Entrepreneurship & Small Business Management: Ventures, Impact, Skills

This report delves into entrepreneurship and small business management, examining various types of entrepreneurial ventures and their typologies, including serial entrepreneurs, large entrepreneurs, and owner-managers, highlighting their similarities and differences. It assesses the impact of micro and small businesses on the economy, emphasizing their role in fostering creativity, innovation, and employment, contributing to the growth of the social economy. The report also identifies the characteristics, traits, and skills of successful entrepreneurs, differentiating them from other business managers, and explores how their backgrounds and experiences can either hinder or foster entrepreneurial endeavors. The document is available on Desklib, a platform offering a wide range of study resources for students.

ENTREPRENEURSHIP AND
SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION.......................................................................................................................................3
LO1.............................................................................................................................................................3
P1 Explain different types of entrepreneurial ventures and relate to the typology of entrepreneurship.. .3
P2 Explore similarities and differences between entrepreneurial ventures..............................................5
LO2.............................................................................................................................................................7
P3 Interpret and assess relevant data and statistics to illustrate how micro and small businesses impact
on economy.............................................................................................................................................7
P4 Explain importance of small businesses and business start-ups to growth of social economy............8
LO3...........................................................................................................................................................10
P5 Determine characteristic, traits and skills of successful entrepreneurs that differentiate them from
other business managers........................................................................................................................10
P6 Assess entrepreneurial personality reflect entrepreneurial motivation and mindset..........................12
LO4...........................................................................................................................................................13
P7 Examine relevant examples how background and experience can hinder and foster entrepreneurship
...............................................................................................................................................................13
CONCLUSION.........................................................................................................................................14
REFERENCES..........................................................................................................................................15

INTRODUCTION
Entrepreneurship and small business management refers to the unique sequence that
offers the person a new learning and inspire individuals to start their business with the new and
innovative ideas that can attracts the large people and investors who can invest in their
uniqueness and obtain the longer sustainability of the firms. This report includes the various
factors that is related to the different range of types of ventures with their typologies and also
illustrate the different entrepreneurial ventures with the similarities and differences between
them. Further it inculcates the data and statistics that help in showing the impact of small
businesses on the economy and their importance in the growth of the social economy. it also
involves the characteristics, traits and skills for successful entrepreneurs and how their
personality reflect their mindset and motivation. At last it shows the experiences of entrepreneurs
that can hinder and foster the entrepreneurship(Burns, 2016).
LO1
P1 Explain different types of entrepreneurial ventures and relate to the typology of
entrepreneurship
Entrepreneurship- It refers to that activity which helps the individuals to setting up their
ventures and enterprises by holding major risk related to the monetary values and work in the
hope of earning high and high profits(Burns and Dewhurst, 2016).
Entrepreneurial activity- It defines the process of human actions in the entrepreneur in the
generation of earning and capturing more values related to uniqueness and creatively in the way
of exploiting and identifying the new products and processes into the markets. in this
entrepreneurship is the best phenomenon approach that is linked with the entrepreneurial
activity.
Enterprise- This term related to an organisation, venture that is driven into the major objectives
and work under the major policies, rules and standard by offering the goods and services in order
to earn high amount of profits.
Types of entrepreneurial ventures

 Serial entrepreneurs- This type of entrepreneurial ventures are always come up with the
new and unique ideas for starting businesses. This type of entrepreneurs is always taking
challenges to gain the profits and enhance the presence in the market with their new and
innovative ideas and thoughts. they can get the funded very easily by using various
sources such as venture capitalist, angel capital etc. in this venture they see the vision
related to change the world and they always make a little amount of proportion of all the
organisations because of high risk in capital and returns(Järvi, 2015).
 Large entrepreneurs- It refers to that entrepreneurial ventures that needs the large
resources related to finance, workforce and capital that can be manage at the high level of
the and contribute more in the economy of the country. they deals with the innovative
products that is based on satisfaction of the customers. they always work for enhancing
the market share and living standards so that they can get the funds for their innovation
very easily by using bank loan etc. the best example of this is Google, Microsoft etc.
 Owners-managers- This type of entrepreneurial ventures are related to the small
business enterprise that are working with low capital and low resources at limited area
with the earning of small amount of profits by offering their products to feed their family
members. This type of ventures is started by the local people and contributes majorly in
the economy of the country. they can collects the funds from their friends and by taking
small business loans. examples of this is carpenters, plumbers etc(Ratten and Dana,
2015).
Typology of entrepreneurship
 Lifestyle firms- This type of typology is generated as a for-profit business enterprise that
helps the individual person as a first motivator to enhance their lifestyle by operating the
business and earns a high amount of profits. it is related to the owners-manager type of
entrepreneurs that work with the aim of staying in the market for a longer period of time
with the small amount of profits.
 Growth firms- It refers to that typology of an entrepreneurs which showcase the growth
of the economy. This type of firms is always work for enhancing the growth by their
innovation in their offerings and satisfying the customers needs and desires. In this large
and serial type of entrepreneurial ventures are included that are working for enhancing

the living standard and by their resources and provides the large number of employments
that shows the growth of organisation and country(Richter, Kraus and Syrjä, 2015).
Social enterprise- It refers to that type of enterprise which have a main purpose to accomplish
the task related to the welfare of the society. in this they can maximize the profits by solving the
problems and issues for providing the benefits to the society and the environment. they raised
funds from the various source like government agencies, in the form of donations etc. so that
they can help the weaker section of the society.
Growth of the social economy
The growth of the social economy is based on their contribution that they do on the
benefits of the society and creating the well developed economy of the country. It is based on
providing the employment to the un employed person so that people living standard m ay
enhance and they can spend more on purchasing the goods and services that will increase the
economy of the country.
P2 Explore similarities and differences between entrepreneurial ventures
Difference between serial entrepreneurs, large entrepreneurs and owner’s managers
Basis Serial entrepreneurs Large
entrepreneurs
Owners-managers
Number of
employees
In this type of
entrepreneurship venture
number of employees are
based on their size and
structure.
In large
entrepreneurship
enterprise there are
more than 1000
employees who are
working for
satisfying the
customers needs and
maintains their
profits.
In owners-managers
mainly employees
are belong not
merely 50 because
they manages all the
roles and
responsibilities
themselves because
of small amount of
capital and

resources.
Geographical
served
It can be served in small
area by new innovation and
techniques and then work on
the large basis that it is not
restricted
geographically(Piperopoulo
s and Dimov, 2015).
This type of
entrepreneurship is
not restricted
geographically and
they operates their
business in any
country as per their
financial resources.
This type of
enterprise are serves
their services only
in local area and
fulfills the needs of
them so that they
can earn high
profits.
Structure Corporations and limited
partnership are mainly
essential type of structure in
serial enterprise.
The structure of
large company
entrepreneurship is
very complex it is to
be any nature public
or private.
In owners managers
enterprise they hold
the structure of sole
proprietorship in
this they hold all the
risk and profits on
their own.
Similarities between serial entrepreneurs, entrepreneurs and owners-managers
 The major similarities between serial, large and owners-manger enterprise are that they
all work for some profits and longer sustainability in the marketplace.
 Another similarity is that they all provides the employment to the unemployed person as
per their size and structure.
 The major similarity between serial, owners-managers and large entrepreneurship is that
they all take risk for earning high profits and market growth(Volery and Mazzarol, 2015).
LO2
P3 Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on economy
Creativity and innovation- Creativity defines the capability of doing something original and
unique that cannot be done before. The innovation is the tem of implementing the ideas that is

created in the mind of the person. in operating the new start-ups creativity and innovation both
are broader term because without it no start-up can stay in the market and contribute in the
economy of the country(Antoncic and et. al., 2015).
Sources of generating business and entrepreneurial ideas
There are various sources that helps the people in generating the ideas related to start
their business and become a successful entrepreneurs in the country.
 Interest and hobbies- The major source of generating the idea related to the
entrepreneurship and doing the business is come form an individual interest and hobby.
by perusing their interest many people found to the largest entrepreneurs and enhance
their standard of living within the society and become an inspirational body to the other
person.
 Brainstorming and dreams- It is the best source that represents that brainstorming is the
term that helps in regularly solves the problems and focus on providing best solution it is
an essential term for becoming the best entrepreneur and generating the idea to be
successful by focusing on providing effective and innovative products to the customers.
In what way businesses protect from intellectual property rights
There are various ways that a businesses can use to protect their innovation and essential
data by using intellectual property rights such as copyright, Trademark, patent etc. that provides
the exclusive rights for the creations that helps in the earning higher profits and enhancing the
market growth of the company. This helps in giving the higher success and enhances the living
standard of the people.
In the business world micro and small business enterprise holds the larger part that mainly
contribute in the economy of the country. in UK small and micro business venture are increasing
day to day that will helps in generating the higher incomes and revenues that helps in providing
the various goods and services to the people in an unique way. as they also provide various jobs
to the unemployed sector and it is only done by the small and micro business sectors. It also
helps in enhancing the growth of the country that will increase the image of the country in all
over the world(Talebi, Rezazadeh and Najmabadi, 2015).

P4 Explain importance of small businesses and business start-ups to growth of social economy
There are many importances of the small business enterprises and the start-up business
venture in the growth of the social economy and it can be explained below.
 Provides employment- The major importance of small and start-ups businesses is that it
helps in providing the employment to the unemployed sector on their local areas. this will
enhances the purchasing power of the people and also helps in enhancing the social
economy of the country that is major task for every cou7ntry that there people are self
employed and working so that they can contribute in the GDP of the country(Yan and
Yan, 2016).
 Enhances innovation- It is the major importance of the small business and scale-up
businesses that they can encourage the innovation that helps in maintain the goodwill in
the world and also place the business to the higher growth. this helps in enhances the
brand value because they can majorly focus on the innovating the goods so that they can
attracts the large base of customers.
 Enhancing standard of living- Small and start-ups business done by an individual
person or a group of person that helps in enhancing the standard of living that helps in
maximizing the social economy of the country so that they can lead the market in the
world. by providing the employment to the local people and give the chance to the
unskilled and semi skilled person to perform their job within the business and earns a
salary so that they can spend their money according to them and it will enhances the way
of living of the people.

Number and types of small firms and their contribution to economy
There are various types of firms that can show their contribution in the economy of the
country that can be shown below.
Free agent firm is the best small business enterprise that gives the 50% employment in
their region with a total turnover of 9.8 million per annum.
Captify London is another small and medium scale business entrepreneurship that gives
the employment to the around 230 employees with a 49% margin in profits.
In national economy of the UK, small and start-up business place an major effect by
enhancing the GDP and create an awareness about the features of operating the business on their
own level with the support of the government so that image of the country also build in the other
nations as they also generate more revenues that helps in paying the tax and enhance the
economy of the nations which is more important for every country(Baldacchino, 2015).
On regional level small and start-up business enterprise helps in reducing the crises that is
based on the economy terms and provides more job opportunities to the large number of people
on long term and short term basis.
On local level this small and start-up business provides the employment to the local
people so that they can enhance their living standards and enjoy their life as per their own basis.
LO3
P5 Determine characteristic, traits and skills of successful entrepreneurs that differentiate them
from other business managers
Peter jones- He is the famous entrepreneur in UK that is a television personality and have a lots
of interest in spending their time with a electronic gadgets like mobile phones, TV, Video games
etc. and he is also owner of the Dragen Dens where he can advertise their goods and services in
an effective way so that large customers can appraise it.
Characteristics

 passion- It is the major characteristics that to become an entrepreneur a person nees to be
passionate about their dreams and in this Peter is very passionate about their dreams and
work as per their set vision and goals so that they can enjoy success. in this manager is
different from entrepreneurs as they cannot passionate about the company vision and
golas because they are only an employee of the business enterprise(McKeown, 2017).
 flexible- It is very essential to become an entrepreneuris that they are very flexible and
accept the change frequently. in this Peter is very flexible in nature due to this they can
accept the change as per the business environment demand so that they can earn high
amount of profit. this feature differentiate managers and entrepreneurs because managers
are not much flexible in nature they irritate from the change and cannot accept the change
easily.
Skills
 Effective communication- Effectiveness in communication is the major skill of an
entrepreneur. in this Peter have an skill of effectively communicate with other person so
that they can capture the profitable opportunity for the business and also impress
stakeholders of the firm so that they can sustain in the market for a large number of
period. in this manager are the employees of the enterprise and they cannot communicate
with the larger audience.
 confidence- In this Peter is confident in nature due to this they can take complex
decisions and solve the complex problems very effectively at this time managers is
different from entrepreneur because managers cannot show their confidence in solving
the issues as they are employees and work under the entrepreneur.
Traits
 Acceptance of reviews- For an entrepreneur it is very essential to accept the bad views
of the customers so that they can improve accordingly and serve the organisation a great
success. in this Peter can accept the reviews of the people about their work and improve
according to that. in this manager cannot accept the reviews of the ot5her person that is
negative and they leave the task(Gielnik, Zacher and Schmitt, 2017).

Adam ludwin- He is the founder of the Captify London and also famous in search intelligence.
this company has become a large advertiser firm for Apple, Nike. in Captify Adam handle the
200 people in a team in an effective way so that task can be achieved in time.
Characteristics
 Self- motivator- Adam holds the feature of self motivator that is one the best source to
become an entrepreneur. Due to this characteristics Adam can also motivates to their
team members so that task can be achieved and this helps in becoming the best in the
country. At this time manager is different from entrepreneurs because they are employees
of the company and they need superior motivation so that they can work effectively.
 Risk- taker- It is the best characteristic of the entrepreneur and in this Adam can take
risk so that they can face success. without taking the risk he cannot enjoy the profits and
in this manager is different from entrepreneur because they does not take risk as they
work under the supervision of entrepreneur.
Skills
 Networking- It is the major skills that shows in the successful entrepreneur as they create
a large network for earning high amount of profits and making connection with the
investors and clients so that they show their interest towards the enterprise and invest
their money. due to high networking skill he enjoys the success. Manger in this term is
different from entrepreneurs as they cannot create network with investors and other
clients because they are the employees if the business.
 Motivator- This is an essential skill of an entrepreneur because if they motivates
themselves and their team members than they can achieves the major task in an simpler
way. in this Adam holds the teams of 200 and at this time he motivates their team
members to work effectively so that it helps in enhancing the brand image of the
company and also helps in earning high profits with the productive results. in this
manager is not motivates other employees as a entrepreneur motivates because they are
the employees of the company who only follow their boss guidelines(Galloway, Kapasi
and Sang, 2015).
Traits

 management of time- It is the best trait of an entrepreneur in this Adam can manages
their time in such a brilliant way so that they can easily take the decisions on the complex
issues and solve the major problem by managing the time. at this manager is different
from entrepreneur because they only manage time from completing the specific task
rather than manages their time for all the task and all the departments.
P6 Assess entrepreneurial personality reflect entrepreneurial motivation and mindset
Entrepreneurial personality is a major influential activity that can encourage
entrepreneurial and set their mind to become a successful in the country by opening their small
enterprise for satisfying the needs and wants of the people. The personality of entrepreneurs can
be shown by using the OCEAN model that helps in motivating and mindset the person towards
becoming entrepreneurs(Lewis, 2015).
 Openness- This shows the openness of mind of an person who welcoming the change in
an effective way in this Adam and Peter both are open minded due to this they can accept
the change very easily so that they can focus on innovating the products and be flexile in
nature. It also helps in encouraging their employees for effective working. This type of
personality helps in motivating the Adam and Peter to set their mind for successful
business entrepreneur.
 Consciousness- In this trait of personality a person can more manageable and describe
anything in an organized way. this type of personality helps the Adam and Peter to
became a successful entrepreneur and manage all the work so that it can be done in
timely manner. this shows the characteristics of time management and self motivation of
the entrepreneurs(Saleem, 2017).
 Extraversion- This shows the extrovert nature of the people and it is connected with the
networking and communication skills where Peter and Adams both have the extroversion
personality this helps in set their mind to create a large network and communicate
effectively to attracts the consumers and investors so that they can face high success in
the near future.
 Agreeableness- This personality factor shows the love and social connection with the
people and showing respect towards the other people. it helps the Adams and Peter to