Exploration of Entrepreneurship and Small Business Management Report

This report delves into the multifaceted world of entrepreneurship and small business management. It begins by examining various types of business ventures, including small business, large company, scalable start-up, and social entrepreneurship, and explores their typologies. The report then compares and contrasts these ventures, highlighting their similarities and differences. A significant portion of the report is dedicated to understanding the impact of micro and small businesses on the national budget, supported by relevant data and statistics, illustrating their vital role in economic growth. Further, it clarifies the contribution of small businesses and start-ups to the communal economy. The report also analyzes the key characteristics and skills of productive entrepreneurs, differentiating them from corporate managers, and assesses how the entrepreneurial personality shapes motivation and mindset. Finally, it investigates how contextual factors and knowledge can either hinder or foster entrepreneurship, providing examples to support the analysis. The report concludes by summarizing the key findings and insights gained throughout the study.

Entrepreneurship and
small business
management

Table of Contents
Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
TASK 1............................................................................................................................................1
P1: Inspect dissimilar types of business venture and explain typology of entrepreneurship......1
P2: Discover the comparations and different between entrepreneurial venture.........................2
TASK 2............................................................................................................................................3
P3 Understand and measure pertinent data and statistics to exemplify how micro and small
businesses impact on the budget.................................................................................................3
P4 Clarify the position of small businesses and business start-ups to the growth of the
communal economy....................................................................................................................5
TASK 3............................................................................................................................................5
P5 Control the characteristic characters and skills of productive entrepreneurs that distinguish
them from other corporate managers..........................................................................................5
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mind-set................................................................................................................................7
TASK 4............................................................................................................................................7
P7 Inspect, using pertinent examples, how contextual and knowledge can hinder or foster
entrepreneurship..........................................................................................................................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Entrepreneurship is the process of innovating an enterprise in order to take a financial risk of
uncertainty in order to gain profit and increase the growth of the business in the market. Every
small business is start with the idea and creating of commercial in that market for the better
growth and development of market product and services. Whereas small business management is
a part of business that help in better, growth and increasing the goals and objectives of the
business in the market. There are various businesses that provide effective services and product
form the new idea generation and growth of the business in the market. This report contains
information about different types of business entrepreneur’s ventures and explanation of how
they narrate to the functions of entrepreneurship. Also this includes information about
similarities and differences between different types of entrepreneurs. Further it includes
information about impact of small business on the national economy and its growth in the
multinational level. This also includes information about impact of entrepreneur’s mind-set. Also
it includes information about different environments that foster hider entrepreneurship.
MAIN BODY
TASK 1
P1: Inspect dissimilar types of business venture and explain typology of entrepreneurship.
There are various types of entrepreneurial venture that helps market to gain better
development and improvement of goals and objectives in the market. This types of the
entrepreneurs focus on the growth of the business and providing effective product and services to
the customers so that they can help in better development and enhancement of areas and
objectives of the business. There are various types of entrepreneurs that work for better growth
and effective business growth in the market. Below are various types of entrepreneurs explained.
Small business entrepreneurs: A majority of the business works in the small business
and that helps to gain better development and enhancement of goals and purposes. People
invested in small business focus on the growth and proficiency of the business in the market.
Small entrepreneurship made for the profit generation that support modest life style and family
business. They are not work for the large scale profit generation instead they focus on making
position in the market so that effective growth can be achieved.
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Large company entrepreneurship: this type of business works when a company has high
level of capital investment in the business and work for the achievement of goals and objectives
in the market. Also these types of businesses also work for the effective growth and generation
of high profitability so that corporate can achieve its development and objectives in the market.
They are often a part of large scale business. They work for the fulfilment of demand and need of
the customers in the market so that effective growth and enhancement of goals and objectives
can be achieved. this happen when a large company acquire them and help in the better growth
and enhancement of goals and objectives.
Scalable start-up entrepreneurship: this kind of entrepreneurship when the entrepreneur
thinks that their business can change the world and provide effective growth and enhancement of
goals and objectives in the market. They often receive funding from the venture capitalists and
hire specialized employee that can help in better growth and objectives achievement. They look
for the things that are missing in the market and helps in the better growth and enhancement of
goals and objectives in the market. This kid of start ups focus on providing new business and
product and services that can help in better growth and enhancement of goals and objectives.
Social entrepreneurship: This type of entrepreneur works for the well fare and growth of
the people and their main objective is to provide services that assistance them in better
development and enhancement of better services in the market. The main goal of this kind of
entrepreneur is to make world better place to live and provide better growth and enhancement of
goals and objectives.
P2: Discover the comparations and different between entrepreneurial venture.
All the free enterprise business starts with the motive to improvement better growth and
enhancement of goals and objectives in the market. Business person work to improvement better
development and increase the level of development of business by the excellent process and
growth objectives. Below are explanation of similarities and differences between different types
of entrepreneur.
Basis Large scale business and small scale business
Similarities Large scale business works for the profit maximisation and also
the motive of small business is to gain profit so that business can
works in the market this can deliver better growth and
enhancement of areas and purposes in the market. Both the
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business provide product and service to its customers so that
effective growth and enhancement of areas and objectives can be
achieved in the market. Also both the entrepreneurs work hard for
the effective growth and development in the marketplace so that
they can achieve goals and objectives in the market.
Differences Large scale business work with high capital investment and gain
high level of profit in the market. Whereas small business work
with small investment so that they can earn profit and increase the
level of profit in the market. Large scale business provides high
level of product and facilities in the marketplace so that they can
earn high profit and proficiency in the market. Whereas small
business provide limited product and services so that they can
profit and make stable growth of business in the market.
TASK 2
P3 Understand and measure pertinent data and statistics to exemplify how micro and small
businesses impact on the budget.
Small business and micro-occupational is a part of economy that supports the growth and
efficacy of the country and increase the level of effective growth of the country in the world
wide. There are various contributions of the small and micro business in the budget of the
country that help in better development and enhancement of goals and purposes. Below are data
and statistics that show how much contribution small business and micro business has on the
growth of economy.
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Figure 1https://www.moodlemonkey.com/solution/entrepreneurship-and-small-business-
management-assignment-help/
From the above graph it can be understand that there are huge contribution of SME
business on the growth of economy and increase in the growth of gross domestic product. The
chart is shows that there are large number of SME business in the country that assistances to gain
better development and improvement of goals and objectives in the market. Small business
contribute in the economy by proving 48% employment to the local citizens, they have 33%
turnover that helps business to gain better growth and enhancement of goals and objectives and
99.3 of business in the country is small business that helps to enhance the level of economy
growth and proficiency in the market. While the graph showing that there are 12% of medium
business provide employment in the country, 14% they have turn over and the number of the
business in the local areas is 0.6%. that rise the equal of economic growth and efficacy of the
business in the market. Whereas the larger business in the country contributes 40% in the
employment rate and 53% turn over they have in the business with the 0.1 % number of business
in the country. Thus from the above graph it can be understand that small and micro occupational
contributes in the economic growth and expansion rather than other businesses.
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P4 Clarify the position of small businesses and business start-ups to the growth of the communal
economy.
Minor business and start-ups growth rate in the country is highest and that helps in healthier
growth and improvement of goals and purposes in the country. This have an huge impact on the
condition of the growth of economy. The main reason of the economy growth is contribution in
the social economy development and improvement of goals and objects of the business in the
market. They increase the level of employment rate and increase the level of growth of business
by the production of product and services so that social economy can be increase in the market.
These industries are frequently developed and increase the level of development of national
economy so that actual growth of the business can be realised. In this stage of business employee
increase the level of growth in the market so that effective outcome can be achieved in the
market and actual growth of the business can be gain. This has enormous impact on the
development and development of national economy and the growth of society in the country.
The introduction to the technology can help the business and society to have effective growth
and enhancement of goals and objectives in the market.
Social monetary device: Social financial machine can be defined as a formation that is
associated with system of wealthy range e corporations which includes cooperative clinical
association and foundation that may perform the capabilities on commonplace values. These
capabilities consist of solitude of man or woman and communal goals along with wealth
voluntary and open partisanship.
‘WHY’ small business enterprise companies are essential for the growth of the social wealth
Create employment: Small scale groups are the primary supply of employment inside the
present day social economy. This is due to the truth they offer range for employment possibilities
to precise human beings so we can carry out and earn money. Small scale organizations are the
main supply of financial system as an employment possibility inside UK.
Innovation: Due to small scale commerce the principal aggressive advantage of small scale
corporations is innovation. Small scale business enterprise is based mostly on innovation with
the intention to without problems perform the skills inside the market and can appeal to variety
of customers steady with the wishes and requirements. Innovation is a number one manual which
is supplied with the resource of small scale agencies in the social economic system.
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Manage body of employees diversity: Small scale companies also are assist to social
monetary system in building appropriate surroundings of body of workers variety. This is due to
the reality small scale businesses hire each character in keeping with their abilities which bring
first rate cultures collectively to work in step with suitable gadget and obtain the desires.
TASK 3
P5 Control the characteristic characters and skills of productive entrepreneurs that distinguish
them from other corporate managers.
To become successful entrepreneur there are various skills and traits that business need to have
that could help in healthier growth and improvement of various goals and objectives they have in
the market. Effective skills are essential for the person to become successful entrepreneur in the
business. Below are various skills and traits that entrepreneur should have in order to gain
effective proficiency in the business.
Skills of entrepreneur:
Leadership skills: To become effective and successful entrepreneur in the business
leadership skills are most important to gain better growth and efficiency in the market. Effective
leadership skills could help the person to make impact on other people and influence them to
gain better growth and success in the market. With the effective leadership skills entrepreneur
can provide better outcome to the business and can gain better growth and success.
Communication skills: It is one of the most important skills that can help the business to
gain better growth and enhancement in goals and objectives. With the right communication skills
entrepreneur can communicate with the employees in effective manner so that they can motivate
them and encourage them to gain better growth.
Team management skills: It is one of the most effective skills that can help entrepreneur
to build effective team in the business so that they can gain healthier profitability and
development in the market. Team management skills can help entrepreneur to work on the
efficiency and growth of the commercial in the market so that they can achieve goals and
objectives in most appropriate manner.
Personality traits of entrepreneur:
Motivator: An effective entrepreneur is always motivates other people and employee in
their business so that real outcomes can be achieved and development can be increased by the
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people. Entrepreneur motivates the people in their business so that they can attain well growth
and productivity in the marketplace. This helps to gain recovering evolution and success in the
business. Effective motivator in the corporate helps to increase the near of growth and
effectiveness of the business in the market.
Hard working: It is one of the most important personality trait of entrepreneur that they
work hard for their passion and success in the market. This helps them to advance better
development and efficacy in the business. Hardworking personality upsurges the level of success
of the business in the market so that they can achieve goals and objects.
Innovative: A successful entrepreneur always works on the innovativeness of the business
in the market so that they can deliver improved growth and improvement to various areas and
purposes. Innovation in the business helps to attract more customers and also help to gain better
productivity and growth of the business in the market. Successful business depends on the
creativeness and development they have in the marketplace.
Thus, form the above discussion it can be appreciate that there are various skills and traits
that can help the commercial to cultivate and gain success in the marketplace. Also this help to
gain better proficiency and growth in the market.
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mind-set.
There are various character traits of the person that can help in healthier evolution and
enhancement of goalmouths and objects of the business in the market. Below are various aspect
of entrepreneurial personality that reflect the level of motivation and mind set.
Ability to drive to carry innovation in the business: It is one of the most important
personality traits that helps business to gain improved growth and augmentation of penalty area
and objectives. Innovativeness helps business person to increase the equal of motivation and
development in entrepreneur mind set in the business.
Passive and adaptive behaviour: This helps the business person to learn and increase the
level of business growth according to the market trend. This help to gain better growth and
objectives in the market so that effective growth of the business can be achieve.
Responsible for work life: Entrepreneurs are always focus on the effectiveness of work life
so that they can upsurge the equal of efficiency and development in the market. It helps them to
advance well growth and success of the business.
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Thus from the above discussion it can be understand that there are various personality traits
of the entrepreneur that helps to gain better growth and objectives of the business in the market.
TASK 4
P7 Inspect, using pertinent examples, how contextual and knowledge can hinder or foster
entrepreneurship.
Here are various issues that can help to entrepreneur to influence the growth and success in
the market. There are success factor that rise the near of business development in the market and
help to gain better advantages in the market. Creativeness is one of the most important factor
that help to become entrepreneur and gain growth in the market. It helps to improve the level of
customer base in the market so that real growth can be achieved. Awareness about the external
factors also assistances the commercial person to improvement better growth and enhancement
in boxes and objects. This enhances the level of business growth by analysis of external market
and competitive analysis. Marketing skills this is one of the most effective skill that help
entrepreneur to upsurge the equal of growth and success in the marketplace.
Employment inside financial system: unemployment is likewise act as an element which
effect on performance of an entrepreneur similarly to becoming entrepreneur within the modern-
day time. Due to mass and employment ratio in numerous monetary gadget civil for corporations
and institute to formulate effective marketers who can perform the feature in a with a
competitive spirit.
Culture: manner of existence is a chief issue which impact the behaviour of character as
well as their entrepreneurship development possibilities. Effective lifestyle of an character will
sell to artwork inside the first-rate manner and emerge as all-pervasive characteristic for
corporation. This make it possible for enterprise to enhance its and it is running in step with it.
CONCLUSION
From the above report the analysis it can be conclude that there are many types of
entrepreneurship that have different purpose and motive in the business. Also they work for the
effectiveness in the services and growth of the business in the market so that effective outcomes
can be achieved. also different types of entrepreneurship have different purpose that helps to
improvement better purposes in the market and upsurge the level of efficiency in the market.
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There are different types of the business that helps to gain better objectives and growth in the
market.
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REFERENCES
Books and Journals
Radović-Marković, M. and Tomaš, R., 2019. Globalization and entrepreneurship in small countries.
Routledge.
Rezaei-Moghaddam, K. and Izadi, H., 2019. Entrepreneurship in small agricultural quick-impact
enterprises in Iran: Development of an index, effective factors and obstacles. Journal of Global
Entrepreneurship Research, 9(1), pp.1-21.
Rezaei-Moghaddam, K. and Izadi, H., 2019. Entrepreneurship in small agricultural quick-impact
enterprises in Iran: Development of an index, effective factors and obstacles. Journal of Global
Entrepreneurship Research, 9(1), pp.1-21.
Shadibekova, D., 2020. Shadibekova Dildor, Nosirova Na Prospective Development Analysis of Small
Business and Entrepreneurship of Uzbekistan. Архив научных исследований, (16).
Bvuma, S. and Marnewick, C., 2020. An information and communication technology adoption framework
for small, medium and micro-enterprises operating in townships South Africa. The Southern
African Journal of Entrepreneurship and Small Business Management, 12(1), pp.1-12.
Mafundu, R.H. and Mafini, C., 2019. Internal constraints to business performance in black-owned small to
medium enterprises in the construction industry. The Southern African Journal of
Entrepreneurship and Small Business Management, 11(1), pp.1-10.
Urbano, D. and Aparicio, S., 2019. An Overview of the Economics of Entrepreneurship and Small
Business: The Legacy of David Audretsch. From Industrial Organization to Entrepreneurship,
pp.279-306.
Runyan, R.C. and Covin, J.G., 2019. Small business orientation: A construct proposal. Entrepreneurship
Theory and Practice, 43(3), pp.529-552.
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