Entrepreneurship & Small Business: Ventures, Skills, Economy Impact

This essay provides a comprehensive analysis of entrepreneurial ventures, highlighting their various types and their relationship to the typology of entrepreneurship. It explores the similarities and differences between these ventures, emphasizing their impact on the economy, particularly focusing on micro and small businesses. The essay assesses data and statistics to illustrate the significance of these businesses in the economy and explains their importance in fostering social economy growth. Furthermore, it identifies the characteristic traits and skills of successful entrepreneurs, distinguishing them from other business managers, and evaluates how entrepreneurial personality reflects motivation and mindset. The essay also examines how background and experience can either hinder or promote entrepreneurship, using relevant examples. The study also refers to the example of The Painted House, Wales as a successful start-up, demonstrating the practical application of entrepreneurial concepts. Desklib offers a wealth of similar resources and solved assignments for students seeking to deepen their understanding of entrepreneurship and small business management.

Entrepreneurship and Small Business Management
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Table of Contents
Introduction........................................................................................................................3
P1- Examine different types of entrepreneurial ventures and explain how they relate to
the typology of entrepreneurship.......................................................................................3
P2- Explore the similarities and differences between entrepreneurial ventures...............5
P3- Interpret and assess relevant data and statistics to illustrate how micro and small
business impact on the economy......................................................................................7
P4- Explain the importance of small businesses and business starts-ups to the growth
of social economy............................................................................................................10
P5- Determine the characteristic traits and skills of successful entrepreneurs that
differentiate them from other business managers...........................................................11
P6- Assess how aspects of the entrepreneurial aspects personality reflect
entrepreneurial motivation and mindset..........................................................................14
P7- Examine, using relevant examples, how background and experience can hinder or
foster entrepreneurship....................................................................................................15
Conclusion.......................................................................................................................16
Reference List:.................................................................................................................17
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Introduction
The concept of entrepreneurship and the related ventures are discussed in this
assignment also providing a descriptive explanation on various types of ventures that
entrepreneurs undertake at commercializing their business idea and becoming
financially independent. The assignment highlights the scenario of the U.K.’s economy
impacted by the small business environments and other entrepreneurial ventures. The
economy has seen a significant rise in small businesses since the last decade and is
working towards encouraging such initiatives (Kickul and Lyons, 2016). These types of
entrepreneurial ideas help in the strengthening of the society and economy. They hep in
providing innovation and reinventions inform of improved products and services to help
cater to the needs of the market.
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P1- Examine different types of entrepreneurial ventures and explain how they
relate to the typology of entrepreneurship
Entrepreneurship is an art of creating of an eccentric idea that helps generate business
as well as jobs. It contains the generation of an idea of business, which needs backing
of a research support to find out the extent to which it can be applied practically in
forming a business and commercializing it. It helps in generating jobs in the society and
boosts the rate of employment and providing valuable services to the targeted markets
(Grant. 2016). The example of a start up called The Painted House, Wales, can be
taken here as it has reinvented the idea of renovating homes and its businesses which
is based on applicators is now known globally. The above-mentioned start up business
organization shoed the society new ways of renovating their beloved homes and houses
in a manner that was previously not known by all. The below list will further examine the
different types of entrepreneurial ventures and their relation to entrepreneurship:
1. Small Business Enterprise
The small business enterprises include grocery stores, salons, boutiques,
showrooms and others. These types of start ups or enterprises run their own
business and recruit the work force from their local areas of operation or even
family members. The objectives of these businesses are to earn profits and a
living for themselves. They do not have the initial vision of taking over the related
market share in the relevant industry. The profits are generally low and are
unable to attract large venture capitalist to be interested in investing in their
business and find the levels of returns as expected by them. These small
business have a single or a small number of owners who are directly responsible
for its functions and day to day operations (Storey, 2016).
2. Scalable Start-up Entrepreneurship
These types of enterprises are started with a vision to bring a difference in the
society and change the way the world looks at a particular product or service.
These are helped by other venture capitalists that are willing to support these
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enterprises and share the risk involved in the business carried on by such
organizations (Grohn et al., 2015).
3. Large Company Entrepreneurship
The large companies and organizations in the various industries are aware of
their finite life in the market and need to keep on reinventing and bring in
innovation to survive and provide competition in the market. These types of
companies keep a tap at the changing tastes and preferences of the customers
and clients present in the market and try their best to renovate the products
through innovations and inventions to meet their preferences and choices
(Drucker, 2014).
4. Social Entrepreneurship
These types of business enterprises work towards making the society a better
place to live in and provide services and products to meet the needs and solve
the issues of the people living in it. They do not aim high as to make a huge
fortune for the owners or founders and create abundance of wealth. They cater to
the needs and requirements of the society and make it their priority. These
businesses may be non-profit, a small profit making unit or a hybrid ( Dees,
2017).
P2- Explore the similarities and differences between entrepreneurial ventures
The different ventures of entrepreneurship have various similarities and differences, though the central
idea behind them is the same and aim to create a new business opportunity independently or with a
support. The below mentioned table shows the similarities and differences between various
entrepreneurship business models and enterprises:
Venture
Type
Small Business
enterprise
Scalable
Startup
Entrepreneursh
ip
Large Company
Entrepreneurshi
p
Social
Entrepreneurshi
p
Similarities  Creating new business opportunities and being independent.
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 Building a source of revenue to survive in the market.
 Defining the central idea in a way as to help it commercialize and
building a structure of business around it.
 Provide the society with services and products to help them meet
their requirements and needs.
Differences  Do not
aim at
taking
over an
industry.
 Barely
earning
big profits.
 Cannot
welcome
large
investors.
 A very
small
number of
people
hired at
work.
 Examples:
salons,
grocery
units,
electrician
s.
 Aim high
at
changing
the
manner in
which the
world
looks at a
service or
product
which can
be offered
in a
market.
 Relatively
big
number of
employee
s hired
who are
brightest
and
talented.
 Attract
large
venture
 Aim at
reinventin
g and
innovating
the
services
and
products
that are
needed by
the
changing
tastes and
preferenc
e of the
customers
and meet
their
expectatio
n in order
to capture
a bigger
market
share and
lead the
respective
 Aim at
providing
service to
the
society
and
keeping it
as their
priority.
 Relatively
hire a
small
number of
employee
s for its
operations
.
 These are
either
non-profit,
low profit
or hybrid
units in
nature.
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capitalists
and
investors
in the
market to
help in
support
and
expansion
.
 Aim at
generatin
g large
profits
with
execution
of the
business
operations
.
industry.
 Hiring
large
number of
employee
s who are
capable of
being
called the
best
available
talents in
the
industry.
Table 1. Similarities and difference between entrepreneurial ventures
(Source: Created by Learner)
P3- Interpret and assess relevant data and statistics to illustrate how micro and
small business impact on the economy
The small businesses can be described as machines working with the central idea of
creating employment and jobs in the economy. Their roles and efforts can be
sometimes be overlooked and not highlighted as much as the big organizations present
in the industry which are well known across the market and globally. These small
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business units when taken together can be observed as the major contributors towards
the number of jobs generated in the economy. Small businesses are compact units
generally making small amounts of profits to bear the cost of running the operations and
earning profits and having an independent way of living and earning. These generally
hire people from the family, which owns the business or the people living in the local
area, or region where the unit is situated. The number of employees needed to work for
the unit is small as well the area of operations (Schumpeter, 2017). These are generally
shops, showrooms, plumbers and other small unit structures. Micro businesses are
similar to small businesses and have a very small scale of work and operations to
perform. Micro businesses have just one sole proprietor or owner who is responsible for
all the work that needs to be done and have a very small number of employees such as
two or three people doing the work in support or at behalf of the owner and executing
the plans of operations.
Each small business owner has his or her own set of reasons of developing a unit of
their own and create employment for them and a few others. These units are a small but
their impact on the economy is not small at all. There are various ways as to how the
small business enterprises provide a positive impact on the economy such as boosting
the number of financially independent individuals in the society, providing
encouragement to others to follow the same path by setting positive examples and
creating numerous jobs and work opportunities when combined together (Burns, 2016).
These businesses show the path to people in the community and society to become
financially sound and not be dependent on others more monetary benefits. It is easy to
overlook and underestimate the efforts and impacts of the small organizations because
they are always looked upon individually. The society now contains organizations that
help people to come up with individual business ideas and provide them the support
structure and some monetary helps in forms of loans to help them create their own
business units. The service to the community provided by these units is vast and helps
the community meet its needs and requirements (Porter and Kramer, 2018). These
small business unit structures should be encouraged to flourish and help them to
contribute towards the growth and expansion of the economy. A Wales startup The
Painted House is clear example of how the startups can prove to be successful with a
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common idea re invented in way which the world has seen before. It now comes in the
list of top 25 of U.K.’s startups and proved the simple idea to be quite flourishing.
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Figure 1: Impacts and statistics of the rise in number of small business enterprises
(SME) in the UK economy.
(Source: Wach, 2015)
The small business enterprises or the SME’s make up 99.9 percent of all the
enterprises of the UK’s economy. The economy has witnessed a 28.5 percent rise in the
number of small scale businesses since the year 2000. This rise in the number helped
the economy of the United Kingdom to improve but after the UK voted in favour of not
staying with the European Union there has been a decline in its market scenario. Still
the small scale organizations can be described as the bloodline of the economy of the
United Kingdom. It is observed that the 60 percent of the private sector jobs in the
United Kingdom’s economy are provided by the small business enterprises and 3 out of
4 small-scale businesses have just one person hired by it for its operations (Parker,
2018).
P4- Explain the importance of small businesses and business starts-ups to the
growth of social economy.
The U.K. economy consists of various units accumulated in a sector within the
economy, which help in removing inequalities and increase social inclusion along with
the creation and improvement of the economic value. The Painted House is one such
start up which has affected the social economy in a positive way and showed the
community ways to transform their ideas into businesses and also try to help in
generating jobs and .Social enterprises are businesses, which are legal entities and are
focused upon helping the society and community in overcoming various social and
economic challenges. Such social enterprises are present in the economy in the form of
cooperatives, mutual agencies, foundation, associations and social organisations
(Kelley et al., 2016). They help the social economy to prosper by providing job creation,
people having financial independence and the reintegration of some of the vulnerable
elements and individuals to the society. The small enterprises help foster the growth of
the social economy. The small businesses and start-ups help improve the social and
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economic conditions of the communities. These improvements and developments help
achieve an atmosphere of financial independence and wellbeing of all in the community.
P5- Determine the characteristic traits and skills of successful entrepreneurs that
differentiate them from other business managers
Entrepreneur is an individual who has a creative bent of mind regarding his initiation of
business. It is their distinct and innovative marketing strategies, which sets them apart
from other fellow individual marketers. There are many entrepreneurs who had gained
fame due to their optimistic nature regarding his/her business. Entrepreneurs are
alternatively termed as disciplined self starters. The key characteristics and distinctive
traits that set them apart from fellow individuals are discussed below:
1. Disciplined nature
Entrepreneurs are basically very much disciplined and distinctive regarding their
approach to business. Many great entrepreneurs like Mark Zuckerberg, Bill
Gates and Steve Jobs had this disciplined nature, which had worked a great way
regarding their successful ventures in the form of Face book, Microsoft and
Apple. Their disciplined nature supplemented with innovative IT practices and
marketing strategies had helped a great deal regarding their business successes
in global spheres (Rauch et al., 2018).
2. Confidence
Entrepreneurs like Mark Zuckerberg, Bill Gates and Steve Jobs had supreme
confidence regarding their success of business. Their innovative practices in the
field of programming languages and marketing strategies set a new sphere
where future entrepreneurs can operate within. They are always exuding in
confidence regarding their work approach and decision making procedures.
3. Open minded
This is another key characteristic of an entrepreneur that sets them apart from
the fellow individuals. They have the necessary confidence to utilize the market
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opportunities that come to them in the form of a disguise blessing. They
constantly try to generate ideas regarding workflow procedure, employee conflict
resolution, adoption of innovative technologies to make something far more
unique. Entrepreneurs like Bill Gates and Steve jobs have the necessary
flexibility in their approach that tended them to look at everything before
implementing any marketing strategy (McCann and Vroom, 2015).
4. Self starter
Being self starter is the most unique capability of an entrepreneur. They are
always eager to take risks regarding their decision making approach that would
eventually lead to future gains. They are very much proactive in their approach
and set their own path regarding organizational decision making strategy.
Entrepreneurs like Bill Gates, Mark Zuckerberg and Steve Jobs didn’t wait for
any individual to fuel up their business largely. They set their own unique
trademark regarding planning and implementation procedures of their respective
organizations (Hui-Chen et al., 2014).
5. Competitive
Entrepreneurs are always ready to take the challenges in the contemporary
economic sphere. Successful entrepreneurs like Bill Gates, Mark Zuckerberg,
Steve Jobs, Walt Disney, Benjamin Franklin etc. have the confidence levels that
would cater to organizational success. The CEO of Painted House also must
adopt these kinds of innovative strategies to gain more global recognition
regarding its business. They are always ready to accept the changes, which are
taking place in the respective business scenario. They also have that necessary
flexible bent of mind to modify their strategies to come up effectively in the
changing global environment.
6. Innovation
Entrepreneurs are very much creative regarding their decision making
processes. They tend to deviate from the so called accepted and known paths
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regarding their business. They always try to be a hallmark in the global sphere
regarding their strategies. This is what further sets them apart from the fellow
marketers and gives a new dimension in their policy making approach.
7. Determination
Entrepreneurs like Bill, Gates, Mark Zuckerberg, Steve Jobs, Oprah Winfrey, and
Madam CJ Walker were very much determined regarding their work approaches
and they did not pay heed to those who are praising their work or criticizing it.
They have that firm belief ingrained in them that they can succeed in their future
scope of operations. The entrepreneur of The Painted House, Wales must be
determined in his approach regarding organizational development (Wright et al.,
2015).
8. Strong communication skills
Entrepreneurs like Bill Gates, Steve Jobs etc. have the necessary
communication skills that would help them to interact with public and to address
how their organization would cater to the economic benefits of common mass.
9. Positive work ethics
Entrepreneurs generally have strong work ethics; which subsequently help them to
be very stringent regarding their work approaches and decision making policies
(Treffers et al., 2017).
10. Passion
Entrepreneurs like Bill Gates, Mark Zuckerberg, and Steve Jobs had the
necessary passion and zeal that eventually led their organization to success.
They had a creative bent of mind regarding their policies and moreover, they
used to love the work, which they are engaged in.
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P6- Assess how aspects of the entrepreneurial aspects personality reflect
entrepreneurial motivation and mindset
The entrepreneurial aspects, affect personality of an entrepreneur as an individual, in
many aspects. Both in the professional and personal life, an entrepreneur tends to be
creative and offbeat regarding his/her approach. An entrepreneur has a strong sense of
discipline blended with strict work ethics and unique personality traits. They always tend
to get inspired by observing every small aspects of life. The entrepreneur of The
Painted House has to be creative while formulating his decision making strategies
largely. Its highly trafficked website is obviously an advantage in the competitive sphere.
An entrepreneur is ingrained with strong interpersonal skills, which subsequently help
them to address the issues of common mass in an empathetic tone. They always tend
to follow a guideline in their personal life, which is very much prevalent in their
professional fields also. They have zeal in every work they are doing ( Galkina and
Lundgren-Henriksson, 2017). They do not finish the work thinking as it is their duty but
they love the work, which they are doing. It is this sense of passion that sets them apart
from the fellow individual competitors in market sphere.
Entrepreneur like Mark Zuckerberg, Bill Gates and Steve Jobs were very much creative
from their vey onset when they started a business. Their unique plans supplemented
with innovative and flexible marketing strategies helped them to gain a unique place in
the consumers’ mind. Their professional personality is reflected in his/her personal life
too. He/she (An entrepreneur) is very much flexible regarding decision making
strategies both in professional and personal spheres. They are always eager to learn
the new technologies and to subsequently to implement it in their work ethics. They are
boozing with supreme confidence regarding every professional and personal decision
they undertake. It is the blending of their disciplined nature with flexible personality that
eventually leads them to success in global sphere of operations (Wach, 2015).
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P7- Examine, using relevant examples, how background and experience can
hinder or foster entrepreneurship
Experience of a person in job related field can foster his/her entrepreneurship level to a
great extent. The life experiences of Bill Gates and Mark Zuckerberg highlights the
above aspect in concrete terms. Mark Zuckerberg developed various programming
languages when he used to study in college. Thus, he gained the necessary idea of
programming from his college level onwards. The concept of Face book emerged
among a group of Zuckerberg’s friends when the latter was studying in Harvard. The
innovative programming language was soon developed by Zuckerberg, which gained a
mass appeal during the initial stages of operation. Later on, Zuckerberg signed various
pledges and petitions to give his entrepreneurial venture a global dimension.
Zuckerberg, in school had developed various programming languages, which gained
much critical appraisal in the global sphere. In the contemporary context, the success of
Face book can be highly attributed to Zuckerberg’s innovative marketing strategies
supplemented with his unique programming code regarding the operations of Face book
(Leyden and Link, 2015).
Bill Gates, in his starting phase, developed the BASIC programming language for the
microcomputers regarding the organization, which he used to work. It was in 1980,
when IBM approached Microsoft to gear up their operating system through incorporation
of Basic programming language, Bill Gates contribution came into highlight from the
global perspective. Since, Microsoft’s inception in the software field, other companies
have struggled vary hard to dislodge its position. In 1980 and 1990s, Microsoft had
been the global leader regarding the field of information technology. Later on, Bill Gates
with his wife Melinda Gates formed a charitable institution much from the inspiration of
Rockefeller. The social issues have been addressed by this charitable institution of Bill
Gates. Warren Buffet, the famous investor, contributed about $28 billion in this project.
The innovativeness of Bill Gates regarding his decision making approach place him
unique in the global sphere. He has a strong sense of determination regarding what to
gain and what to achieve keeping in terms the future scope of Microsoft.
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The entrepreneur of The Painted House must be innovative to the extent so that his/her
company occupies a unique place in the consumers’ mind. Since, it is a startup based
company of UK, it has to go a long way regarding its successful operation in global
sphere and the CEO of this company must take the initiative step regarding this
phenomenon.
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Conclusion
An entrepreneur is essentially creative in his/her strategies regarding business
operations. The entrepreneur of The Painted House must be adaptive to every dynamic
and fluctuating economic scenario in general. It is this distinctive characteristic element
of the entrepreneur of The Painted House that would set him/her apart from the fellow
competitors in UK sphere. It is argued that most entrepreneurs’ decision is shaped by
his/her personal experiences. It is this personal aspect, which is reflected in their
professional field too in a modified form and vice versa. The entrepreneur of The
Painted House has to devise new strategies that would optimize his/her business in
global terms. Extensive research must be conducted from the part of the entrepreneur
of Painted House to be meticulous regarding its competitors’ strategies at large. It is this
adoption of unique and different path that would help the CEO of Painted House to gain
a seat beside the world’s most successful entrepreneurs.
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Leyden, D.P. and Link, A.N., 2015. Toward a theory of the entrepreneurial process.
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