Entrepreneurship & Small Business: Ventures, Economy and Personality

This report provides a comprehensive analysis of entrepreneurship and small business management, examining various types of entrepreneurial ventures and their relationship with the typology of entrepreneurship. It explores the similarities and differences between entrepreneurial ventures, interprets data and statistics to illustrate the impact of micro and small businesses on the economy, and assesses aspects of the entrepreneurial personality that reflect motivation and mindset. The report also examines how background and experience can hinder or foster entrepreneurship, providing relevant examples obtained through mini-research. The study highlights the critical role of small businesses in driving economic growth, creating jobs, and fostering innovation, emphasizing their contribution to the social economy and the importance of a supportive environment for entrepreneurial success. Desklib offers a platform to access this and similar solved assignments for students.

ENTREPRENEURSHIP AND SMALL BUSINESS
MANAGEMENT

Table of Contents
Introduction......................................................................................................................................2
Task 1...............................................................................................................................................2
P1 Different types of entrepreneurial ventures and their relation with the typology of
entrepreneurship..............................................................................................................................2
P2 Similarities and differences between entrepreneurial ventures..................................................3
Task 2...............................................................................................................................................5
P3 Interpretation of relevant data and statistics to illustrate how micro and small business impact
on economy......................................................................................................................................5
Task 3...............................................................................................................................................7
P6 Assessing aspects of the entrepreneurial personality which reflect entrepreneurial motivation
and mindset......................................................................................................................................8
Task 4...............................................................................................................................................9
P7 Examining relevant examples obtained through your mini-research, how background and
experience can hinder or foster entrepreneurship............................................................................9
Conclusion.....................................................................................................................................10
References......................................................................................................................................12
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Introduction
The study of the entrepreneurship and the small business management issues mainly addresses
the variety in the business forms and the preparation creating new ideas and innovations to create
a business in the newer processes that will distinguish the business from the other businesses.
The business will make the structures, funds, activities, training, employment and more of the
operations will make the newer generation of the entrepreneurial environment. The study
generates the financial support and economic condition of the society as well as the social and
capital impact on the small businesses and activities that deals with the business criteria. The
overall market needs to target the niche business areas that support and functions with the
turnover with a view to giving the employment opportunities. The Growth of the business may
grow the economy with more of the small business into the economy. The market will study
more of the small business targets and the impacts.
Task 1
P1 Different types of entrepreneurial ventures and their relation with the
typology of entrepreneurship
The entrepreneurial operations are done by the one who manages, assumes and works in order to
make the business a successful one with the bringing of new ideas and innovations in the
business. The broader definition of the entrepreneurship brings the founding essence of a
business and any organisation which connects and promises to make a significant difference in
the market to make differences out of the whole big blend of numerous businesses. New genre of
motivation and the operating systems creates the differences in the businesses and make it trendy
with the number of impacts falling on the consumer's, employees and the market itself. There is
huge number of difference in the market and the type of entrepreneurship also varies according
to the business type and skills (Ramadani et al. 2015). The entrepreneurial ventures may be
streamed in the following different segments with the relationship of the typology:
a.The sceptical entrepreneur - These kind of entrepreneurs seeks the entrepreneurial activities
from watching a business grow. The starting of the business can be examined in order to meet
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the inheritance of the success of the entrepreneur who looks into the strategies of making the
business a successful one. With a view to believe in the sceptical approach and the actions of
one's own contribution, it is sometimes required to follow the strategies and the action plans.
This is because it makes them believe in the mindset and the operations that they start so that it
creates an example for the consecutive to make a business stand.
b.The copycat entrepreneur - This type of entrepreneur sees the success of the others in order to
make the own business an example and better than the copied one. The copying of the business
makes it look apparently same with the fewest differences in the operations as well as industry
operations. There is a difference in the modelling and copying.
c.The research entrepreneur - The entrepreneur here loves to learn with the research outcomes of
the possible scenarios that makes the business as well as the research a great success to get the
problem meet its actions. This is to implement the strategies with the growth of the business. The
research ends with becoming an excuse of taking the action which strives to learn the business.
The key to success is to learn the implementation and its operations.
d.The determined entrepreneur - This entrepreneur needs to make the values of the copying, a
success. He is the one to make the proofs and possible focus on the reality measures of the
market. The determination in the operations helps him grow a business without the help or
copying from others. It is hard to deal with the startups to be on the market among the
experienced entrepreneurs. However, it is not too tough to fight in order to reach the success line
and grow the business with more accomplishment of the reality.
e.The accomplished entrepreneur - This type of entrepreneur goes through all the stages of the
business and the building of a business. They are focused with the scaling of the business and its
sources that make it more focused with the legacy that runs in the tradition of his business. An
accomplished entrepreneur makes and finds the figure out with the success and connectivity with
the other business entrepreneurs. He is the one who have seen the struggles and learned to fight
against those in the market with the business freedom.
P2 Similarities and differences between entrepreneurial ventures
The growth of a business takes lots of time to stand from the part of the entrepreneur and the
market. Success is the different issue for each of the business owners and the entrepreneurs.
Success take times and the different kinds of business will definitely bear some similarities and
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differences between them. Any business seeks money and the charities seek the impact on
making the balance south of the social enterprises by the process of self-contribution. This helps
to work for any charity easily. The graph of the entrepreneurial spectrum focuses on the
sustainable profit, responsibility in case of the traditional charity and enterprises also (Mariotti
and Glackin, 2014). The kinds of business that decides the goals and the patterns of the
entrepreneurship will give the growing trends with the largest and the littlest differences and the
similarities among them. They are:
a.Goals - For a business, it is required to achieve the financial business goals. Therefore there
can be the same business with same goals residing over the market and also there may be the
hardest competition in between two rival businesses with a difference in the business items as
well as the way of entrepreneurship.
b.Mindset - Different entrepreneurs have different kinds of venture for the business. The
strategies are not necessary to meet the pursuit of money all the time. It is the building of the
business that sums up the entrepreneurship criteria of the similar kind of businesses and the
differences in the decision making impacts of the businesses and entrepreneurs. The mindset of
the entrepreneur may similar to the copying and following of the business strategies as well as
the ways and operations. The differences can be followed with the total difference in the market
combinations.
c.Value creation - The business entrepreneurs deliver the value of the customers with the pricing,
costs and the heavy market co ordinations through the target business and service offerings. The
similarities may merge into the positive impact of buying values of the customers. The difference
may target the communities along the economic value and the creations.
d.Marketing communication - The market communication refers to the blend of similarities and
the differences among the certain traits that includes the aggression, scale, rapid growth of
entrepreneurship and demonstrating of the market orientation. The similarities here work with
both way communication processes that a market should handle in order to grow the positive
relationships with the customers. The differences in the marketing communication may speak of
the one-way type of communication of the entrepreneurs when there is need for the
demonstration of the business. For example, the online marketing and the communication is the
one-way promotion and this grows with the people buying the items more, afterwards. However,
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the two processes also include the medium of communication in both ways with the physical
presence on the spot for buying the items.
Task 2
P3 Interpretation of relevant data and statistics to illustrate how micro and
small business impact on economy
Small businesses in the UK are the backbone of the market economy that makes the driving
economy a huge growth, opening markets with new ideas, creating jobs in the field of market
and their contribution to this field is vital. For the innovative ideas and the competition
processes, the market encourages the new entrepreneurs to bring in the fresh ideas over the
stimulus that works to the representation of the adaptation of the market. Small businesses are
good and they represent the 99.9 percent of the whole of the market economy into it. Confidence
is the strongly benefitted feature that involves the UK market to make an impact on the
economy. This is, however, the wider landscape that makes the business move ahead with the
challenges and the regulations that make the finance processes grow. The regulations and the
research reveal the business operations with the proper efficiency. This study of the research
exhibits the small and medium-sized enterprises. That considers the challenges of the achieving
goal of the market. In 2014, the estimated 5.2 million businesses in the UK had a thriving with a
total of 99.9 percent. The target of the small businesses grows with a view to targeting the niche
market which will help them grow with the continued growing process of the market and the
sales. The medium sized market also knows that the profit of the market depends on the target
market and the entrepreneurs planning for the market about targets will fix the business return.
The Investment in the business and the business owner's concern about the business is just equal
to the market return which they expect of the niche markets. The economic impact falls directly
on the business. More the price, the economy will incur losses. The small market economy
encourages the burgeoning ambitions of the market. The British economy recovers with the
outlook and the paved opportunity will bring the employment processes with the introduction of
the small market economies and the businesses (Brooks et al. 2014).
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Most people of the small business gets aware of the market condition that makes the annual
return of the number of start-up businesses with the trend of showing the attitude of the better
time market. While the economic climate favours the lesser notion of the country's economy and
the small business opportunities. The UK's businesses classify the small or medium business
criteria which meet the economy meet with a greater position. The healthier position of the
economy will sustain the balances with the introduction of more small and medium business in
the UK. The industry will get more sources to target all kinds of the businesses that will incur
more revenues. The similar items, as well as distinctive markets, will require incurring profit on
the various items that can be made to meet the economy of the market with the niche start-ups
with the entrepreneurial investment on the various sorts of market and their outcomes. The
relationship between the business entrepreneurs and the consumers become solid with this
introduction of the small and medium markets. This makes the bond stronger in the way of
getting more highlighted with the world of business operations and the system of the business
becomes more evident with the facilitator of the Britain's existing businesses. This making of the
market and the starting of the small businesses do not make any sort of difference in the other
markets they have the growth rate equal to the newest innovations of the business (Alvarez‐
Garrido and Dushnitsky, 2016).
P4 Contribution to the growth of social economy by the start-ups and small businesses
The growth of the social economy becomes highly benefited with the contribution of the startup
and the small businesses on the social economy. This runs with the societal changes, their
contribution in business growth as well as the activities that are related in terms of making the
business process a worthy to be connected with the mass in a huge amount. The social economy
this way or the other makes concern about the environmental impacts and their contribution.
Thefts that are regained in the presence of a society make the operations in a greater height. The
opening of a business needs permission and the equal opinion of the society members will make
a speech over the business. The impact of the business at the same way, may fall inversely in a
ratio of positive and negative aspects over the society (Guerrero et al. 2015). The introduction of
new business will give the functional opportunities. The employment of the employers and the
contribution of the general mass over the business will make a business stand in the society with
the equal coordination of the essential growth of the companies in the marker. The small
businesses may turn to grow with greater aspects and requirements and this may lift the
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employee's position to work with better efficiency in the over field of sales and marketing. The
significant environmental impose may fall on the business to meet the difficulties and comply
with the studies that agrees to meet the echoed and progressive impacts that make the
performances active. The organisations require assisting the areas to improve the business
operations with the motivation of the society with which the business will run.
The implying of the organisations have many progressive steps to carry the stakeholder's
engagement on the business, the sustainability impact and the effective management argue to
reduce the sustainability with benefits to the achieved targets with the smaller business entities
that are fewer issues with the impact of wider supply chains. The real damaging of the
environment may cause the disturbances and the mass of the society may not support a business
on the ground. However, the results and timeouts should be noticed and kept in mind so that the
outsourcing and the damaging environment may be repaired with the medium production of the
raw materials that makes the operations and the activities with the practices of the global
economic business operations. The diminishing returns of this small business may, initially,
incur losses, however, the operations and the training processes of the employees, as well as the
potentiality of reorganisation and the corporate functions with the social media relations, will
make the business growing (Ismail et al. 2016).
Task 3
P5 Characteristics, traits and skills of successful entrepreneurs, which differentiate them
from other business managers
Good entrepreneurs always differ with that with the business managers. The special feature of
the entrepreneurs excites the prospect of the business and the success fosters o the personal traits
with significant characteristics of the ideally possessed start over the business and their future
orientation over the relevant researchers on the business that he focuses on. The characteristics
and the skills that successful entrepreneurs get easily differentiated from the business managers
are:
1. Motivation - The motivation that the entrepreneurs get from the full orientation of the
enthusiastic resources that pursuit the profit. The high energy levels are sometimes
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important to target the increase in the market share. The self-motivation extends the
business tenure and the risks are managed well with facing the challenges.
2. Creativity and persuasiveness - Successful entrepreneurs have the creativity at a higher
level with the persistent quality of the business that tirelessly goes promoting and making
it grow.
3. Versatility - Company workers usually set to take up the internal procedures and the
processes with the natural processes of cash flow and the sales that takes the revenue all
the time and the business skills make the talents and professionals to make more contacts
from the business growth.
4. Business skills - Entrepreneurs are naturally capable of the internal systems of the
business, procedures and the ways through which a business runs. They are more
conveniently focused to the cash flow, sales and the contacts that will help them to meet
the professional network of the skills that make them professional every time they contact
a person for generation of the business ideas.
5. Risk tolerance and decisiveness - The entrepreneurship is risky and the assumption of the
research on the business of market concept makes the small scale industries to make the
perspectives more usual with the customer purchases through the transaction of the
responsibility as well as the decisions.
6. Flexibility and open-mindedness - The entrepreneurs need the steady and fast vision for
making the strategies as well as ten directions of the business operations. The better ways
to connect to the initial plans of the flexibility and the open-minded nature will always
give the unknowns with the tweak of plans and progressions of the market system.
P6 Assessing aspects of the entrepreneurial personality which reflect
entrepreneurial motivation and mindset
Entrepreneurship is the easiest way of taking money from people without annoying them without
their consent. This can be the hardest definition that can reveal the art of making money on the
business ground. This makes the business stands on the whole of the market and makes the ways
for the people to get benefitted by the business items and the developments of the greater
mistakes that make the summarized operations done quick (Madsen, 2013). The reflection of the
motivation that works within the entrepreneur and makes the sense of intervention of the
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legislature, employment and contracts that can be an issue for the reflection of the mindset which
grows with the better functioning and making of better ideas. The motivation works with the
works of the competitors and the better workers that make it more visible with the interesting
thoughts of the entrepreneurial mindset. There may be reasons for the stranded contracts that gets
terminated with the whole of the summarized pay-slip issues that benefits nothing of the seeking
of the security with the developmental criteria which succeeds the practical transformation that
ought to be the accustomed improvement in the business field. The demonstration of the business
and the tendency of the employee terminations. The mindset operations should handle all the
factors of management processes which will resolve the employee training as well as the
productivity increase of the buses and rise will be followed by the overall operations of the
business will make a stand with the whole team management on the demonstration ground
(Zahra et al. 2014).
Task 4
P7 Examining relevant examples obtained through your mini-research, how
background and experience can hinder or foster entrepreneurship
This is very evident that experience plays a very important role in the development of a
successful entrepreneurship. It can be said that background or upbringing of the person plays an
important role in building up an effective entrepreneur skills in the person. It can be said that
personal background helps the person to build his perception and the need of being an
entrepreneur. Thus the background of the entrepreneurs helps in the development of successful
entrepreneur mind. A person getting proper education and knowledge at an early stage of life
will help him to recognize what benefits him the most and on how the person can develop
himself as a successful entrepreneur (Drucker, 2014). The birth of having effective entrepreneur
skill is built on the pillars of the education received by the person at an early age. The kind of
disciplines and rules in which he has stayed in the early age also affects the perception of the
person mind on different factors. The person living in a disciplined family with proper education
will become obedient and educated enough to start up an effect entrepreneur career. Thus it has
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become evident that personal background affects the development of people mind which will
ultimately affect the entrepreneur's career in the coming future. It can be said that there are
various aspect which get affected through the personal background of the person. Considering
the personal aspect it is very important that we consider the economic aspect two capital is one
of the most essential components which is needed in order to start a proper business which will
help the person in building up an organization Monetary resources are one of the most needed
ingredient that an entrepreneur needs to start a business become successful if the person belong
from poor background he may face problem while gaining the capital for the startup firm. This
hinders the progress of successful entrepreneur because the person cannot gather the amount of
monetary resources which is needed in the company for starting the business. The availability of
raw materials and labor are other factors which affect the entrepreneurship of person. Cultural
background is also a factor which may affect the entrepreneurship of person in various places.
There are some psychological factors which will affect the entrepreneurship. The need of
achievement is the first factor which will ignite the success finding will of the entrepreneurs to
create a proper mental setup which the entrepreneur will have while starting up a new business.
Motive and objective of the person for being and successful entrepreneur is another factor which
will affect the entrepreneurship of person. If the entrepreneur has strong and high motive it is
very evident that the entrepreneurship will succeed even though there will be some ups and
downs. These are factors that may either hinder or foster the development of an effective
entrepreneurship (Kuratko,2016). Thus it is very evident that considering all these factors is very
important in order to achieve significant goals as an entrepreneur.
Conclusion
The fostering of the economic impact on society and the growth of the entrepreneurship
discusses with the development in the segmentation of the market and the smaller parts of the
business to grow with the experience of the financial conditions. This also talks about the
entrepreneurial environment and the plans that make the preparation of opportunities for the
employees which will affect positively with the growth in all the ways of business and
employment also. The Social economy also depends on the social media connectivity of the
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business on the basis of the integrate and damaging environmental considerations that can be
benefitted by the online criteria and the connection to the vast number of people, all over the
world watch the small target of the business. The psychology of the entrepreneur targets the
motivational policies which will make his business grow ore with the challenges and support
from the environment and from the other businesses.
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