Entrepreneurship and Small Business: Ventures, Impact and Traits

This report provides a comprehensive analysis of entrepreneurship and small business management, covering various entrepreneurial ventures and typologies, highlighting similarities and differences. It examines the impact and importance of micro and small businesses, as well as startups, o...Read More

Entrepreneurship and Small
business Management

INTRODUCTION
Entrepreneurs are the people that have some innovative and creative idea through which t
hey could make the change in the society and with that always try to get satisfy the basic need
and demand of the market. They have also known as the backbone of the economy as they have
generate a lot of revenue and job opportunity as well(Brush, 2019). This report includes ventures
and typology along with various similarities and differences among various entrepreneurial
ventures. Furthermore, it includes the impact and importance of micro and small business as well
as start up on growth of the economy. Apart from this, report includes the characteristic of the
entrepreneur, their trait and skills, along with this the impact of their background and experience
on the level motivation and mindset are discussed.
Task 1
P1 Different types of entrepreneurial ventures and typology of entrepreneurship
Entrepreneurs venture defines the small businesses that will develop by an entrepreneur in
order to generate more sales and better profit. There are some of the different entrepreneurial
venture which are based upon their size, scope and the purpose of the business.
Entrepreneurial activity
Entrepreneurial activity is the procedure through which the entrepreneur will create more
economy as it is based on the creative and the innovatory ideas that helps to make more growth
and better development. As for these ideas the livelihood of the society will get developed with
that they get the employment as well by which the need and demand of the customer will also get
satisfied(Cole, 2018).
Different type of ventures
Small business: It is the businesses that have less than 50 number of employee and have
generate the revenue of €2 million. It has been developed to make more profit that is more
usually get formed under the sole proprietorship and partnership. These types of business have
developed with narrow size and scope and have earned maximum profit as from the product and
services. For example Clarasys, Orion electrotech limited etc that are the public firm.
Large company:It is the businesses that get worked with the larger scale and more size
with large number of employee and they have provided the diverse product and service to fulfil
the demand of the customers. These are the business that will expand their business on
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international level and have also need a huge amount to perform their function with more
smoothness. For example Tesco, ASDA etc that is private firm
Social enterprises:It is the business that will get developed to raise the living standard of
the public and with that measure more development(Dana, 2018). It is the business that has more
scope and thus the livelihood will get developed and doesn’t have focused to generate more
profit. For example: various activities related to social welfare, provide education etc.
Typologies of entrepreneurship
The ventures of entrepreneurship have followed various typologies through which they
have make their business more advanced and some of the typology are as defined below as:
Lifestyle Enterprise: It is the enterprise that will developed the standard of living and
likelihood of the people as they have also given the employment to lot of people and with that
satisfy the demand of the local people with more better goods and services. It is the enterprise
that includes the social venture.
Growth firms:It is the firm that will get developed to generate more profit and higher
revenue and always try to indulge the new ideas in order to gain more productivity. They have
choose different creative ideas to fulfil the basic requirement of the society by which the public
get most better quality goods and these firm have come under the small and large
organisation(Fayolle, 2018).
The ventures of entrepreneurship and various typologies are organized with the motive of
improving the standard of living and lifestyle of the people and also to contribution to the
development of the economy as a whole.
P2 Similarities and differences between entrepreneurial ventures
The similarities and difference among the entrepreneurial ventures are given below:
Differences
Basis Small business Large company Social
entrepreneurship
Scale It is the business that will
work on small level and
also get perform their
business with small
It is the business that will
operate the business on
higher scale and need
large amount of funds to
It is the business that
will operate the
operation to fulfil the
need of the local
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amount of funds. manage the work. people.
Purpose They have worked with
the purpose to earn more
profit and in return living
standard gets more
developed.
The purpose of this
business is to earn more
profit by providing better
quality of the commodities
to the customers so that
their standard of living can
be improved (Galvão,
2018).
The purpose is to get
up-raised the
livelihood of the
local people.
Characteristics It is the business that
managed their operation
with limited resources
and government intrusion
is also less.
These businesses require
higher amount of
resources as worked on
larger scale and
government intrusion is
also more.
They have needed
the money that get
provide by
government in order
to ensure the welfare
of the society.
Similarities
Basis Small business Large business Social enterprise
Meeting the needs They have developed
the business to satisfy
the need of customers.
They also fulfil need
of customer but at
larger level.
They have more
supportive to the
people in order to
satisfy need of local
public.
Society up-liftment They have developed
job opportunity to the
local people in order to
enhance the living
standard (Ghaedi,
2018).
They have provided
the job facility and
with that provide
quality products to
satisfy demand of the
public.
They provide better
service to local people
with an aim to
improvise the
livelihood of the
people.
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Task 2
P3 Interpretation of statistics for showing impact of micro and small business on the economy
The organisation have played more crucial role in developing an economy of the country
and for which the government develop the infrastructure in the country which has huge impact
on the development of economy. There are three type of business which are classified by the
government on the basis of investment and that are as defined below as:
Small: It is the business that work with less than 50 number of employee and thus have
achieved the revenue of less £5million. They have worked on lower scale and also provide more
employment but at lower level(Hornsby, 2018).
Medium: It is the business that are having more than 50 number of employee and having
less than 250 numbers of workers and have generate the revenue in between the £5m- £22m. It
has huge impact on the economic development of the country and with that creates more profit.
Large: It is the businesses that will work with more than 250 numbers of employee and
with that they have develop revenue of more than £22m. They have generated more job
opportunity as they have managed their business at national and at international level.
Impact of SME on economy
Local impact:The SME will provide the products and services at smaller level and with
that has direct impact on the development of the economy and have always worked to satisfy the
need of the customers. They have managed the purchasing power of the customer and according
to that make efficient changes to develop the living standard (Julien, 2018).
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(Source: The Role of Startups and Small Businesses in Today’s Economy, 2018)
Regional impact: The small and medium enterprises also has direct impact on the
development of the regional living standard as by that they have provide appropriate job by
which the unemployment get reduces and has positive impact on the economic advance of the
society. As with that the skilled workforce will get developed by which the income source also
get expand and that make huge expansion(Kadir, 2018).
National impact: The SME has the positive impact on the national development and with
that have perform different function with minimum budget. They have more focused on the
innovation and with that develop more profit and provide employment to more than 15.7 million
public in UK.
P4 Importance of small businesses and business starts-ups in growth of social economy
GDP of a nation gets higher growth and development through taking contribution from
SME’s and new start-ups. These small businesses generate employment opportunities in large
number and revenues which has positive impact on the growth of GDP of a nation. In UK, the
number of small business enterprises are large which impacts more to the growth of economy.
Due to this, the government of UK offers significant support to the small enterprises in terms of
meeting their financial requirements as well as provides relaxation in registration process. Here
are the points which describes the value of small enterprises in the development of social
economy:
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Illustrati
on 1: Role of Start-ups and Small Businesses

Job creation: New start-ups and small businesses creates large employment opportunities
due to having requirement of their workforce which indirectly supports people of a country in
maximizing their standard of living. Apart from this, it contributes in providing quality products
at reasonable prices increases competition within the market which provides beneficial result to
the people of a nation.
Improve living standard: Small businesses and start-ups gives maximum contribution
towards the improving living standard of people by meeting their needs and requirements within
their affordable budget. Providing them opportunity to earn income for their own livelihood also
supports in enhancing their living standard.
Economic growth: Small business and start-ups generates huge income every year by
proving quality commoditied to the customers at reasonable prices. This will make them capable
to pay taxes to the governing system of the country that in results increasing financial health of
nation. These creates motivation to other entrepreneurs to start their own businesses in order to
generate profits which in results increasing economic growth of country.
From the above discussion, it came to know that contribution of SME and start-ups
towards development of economy of a nation is maximize by providing innovative ideas and
sources of incomes to the people which in results increasing their living standard. Creating
employment opportunities to the peoples makes them more capable to meet their needs and
requirements.
Task 3
P5 Characteristic, traits and skills of successful entrepreneurs
There are many entrepreneurs in UK having their unique skills, characteristic of
entrepreneur and skills which convert them from ordinary people to successful entrepreneurs.
Steve Jobs and Bill Gates are such two entrepreneurs that achieve huge growth as well as success
in their professional career due to having specific skills and attributes. This makes them different
from business managers. Thus, it can be imply said that the individuals can become a successful
entrepreneur only if they have an adequate skills, characteristics and traits which are briefly
explained as below.
Characteristic
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Passion: It is a basic trait of entrepreneurs on the basis of which they can proceed with their
work with no issues or fatigue. With the help of this characteristic, the two entrepreneurs for
example Steve Jobs and Bill Gates can concentrate on their work on standard reason for
accomplishing their ideal objective s and objectives. This characteristic of entrepreneur
differentiates them with managers because managers lose their understanding at the time of
working and decision making as they couldn't make the correct choice.
Self conviction and difficult work: This is additionally a basic characteristic which enables
them to carry out their operations and efforts viably. It also help both of the entrepreneurs for
example Steve Jobs and Bill Gates can execute their work as they have self-assurance which
additionally help them in taking legitimate choices for the achievement and development of their
organizations. This will separate the entrepreneurs from other business manager because of
having dedicated characteristics and self faith in their choices.
Skills:
Innovative: The innovative skills are significantly important for the entrepreneurs with
which they can enhance new thoughts in settling issues related to working environment. With
this skill, Steve Jobs and Bill Gates got fruitful results as they could settled the issues that
emerged in their working and defeat them for accomplishing their ideal achievement.
Leadership: The leadership skill is additionally fundamental for an entrepreneur for the
goal that they can accomplish without much of efforts and this lead their representatives towards
the ideal objectives adequately. This skill exists in Steve Jobs and Bill Gatesthrough which they
offered their help to their people and guided them to buckle down for achieving the ideal
hierarchical objectives. This skill separates them from supervisors as they offer help and
direction to workers which isn't given by managers.
Traits
Confident: It is an important quality which should be present in an entrepreneurs so as
they can take better decisions and choices for accomplishment of their goals related to the
venture. Both of them, Steve Jobs and Bill Gates are significantly confident and due to this they
get new thoughts for the businesses that help them in achieving positive yield and improve their
brand picture in competitive market. This quality separates them from business managers die to
their confidence regarding their choice and because of this they can execute their ideas
appropriately.
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Disciplined: Discipline is likewise essential for an entrepreneurs for achievement of the
business goals as with this they can manage work life balance i.e., between their personal and
professional life. This characteristic additionally exists in Steve Jobs and Bill Gatesbecause of
which they remain concentrated on their objectives without getting diverted from different
things.
P6 Aspects of the entrepreneurial aspects personality reflect entrepreneurial motivation
Entrepreneurs have different traits, personality, characteristics and skills that will make
them different as from others and also have different motivation and the mindset that get affected
by these factors. In that the OCEAN model will get used that is as defined below as:
Openness: It is the aspect that get linked with the idea, emotion of an entrepreneur and
with that they have more creativity and with that take more appropriate decision that is more
beneficial for their business. They have also get develop their learning as from their experience
as also accept the challenges as well(Kuratko, 2018).
Conscientiousness: It is the factor that defines that an entrepreneur has more flexibility
and better reliability and with that always has more focused towards their work by which have
achieved their target with timely manner.
Extroversion: It is the personality through which the entrepreneur has always been more
energetic, talkative and more expressive by which they influence the other employee. It is a
quality of them by which they make effective relation with other people.
Agreeableness: It defines the need and trust of an entrepreneur through which they have
better coordination with the other employee and work with more effectiveness. It is the specialty
through which an entrepreneur gets take suggestion from the other employee to get better
outcomes.
Neuroticism: It will state the different quality as like fear, frustration, envy and many
others as with that the negative personality of an entrepreneur will get reflect and it will mostly
get avoided by an entrepreneur. It helps to make the better relationship with all the other people
and work with more comfort(Parker, 2018).
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Task 4
P7 Background and experience can hinder or foster entrepreneurship
Entrepreneurs are those that have gain better growth and more development as from their
working ability and in that the experience and the background of an entrepreneur will help then
to make more success and better development.The experience and background of Steve Jobs and
Bill Gates will as discussed follows as:
Steve Jobs
Background: Steven Paul Jobs was born in the family of Abdulfattah Jandali and Joanne
Schieble and but was adopted by Paul and Clara Jobs. When he was under graduating he has
always been interested towards the political activities and also works as the student activist. He
has wants to get pursue his carrier as the software and the computer graphics and have believed
that people must get performed their work with “think different” as it helps to get higher
achievement in the life with more sufficiency. He has also helped to develop the visual effect
business with George Lucas’s when he has been worked to develop the computer graphics.
Experience: Steven Paul Jobs was born on February 24, in the year 1955 and died on
October 5, 2011. He was an American businessman, media proprietor, investor as well as an
industrial designer. He was chairman, co-founder and the CEO of Apple Inc. He was born in San
Francisco and brought up in Francisco bay area and get drooped out the college in the year 1972
and have enlightenment to study Buddhism. As he has always been interested towards the
computer and software development thus in year 1976 sell the personal computer named as
Wozniak's Apple with his friend Wozniak.
Bill Gates
Background:William Henry Gates III is his full names and he was born in October 28,
1955 and He has worked with his childhood friends as Paul Allen and they commonly share the
largest personal computer and the software company that is in year 1975. He become the CEO of
Microsoft and also works as chief software architect. As in his early carrier he has decided to get
pursue his life as the software developer and with that his family also get support him to do what
he want to and it helped him to work with more efficiency.
Experience: Bill gates known as the American business magnate, philanthropist, investor
and the software developed and the co-founder of the Microsoft Corporation. He has worked on
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the different position as like the CEO, chairman, president and t5eh chief software architecture.
He has also known as the best entrepreneurs and the pioneer as he bring the drastic change
within the revolution of the microcomputers as from the year 1970 and the 1980. He also get
started the Bill and Melinda gate foundation to serve the live of people by providing the
education.
As from these experience and background, Steve Jobs and Bill Gates make more success
in their life and with that have get more growth by facing the different challenges. It helps them
to remain more focused and work with better commitment and get continuous success for the
longer period of time.
CONCLUSION
From this report it has been concluded that entrepreneurs brings new change within the
society as from their thoughts and creativeness. There is some different type of business as like
small, social and large along with the typologies. These businesses will help the government in
order to generate more profit with job opportunities as well. The entrepreneur possesses different
skills, characteristic, and traits that helps them to become more successful in their life and
business.
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REFERENCES
Books and Journals
Brush, C. and et. al., 2019. A gendered look at entrepreneurship ecosystems. Small Business
Economics, 53(2), pp.393-408.
Cole, R.A., 2018. Bank credit, trade credit or no credit: Evidence from the Surveys of Small
Business Finances. Trade Credit or No Credit: Evidence from the Surveys of Small
Business Finances (July 31, 2018).
Dana, L.P., 2018. ENTREPRENEURSHIP & SMALL BUSINESS.
Fayolle, A., 2018. Personal views on the future of entrepreneurship education. In A research
agenda for entrepreneurship education. Edward Elgar Publishing.
Galvão, A. and et. al., 2018. Entrepreneurship education and training as facilitators of regional
development. Journal of Small Business and Enterprise Development.
Ghaedi, M. and Madhoushi, M., 2018. Social capital, knowledge management and innovation
performance. International Journal of Entrepreneurship and Small Business, 35(4),
pp.579-597.
Hornsby, J.S. and et. al., 2018. Entrepreneurship everywhere: Across campus, across
communities, and across borders. Journal of Small Business Management, 56(1), pp.4-10.
Julien, P.A. ed., 2018. The state of the art in small business and entrepreneurship. Routledge.
Kadir, A.R.A. and et. al., 2018. The influence of intellectual capital and corporate
entrepreneurship towards small and medium enterprises’(SMEs) sustainable competitive
advantage: building a conceptual framework. In Proceedings of the 2nd Advances in
Business Research International Conference (pp. 67-77). Springer, Singapore.
Kuratko, D.F. and Morris, M.H., 2018. Examining the future trajectory of entrepreneurship.
Journal of Small Business Management, 56(1), pp.11-23.
Parker, S.C., 2018. The economics of entrepreneurship. Cambridge University Press.
Online
The Role of Start-ups and Small Businesses in Today’s Economy. 2018. [Online]. Available
through:<https://www.market-inspector.co.uk/blog/2017/05/facts-about-small-medium-
businesses-in-the-uk>.
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