 1
P1 What are the different kinds of entrepreneurial ventures and typology of
entrepreneurship.
Entrepreneurs are the people who innovate something different from existence and are
the one who makes it into reality. They are responsible for making new business enterprises for
supplying their goods and services for their customers so that they can earn profitability in return
(Ahokangas and et. al., 2018). This helps to live their life at comfort level. There are many kinds
of business ventures which are differentiated on the bases fo their service, scope, size and
purpose.
Entrepreneurial activity
It is the activity which means the process of business which was operated by the
companies in order to generate revenue from it (Arthur and Adom, 2019). These are the activities
which are associated with the exploration of unique ideas to increase the growth and the
development of those ventures. The entrepreneurs use to develop the ideas into reality which

helps them to full fill the demands of the customers for whom they are working. They use to
provide employment opportunities for the local people who are residing their which helps them
in satisfying their basic needs and wants. This can be done by operating businesses.
Different kinds of Ventures
Small business: These are those kinds of business enterprise which ahs the limited
amount of employees, size, capital and operations. They are formed for earning profits by
providing their goods and services to the customers. There size and amount of operation is
narrow as they are operating as an small scale. They use to provide their products to the niche
market. These business enterprise are generally under sole proprietorships and partnership firms.
The main purpose of forming these kinds of business is to earn their own livelihood in order to
full fill their own needs and wants of themselves and their own families. They are doing this to
support their business and modest lifestyle. These kinds of ventures has the workforce of less
than 50 persons (Dabić and et. al., 2020). The net worth of the company is €2 million. These
enterprises are such as Grocery stores, small boutiques, consultants etc.
Large company: They are the companies which has the finite amount of life cycle. They
are the one who use to develop their ideas and works to sustain their innovations. They are the
ones which use to develop different products and services so that they can satisfy the needs and
wants of the customers. These are the operates which use to perform their business without
having any limits on their operations, size, scale or scope. These are the companies which use to
expand their business over the seas. They have the huge amount of sources of funds which helps
them in smoothing the business practices. These are the organisations which use to develop
different techniques in order to sustain their growth in the market. For example: Tesco, Marks
and Spencer and many others.
Social enterprises: These are the business organisations which are formulated for the
welfare of the society. They innovate different ideas and techniques for the development and the
growth of the society (Gabrielsson and et. al., 2018). These business ventures are made with the
aim to work for the benefits of the needs people. This helps them in improving the living
standards of those people. They are not focused on earning profits their aim is to develop the
standards of the people. There are many organisations which works for the child labour, save the
children, save environment and many other.
Typologies of entrepreneurship

Entrepreneurship ventures have different types of typologies which are their for the
development of the business enterprises. These activities are helped to run the business in more
effective manners. Some of those typologies are as discussed below:
 Lifestyle Enterprise: When the enterprises are formed to develop the living standards of
the people who are living their or where the business is operating their business. As the
business is providing the job opportunities for the people residing their.
 Growth Firms: when the firms uses to the different techniques in order to attain the the
maximum profits and revenue (Farhat and et. al., 2018). These are the firms which
innovates the new ideas through which there is the improvements in the productivity and
the profitability of the firms. They are attaining their targets to satisfy their customers
needs and demands. This can be seems in small and large scale of organisation.
The above mentioned are the typologies and entrepreneurial ventures are interconnected
which helps them in providing the maximum efforts which helps them to improve their lifestyle
and living standards of the people. This helps in providing the maximum contribution for the
development of the society.
P2 What are the similarities and differences between entrepreneurial ventures?
Differences between small business, large enterprise and social enterprise.
Basis Small business Large company Social
entrepreneurship
Scale These are the
enterprises which
operates their business
at small level with the
small amount of
capital (Szerb and
Trumbull, 2018).
These are the
businesses which
operates at large scale
and needed huge
amount of capital for
their smooth working.
These are the
enterprise which
works for satisfying
the needs and wants of
the society.
Purpose Their main purpose of
establishing these
kinds of businesses is
to earn the livelihood.
They are established to
satisfy their needs and
wants and also to earn
huge amount of profits
These kinds of
business enterprises
are established in order
to uplift the living

from the market. standards of the people
who are residing their.
Characteristics These are the
organisations which
need the resources for
running their activities
(Frolova and et. al.,
2019). There is less
interference of the
government. The
authorities also
provides the support
for uplifting these
kinds of organisations.
These organisations
are required huge
amount of capitals for
operating their
functions. They have
to face the issues
which are aroused due
to the interference of
the government.
These are the firms
which works for the
betterment of the
society so that they
can helps the peoples
who are residing their
for which the
government is also
playing an major role
in well faring the
society (Rybakova and
Nazarov, 2021).
Similarities between small business, large enterprise and social enterprise.
Basis Small business Large business Social enterprise
Meeting the needs The aim of these kinds
of organisations is to
satisfy the demands
and wants of the local
people.
These business
enterprise are working
to satisfy the needs
and wants of their
customers who are at
large scale.
These kinds of
enterprise are formed
to support the local
people so that they can
satisfy their basic
needs.
Society upliftment These are the
organisation which
helps them in
providing job
opportunities for the
local people so that
they can satisfy their
These kinds of
enterprises are
working to gain more
revenue from the
society but these kinds
of society is also
proving huge amount
These organisation are
providing their
services for the
upliftment of the poor
section of the society.
So that their standard
of living can be

basic needs and
support their family
also.
of employment
opportunities for
operating their
functions in an more
effective manner.
uplifted.
Task 2
P3 Interpretate the statistics for showing the impact of micro and small enterprises on the
economy.
The business organisation plays an significant role in order to develop the economy as the
maximum contribution in the development of the economy is done in terms of infrastructure,
schools, buildings and many others (Jabeen, Faisal and Katsioloudes, 2017). These have an
major impact on the economy of the state. There are three types of business enterprise which are
discussed below:
Small businesses: These are those enterprises which has the less than 50 worker in it.
They use to gather the aim of less than £5million. They have an impact on the economy as they
develop it at the low rate because in this kind of organisation they use to full fill their basic needs
and wants and also works to support their family. This is providing supports at low scale.
Medium business: These kinds of business enterprises are having the work force of more
than 50 people but has less than 250 persons. These organisation earn revenue of more than
£5million but less than £ 22 million. These kinds of organisation helps in providing employment
opportunities to many people in order to satisfy their personal needs and wants. This provides an
opportunity for the organisation to earn profits by rendering their products and services to their
customers.
Large business: It is the type of organisation which has more than 250 employees. They
use to earn more than £ 22 million. These kinds of organisation have an major impact on the
development of the economy and they also provides the huge number of employment
opportunities at national and international platforms (Ratten, Ferreira and Fernades, 2017).
Impact of SME on economy
Local Impact: Small and Micro business firms have an direct and indirect impact on the
economy of the state as they are distributing their products to local people in order to satisfy their

needs and wants. These kinds of organisation first has determine the desires of their targated
customers this will leads to the development of their business enterprise. These kinds of business
helps in giving more job opportunities to the local people who are residing their which helps
them in improving the living standards of those peoples.
(Source: The Role of Startups and Small Businesses in Today’s Economy, 2018)
Regional Impact: The Small and medium business has an impact on the regional
economy as they helps in eliminating the unemployment from the economy and provides more
job opportunities so that the people who are living their can earn the basic wages so that they can
full fill their basic desires (Lu and et. al., 2020). With the help of employees the employer can
expand their business in order to get their desires gaols and targets.
National Impact: the small and medium size of business enterprise has not plays an
direct impact on the growth of the economy as these are the enterprises which are not so
expanded on the national level. These are the enterprises which are working on the less amount
of capital. These organisations are focused on the innovative ideas so that they can increase the
revenue of the government. In united kingdom there are more than 15.7 million peoples are
employed in SME's this has an positive impact on the growth of the economy.

P4 What are the importance of small businesses and business starts-ups in the growth of
social economy?
Small business and starts-ups plays an important role in the development of the economy
as they provides huge number of revenue and employment opportunities. These organisations
plays an essential role in the development of the economy and on the people's standard of living.
These are increasing in UK rapidly (Pagan, Petrucci and Bocconcelli, 2018). These are the
enterprises which are used by innovating new ideas which helps them to full fill the desires of
the company as well as of their customers so that they can enjoy the good amount of revenue
from it. These are the organisations which plays an significant role in the development of the
economy. There are several reasons which helps the company to develop the economy of
company some of these are mentioned below: Job Creation: It provides an opportunity for the talented and skills persons in order to
attain their desires so that they can full fill their needs and wants. For this the small and
medium business enterprises offering the job opportunities for the individuals in order to
smoothing functioning of the organisations. This helps in decreasing the unemployment
scales of the people and helps in betterment of the conditions of the country. Improving standard of living: The SME's uses to develop the standard the living by
providing employment opportunities to the people who are residing their. This helps the
company to get the high quality of products from the workers. The employment
opportunities makes the enhancing the buying power of the customers which resulted in
the growth of the economy.
 Economic growth: Both small and start-up helps in the growth of the economy. This can
be done by the creation of the job opportunities for the people in terms of creativity and
the growth of organisation. When the entrepreneurs are innovating the new ideas which
are useful for filling the needs of the economy. These organisation use to provide good
quality of products and services so that they can satisfy their customers needs and wants
in order to attain their desirable growth.
The above mentioned points, says that the start-ups and the small enterprises plays an
important role in the development of the economy with the help of the innovative ideas which
helps them in improving the quality of the life style of the people who are residing their and
working. This helps them in improving the life style of themselves also.

Task 3
P5 What are the Characteristic, traits and skills of successful entrepreneurs
For being an successful entrepreneurs the one must have the characteristics, skills and
traits should be posed by them so that they can be different from the other competitors in the
market. These characteristics, skills and traits are helpful in formulating the new ideas and
innovations which helps them in assisting the firm. This also helps them in improving their
quality of work and also on the quality of products. This helps the firm to generate more profits
by rendering their services and products to the targeted customers. This report has discussed
about two entrepreneurs which are Elizabeth Gooch of EG Solutions PLC and Tom Mercer of
MOMA Foods whose characteristic, skills and traits are discussed below:
Characteristic Passion: It is the most important characteristic which must be posed by the successful
entrepreneur as they must be passionate about their innovative ideas so that they can
easily work upon their idea in order to achieve their set targets. This characteristic is
posed by both the entrepreneurs that is Elizabeth Gooch and Tom Mercer as they focused
on their idea and work upon it in order to achieve their desires and targets. This helps in
making different from other business managers because the manager losses their level of
patience in order to manages the work which makes them fail in order to make the proper
decisions. Self belief and hard working: This is also an important characteristic of an entrepreneur
as they use carry a belief on themselves which is helpful in order to work upon their
desires (Saji and Nair, 2018). This helps them to work in an effective manner. This
characteristic is also posed by both the entrepreneurs that is Elizabeth Gooch and Tom
Mercer as they both carries an belief on themselves and on their knowledge which helps
in conveyancing upon themselves. This helps them to complete their tasks on time. Self
confidence helps them to take proper decisions which leads to the growth of the
organisation. This skills are not presented in the business managers as they are not carry
an self belief on themselves but sometimes they are the hard working and working with
an trust on the organisation.
Skills

 Innovative thinking: These are the skills which are required to be carried by the
entrepreneurs which helps them to innovate something new in their products so that the
customers can be attracted towards it. The entrepreneurs must be have an innovative
ideas so that they can solve the problems in the organisation. Through this skills the both
Elizabeth Gooch and Tom Mercer has the skills of solving the problems of their
employees in an innovative manner which helps them in success of their business
(Theodoraki and Messeghem, 2017). These skills are helpful in requiring the functions of
the organisations in an affective manner.
 Leadership skills: This skill is also required by the entrepreneurs because they are the one
which helps in the proper functioning of the organisation as they are used by the
employers to work together with the other employees. This skills is not used by the
managers as they are just providing guidance to the other employees which is not
provided by the managers.
Traits
 Confidence: The entrepreneurs must be confidence upon what they are thinking and how
they are going to execute their ideas into reality. This helps them in making decisions for
the successful ventures. Both the entrepreneurs Elizabeth Gooch and Tom Mercer are
having the confidence in order to take decisions of the company. This helps them to adopt
the new techniques which are useful for their organisation. This helps them to create the
positive attitude towards the organisation. Both entrepreneurs use to take decisions
confidently.
 Disciplined: It is also necessary for the entrepreneurs to be disciplined towards their work
so that they can easily achieve their set goals. This kind of trait is also seems in both
Elizabeth Gooch and Tom Mercer which helps them to focus on their targets without
being distracted by the other things. It helps in maintaining the balance between the
professional and personal life which helps them in achieving their desires in an specific
manner.
P6 What are the aspects of entrepreneurial aspects personality reflect entrepreneurial
motivation
Entrepreneurs have many characteristics, skills and traits which makes them different
from other the entrepreneurs and other peoples or managers. This helps them in motivating the

entrepreneurs and helps in enhancing their mindsets so that they can achieve their targets in an
effective manner. This can be analysed by the OCEAN model which is discussed below:
 Openness: This refers to the aspects which are associated with the emotions and ideas.
This helps in reflecting the curiosity and creativity which is helpful in conducting their
businesses.
 Conscientiousness: it is the aspect which means flexible and reliable. This helps the
entrepreneurs to focus on their goals so that they can achieve it on time.
 Extroversion: The entrepreneurs should stay energetic and social in order so that they can
influence their employees in order to achieve the targets of the company.
 Agreeableness: It is needed by every organisation so that they can work cooperative and
trustworthy which helps them to coordinate with their workers and other people. This
helps in maintaining the trust among the employees and other peoples.
 Neuroticism: This refers to the anxiety, fear, frustration, jealously etc. this helps the
company to react negative in the random situations. This helps them to avoid this
elements and helps them to treat their workers at equal level.
Task 4
P7 What is the Background and experience can hinder or foster entrepreneurship
Entrepreneurs are those individuals which are producing an innovative ideas into the
reality. The experience and background of Elizabeth Gooch and Tom Mercer which helsp them
to become an successful entrepreneurs are explained below:
Elizabeth Gooch
Background: Elizabeth Gooch was working with HSBC bank at the age of 18 years and
after an year she left that job and started working with a consultancy firm. She has taken loan
from their friends and family of £1,000 to start its own business. She started the company where
she use to provide financial advises to their customers regarding the operations of management
of their company.
Experience: She has faced many problems like allocation of funds, support of her family
and friends etc. she has managed this in such a way which resulted in the growth of the
organisation (Zakieva and et. al., 2019). Afterwards, she met with Rodney Baker-Bates which
gives her an idea of forming an software instead of providing consultancy services top their