Entrepreneurship and Small Business Management: Ventures and Traits

This report provides a comprehensive analysis of entrepreneurship and small business management, focusing on various entrepreneurial ventures and their typologies. It examines the similarities and differences between these ventures, highlighting the crucial role of micro and small businesses in local, regional, national, and international economies, as well as their importance in fostering social economy growth. The report also explores the traits and qualities of successful entrepreneurs, delving into how entrepreneurial personalities reflect motivation and mindset, considering factors such as family upbringing, lifestyle, cultural differences, and personal drivers. Furthermore, it discusses how a person's background and past experiences can either hinder or foster entrepreneurship, taking into account education, national culture, economic circumstances, and character traits, while also addressing the risks and rewards associated with starting a business. Desklib provides a platform to explore similar solved assignments and past papers for students.

Entrepreneurship and Small
Business Management

Contents
Introduction.................................................................................................................................................3
Part 1...........................................................................................................................................................3
P1 Different types of entrepreneurial ventures and explaining how they relate to the typology of
entrepreneurship....................................................................................................................................3
P2 Similarities and Differences between the various entrepreneurial enterprises and ventures............4
P3 Illustrate the impact micro and small business have on the economy. You should consider local,
regional, national and international economic impacts............................................................................5
P4 Explain the importance that small businesses and business start-ups on the growth of the social
economy..................................................................................................................................................6
PART 2.........................................................................................................................................................6
P5 Give the example of the successful entrepreneurs and the effective traits and qualities possessed
by them which made them and their venture successful........................................................................6
P6 How aspects of the entrepreneurial personality reflect entrepreneurial motivation and mindset. You
may wish to consider how personality is shaped by family upbringing, lifestyle, cultural differences
and personal motivation and drivers amongst other factors.....................................................................7
P7 How a person’s background and past experiences can hinder or foster entrepreneurship. Factors to
consider may include level and type of education, national culture, economic circumstances and
character traits. The risks and rewards of starting a business should also be considered.......................8
CONCLUSION...........................................................................................................................................8
REFERENCES............................................................................................................................................9

Introduction
Entrepreneurship is the ability to take the risks and set up a business enterprise. This
helps in the better handling of the various operations that will help in the significant management
of the different operations that will help in the effective attaining of the better productivity and
profitability. The entrepreneurship leads to the better adoptability of the various measures that
help in the significant increase in the business operations (Bae and et.al., 2014). The Small and
medium enterprises (SME’s) will help in the better handling of the different operations that helps
in the significant increase in the business operations. For the report, Educ8 Group is been taken
as the organization of context. This report will cover the details of the various types of the
entrepreneurial ventures and its different typologies along with the similarities and the
differences are been taken into the consideration, the roles and characteristics of the various
ventures is been discussed. The impact of the micro and small business on economy is been
taken into the consideration. Apart from this, various entrepreneurial skills sets and the effect of
their mindset is been taken into consideration with factors hindering or fostering the
entrepreneurial venture are discussed.
Part 1
P1 Different types of entrepreneurial ventures and explaining how they relate to the
typology of entrepreneurship.
Different types of the entrepreneurial ventures are been taken into effective consideration
which helps in the better handling of the different types of the business operations, as per the size
and the capabilities or efficiency of the enterprise. The different types of the operations will help
in the significant increase in the various operations which helps in the effective gaining of better
profitability and productivity. Some major types of the entrepreneurial ventures and their
typology are as follows:
 Small Business Entrepreneurship: This type of entrepreneurial ventures help in the
better growth of the various operations that are limited in growth, finance and other
resources. They comprise of the largest number of the business enterprise and cater the
maximum number of customers. The small and medium business enterprises or SME’s
are usually owned by a single individual. The employees are generally the local people
or the family members who work in the enterprise. This also helps in the better handling
of the different operations that will produce the raw material and skilled labor for the
other entrepreneurial ventures. Other than this, the SME’s will generate the largest
number of jobs for the candidates.
 Scalable startup Entrepreneurship: This entrepreneurial venture will help in the better
handling of the different operations which will help in the significant rise in the different
operations which will help the venture to gain better productivity and profitability. The
operations and financial resources of these ventures are limited but can be easily

accessed and measured. They will comprise the employees from local as well as
international level and are bigger in profitability than the SME’s. These are owned by a
single individual or by group of people.
 Large business enterprises: These comprises of the largest business enterprise, which
are owned in a partnership. This helps in the better management of the different
operations which will help in the effective handling of the different operations which are
generally larger in size (Bruton and et.al., 2015). They have large amount of resources
and financial support and consists of many countries for operations. The revenue or the
profit generated by them is been shared among the business partners or owners of the
venture.
 Social enterprise: These are generally owned by a social group and works for the
betterment and welfare of the people. They input the resources and efforts to develop the
product or service for the welfare of the society. The profit gained by them is utilized for
the development of the better products and services of the people.
Besides this, the typology of the entrepreneurial ventures will involve the ventures like
Private firm, public firm and hybrid firms that help in the better execution of the various business
operations.
P2 Similarities and Differences between the various entrepreneurial
enterprises and ventures
Various entrepreneurial ventures have been taken into effective consideration as it helps
in the better handling of various business operations and functions which will help in the
significant rise in different business operations which will help in the better management of
different entrepreneurial ventures. There are various similarities and differences that help in the
better handling of the different entrepreneurial ventures such as:
Similarities between various entrepreneurial ventures:
 Financial resources: All the entrepreneurial ventures whether smaller or larger, need the
financial resources or investments that help the entrepreneurial venture to carry out the
various business operations in an effective and significant manner. This is an essential
factor to carry out the different business operations.
 Customers: The customers or the clients are the most important factor for a business
enterprise to carry out the business operations that help in the effective handling of the
different operations that help in the significant rise in the different operations that help in
the better growth of the company. This will lead to the effective development of better
product or service (Glaeser, Kerr and Kerr., 2015).
 Market: All the entrepreneurial ventures need and effective and supportive market that
help in the better management of the different operations that helps in the significant
increase in its productivity and lead to a better market growth. These also help in the
better planning of the various operations keeping the target customers in mind. Apart

from this, it helps in the significant rise in the different operations that supports the
positive market growth and development of the high quality product and services by the
various entrepreneurial ventures. It will help in the effective rise in the productivity and
profitability of the firm.
Differences between the various entrepreneurial ventures
 Scalability: The scalability is the major factor that differentiates the various
entrepreneurial ventures from each other. It helps in the significant handling of the
different operations which helps in the better growth of the various entrepreneurial
ventures. The SME’s have low financial resources while other have larger resources.
 Profitability: The profitability of the various entrepreneurial ventures will help in the
effective development of the various operations which will help in the effective handling
of the different operations (Singer, Amorós and Arreola., 2015). The SME’s have the low
or moderate profitability while the larger enterprises use their big profit margin for a
better growth and development of the firm.
P3 Illustrate the impact micro and small business have on the economy. You should
consider local, regional, national and international economic impacts.
The micro and small business enterprises plays a very crucial and significant role in the
better handling of the various operations that will help in the effective growth of the economic
condition of a nation. The micro businesses and SME’s caters the maximum number of
customers and thus also employees the maximum number of candidates on a local or regional
level. Besides this, even they help in giving the training and develop the professional attitude,
thus contributing on a social level. They generate the maximum number of jobs, thus
contributing to the growth and development of the economy. Besides this, the micro and Small
businesses help in the development of the effective trade relations on the national and
international level. These also help in the better management of the different operations that help
in the growth of the business enterprise on the local as well as global level.
The development of the micro and small business enterprises in a country help in the better
development of the various operations that help in the significant increase in the various
operations that help in the better handling of the various business operations that will help in the
significant increase in the operational capacity of company. Other than this, the rise in the
number of the SME’s in an economy will effectively help in the better growth of the economic
and business environment of the nation this help in increase in number of jobs and improve the
financial condition of the country. The rise in the trade relation will help in the better handling of
the various operations which will help in the better handling of the various operations that will
help in the better increase the operational capacity of the company. The improvement of the
foreign trade relations will help in the effective growth of the different operations in the country.
Apart from this it will help in the effective meeting of targeted goals (Bhachu, 2017).

P4 Explain the importance that small businesses and business start-ups on the growth of
the social economy
The small businesses and the startups play a very significant and crucial role in the
growth of the social economy of the company. This will help in the significant rise in the better
management of the different operations of the economy and increase the productivity and
profitability of the company. This will also generate a large number of jobs on the local and the
regional level, which will help in sorting out the social requirements of the people and improve
the economy of the nation in a better way. This also helps in the significant rise in the different
operations which will help in the better growth of the economy of the nation. They will also help
in the better management of the different operations to improve the economic growth of the
country. This also helps in the better handling of the different operations in a significant and
effective manner. The SME’s caters the maximum number of the customers in the country and
help in the effective growth of the various operations in the company (Baum, Frese and Baron,
2014). The rise in the productivity and profitability will effectively help in the better handling of
the various operations which will help in the significant rise in the operational quality of
company.
The effective increase in number of SME’s in UK will help in the better rise in the
profitability and productivity of the company. The better management of the various operations
will help in the superficial increase in the satisfaction level of people in the society. The rise in
the jobs and the employment rates will help in the better increase in the satisfaction level of the
clients as well as the employees. The rise in trade will help the employees to get a better global
exposure, and increase their skill set in an effective and sustainable way. The proper training and
the improvement in the professional approach and knowledge will support the better growth and
development of the company that will help in the significant rise in the operations. Apart from
this, the better satisfaction level that is been gained by the employees will lead to the rise in the
development rate of the company. And adopt the effective measures of innovation to meet the
customer’s needs and demands. The achievement of the effective customer satisfaction level will
help in the better management of the various operations of the cited firm.
PART 2
P5 Give the example of the successful entrepreneurs and the effective traits
and qualities possessed by them which made them and their venture
successful.
The entrepreneur’s plays a very crucial and vital role in the execution of the various operations of
the company. They will be the main risk takers who will showcase the various traits and qualities which
will act as the catalyst in their growth and development. This traits and qualities will help in the better
handling of the various operations which will help in the better management of the different operations of
the company (Schaper and et.al., 2014). The two major successful entrepreneurs who had a very
significant handling of the various operations are as follows:

 Steve Jobs: He was not only the co-founder of Apple Inc. but also regarded as one of the greatest
entrepreneurs of our time. His zeal and the passion for the development of the innovative and
unique product and services helped him to develop the extraordinary products and services like
iPhone, iTunes and iPad. This help inn the rise in popularity and achieving of the various targeted
goals by meeting the customer’s needs and demands in a better way. The ability to never give up
and effective quality to understand the needs and demands of the customers and come up with the
innovative product or services in a better way. His ability to take the effective decision in a better
way and implementing them to get better output helped him to achieve the desired success. Apart
from this, the better management of the different operation will also help in the effective
profitability of the company (Parker, 2018). The innovative mindset and effective leadership
will help in the rise in operational capacity of Apple Inc. Other than this, the vision and
determination also plays a very crucial and vital role in the setting of goals or targets and
effectively achieve them in a better way.
 Richard Branson: The founder of the Virgin group, he suffered dyslexia in his early age and
was had a poor academic record. But he overcome all his difficulties and became one of the most
influential and successful entrepreneur in UK. He founded Virgin Group and now heads almost
400 business ventures. His ability to overcome his problems and the never giving up attitude
helped him to a great extent in becoming successful. His attitude of taking risks and having a
better handling of the various business operations in a better way. The effective and better
planning of the various resources and effective meeting of the goals and operations will help in an
effective and significant manner to gain a better productivity and profitability to meet the needs
and demands of the customers and come up with innovative products and services. Other than
this, his ability to build better network with various people and come up with the effective
handling of various operations increase his effectiveness as a successful entrepreneur. The
positive attitude is also the key factor, which played a very crucial role in the success of his
business venture. This has also helped him to gain a better operational efficiency and achieve a
better productivity and profitability.
P6 How aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mindset. You may wish to consider how personality is shaped by family upbringing,
lifestyle, cultural differences and personal motivation and drivers amongst other factors.
The entrepreneurial personality and the motivation play a very crucial role in the effective
handling of the various operations in a better way. The qualities like positive attitude and having
an effective handling of the different operations will help in the significant rise in the operational
efficiency of an individual person as an entrepreneur. The ability to take the right decision, better
leadership qualities and effective networking help them to meet them in and effective and
significant manner. This help in the better growth and development of the different operations to
make their entrepreneurial venture a great success. Also, the better planning and effective
handling of the different operations improve their efficiency this also helps in the significant rise
in the productivity and profitability of the company (Drucker, 2014).
Other than this, the better handling of the decision making process and other business
operations will help in the effective management of the operations in the better way to provide

the customers with better satisfaction level. The innovative approach will help in the rise in the
operational capacity of the company. Other than this, the better decision making ability and
efficiency to manage people is the biggest factor that helps in the better growth and development
of the enterprise. Apart from this, effective management of the different operations will help in
the rise in the productivity and profitability of the business enterprise or the entrepreneurial
venture. The personality and cultural factors too play a significant role in gaining the success and
expand the business. The firm mindset and ability to take risk and manage the various resources
also help in the rise in the effective growth of the company (Dees, 2017).
P7 How a person’s background and past experiences can hinder or foster
entrepreneurship. Factors to consider may include level and type of
education, national culture, economic circumstances and character traits. The
risks and rewards of starting a business should also be considered.
The background and past experiences plays a very important role in the growth and
development of the company. This help in the significant rise in the better growth of the
entrepreneurial venture that helps in the better handling of the different operations which will
help in the effective rise in the different operations to meet the needs and demands of the
customers and clients in a better way. The effective idea about the various measures that are been
taken to establish and run a business enterprise will help in the significant rise in operational
efficiency of the company. This will help in the better management of the different resources.
Also then financial stability helps in taking up the risks in an easy way to meet the needs
and demands of the organization. The educational capabilities although don’t play a very crucial
knowledge as in the case of the above discussed entrepreneurs but having the basic knowledge of
the various operation is very crucial and important for the better management of the different
operations of the company. These act as an additional advantage for establishment and
development or fostering of a business enterprise in market to gain better customer satisfaction
level (Kirzner., 2015).
CONCLUSION
Thus, it can be said that the entrepreneurship plays a very important role in the growth of the
economy and business enterprise in a nation. This report covered the details of the various types of
the entrepreneurial ventures and its different typologies along with the similarities and the
differences that are been taken into the consideration, the roles and characteristics of the various
ventures is been discussed. The impact of the micro and small business on economy is been
taken into the consideration. Apart from this, various entrepreneurial skills sets and the effect of
their mindset is been taken into focus with various factors hindering or fostering the
entrepreneurial venture are discussed.

REFERENCES
Books and journals
Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago press.
Dees, J.G., 2017. 1 The Meaning of Social Entrepreneurship. In Case Studies in Social
Entrepreneurship and Sustainability(pp. 34-42). Routledge.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Parker, S.C., 2018. The economics of entrepreneurship. Cambridge University Press.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Schaper, M.T and et.al., 2014. Entrepreneurship and small business.
Baum, J.R., Frese, M. and Baron, R.A. eds., 2014. The psychology of entrepreneurship.
Psychology Press.
Bhachu, P. ed., 2017. Immigration and entrepreneurship: culture, capital, and ethnic networks.
Routledge.
Singer, S., Amorós, J.E. and Arreola, D.M., 2015. Global entrepreneurship monitor: 2011
global report. London Business School.
Bruton, G and et.al., 2015. New financial alternatives in seeding entrepreneurship:
Microfinance, crowdfunding, and peer‐to‐peer innovations. Entrepreneurship Theory and
Practice. 39(1). pp.9-26.
Glaeser, E.L., Kerr, S.P. and Kerr, W.R., 2015. Entrepreneurship and urban growth: An
empirical assessment with historical mines. Review of Economics and Statistics. 97(2).
pp.498-520.
Bae, T.J and et.al., 2014. The relationship between entrepreneurship education and
entrepreneurial intentions: A meta‐analytic review. Entrepreneurship theory and
practice, 38(2), pp.217-254.