Entrepreneurship for Small Business Management

UNIT NO: 9 STUDENT NAME: DeveshRajak.
UNIT NAME: ESBM. BATCH: 2018-20
Entrepreneurship and Small Business Management.
PROGRAMME : Higher National Certificate/Diploma (HNC/HND) in Business
UNIT NUMBER : 9
UNIT NAME : Entrepreneurship and Small Business Management
STUDENT NAME : Devesh Rajak
TUTOR NAME : Anish Desai
CENTER : Thane
BATCH : 2018-20
Table of Contents
Introduction. .................................................................................................2
Entrepreneurial Ventures...............................................................................2
Small Business. ...........................................................................................2
Social Entrepreneurship..............................................................................2
Large Organization Entrepreneurship. .........................................................3
Scalable Start-up Entrepreneurship. ............................................................3
Similarities & Differences...............................................................................4
Effect of Micro & Small Business on the economy...........................................4
Impact of the MSME’s on the Social Economy.................................................5
Traits & skills of a Successful Entrepreneur.....................................................6
Reflection of Entrepreneurial Motivation & Mindset via Personality................6
Influencing Level of Background & Experience................................................7
Conclusion.....................................................................................................7

Introduction.
I as an employee of Ministry of Micro, Small and Medium
Enterprises (MSME), my primary work is to research about the
scopeof entrepreneurship and understanding aboutthe
enablers and barriers associated while starting a new
business/ventureand create a report on the same which
will supportmy line manager for developing her new
publication on prospectiveentrepreneurs.
Entrepreneurial Ventures.
Entrepreneurial Venture can be defined as an organization that places
innovation at its heart in order to produceeconomic and social value and to
create job opportunities for the needy.
Small Business.
Itis an independently owned type of business which is
operated & governed on a local level for a profitpurpose
with a very less limited staff level & revenuegeneration. This type of business
are usually proprietorship or partnership owned firms. Usually run by the
family members.
For example: - retail outlets, restaurants, smallconstruction firms, etc.
Social Entrepreneurship.
As the name suggest, its mostbasic level is to do business
for a social cause. Basically it is a type whereit combines the
social issues of the society and commerce in such a way that it improves the
lives of the people affected by it or are connected with it. One of the main
moto of this type is justnot to make profit or to be a change and stand for it,
for a social cause. (Baum, 2014)
AkankshaHazari.
Akanksha Hazariis bestknown for contributions in the segments of social
entrepreneurship and peace negotiations. Sheis very much well known for her
start-up venturewhich was in the business of solving water crisis named as

m.Paani, she has been honoured by the former US President Bill Clinton for
her dedication and social work through the NGO.
Large Organization Entrepreneurship.
As the name suggestthis the developed organization the
sector in which they are operating with playing a dominant
role in their respectivefield. They mainly focus on providing
the bestproducts & services for sustaining themselves in the market & growing
their market size& capitalization.
SONY.
SONYis a Japanese multinational conglomerate corporation headquartered in
Minato, Tokyo. Its diversified business includes consumer and professional
electronics, gaming, entertainment and financial services. The company owns
the largestmusic entertainment business in the world, the largest video game
console business and one of the largest video game publishing businesses, and
is one of the leading manufacturers of electronic products for the consumer
and professionalmarkets, and a leading player in the film and television
entertainment industry.
Scalable Start-up Entrepreneurship.
This type of entrepreneurship depends & start with an
innovative idea to curethe day to day problems of the
customers. This are basically known as problem solving products. The main
focus of the organization is to come up with innovative ideas and convert it
into product & services that can change the ongoing market pattern &
demographics.
Facebook.
Facebook, Inc. is an American online social media and social
networking servicecompany based in Menlo Park, California. It
was founded by Mark Zuckerberg, along with fellow Harvard College students
and roommates. Itis considered one of the Big Four technology companies
along with Amazon, Apple, and Google. Facebook held its initial public offering

(IPO) in February 2012,valuing the company at $104 billion, the largest
valuation to date for a newly listed public company. (Bryman, 2007)
Similarities & Differences.
Particular Social
Entrepreneurs
Large
Organization
Scalable Start
- up
Small Business
Organizational
Goal
The main goal isto
serve forthe basic
wants& needsof the
needy&lowclass
(poorpeople) atvery
affordable costs.
The main goal isto
satisfycustomer
need,provide
growthfor
shareholders,to
increase the brand
image andname of
the organization.
The main goal &
objective of the firm
isbuiltto scale with
the goal of
generating
significantwealth
for founderand
investors,either
throughan
acquisitionoran
Ipo.
The main goal of the
businessistogrow
for a longtermfor a
profitpurpose &
sustainintothe
market& build
relationonthe level
of business.
Capital
Providers
Dependsuponthe type
& size of the business.
Revenues,credits
fromthe tax,
subsidiaries, IPO’s.
Venture Capitalist,
Angle Investors,
Governmentgrants,
Friends&Family.
Micro bank loans,
revenue,friends,
family&personal
funds.
Outcomes. The main of these
entrepreneursisnotto
earnprofitor fortune
but to helppeoplefor
improvingthe standard
of living.
The most important
priorityof the
businessistoearn
revenue &maximise
the profits.
These kindof the
businesshasthe
potential toplay an
importantrole in
the growthof
economy.These
businesswill
provide
employment&will
generate significant
revenues.
These businesscan
generate jobs&
revenue butata very
low level, this
businessprovides
productand services
that are necessary&
importantas a part
of the city’s
infrastructure.
(Types of entrepreneurs, 2019)
Effect of Micro & Small Business on the economy.
According to the study, the contribution of MSME’s in every sector & Industry
captures a valuable part & has a very significant & important contribution in
India. In spiteof employing 40% of all the total employees across the country
i.e. 69 million employees the sector has been ignored. According to the MSME
reportgenerated fromthe surveys thereare almost up to 44.7 million
enterprises across the country. Thevolume of these small & micro & medium
business aregradually & eventually growing on a quite good pace. This has

helped the sector on an over of period of time to increase its revenue & impact
on the economy of the country. (Schaper, 2014.)
MSMEs contribute 8% to the GDP of India. This accounts to a 40% of total
export & 45% of the total industrialoutput. The manufacturing sector in the
MSME accounts about 90% of units that are spread across the country in which
55% are located in urban areas while the restare located in the ruralareas of
the country.
According to a report by Harvard Kennedy School, “The absence of SMEs in the
low income countries is known as ‘The Missing Middle’. This acts as a proof of
their significance of their role in development of the country” (The MIssing
MIddle, 2019)
Impact of the MSME’s on the Social Economy.
According to the study, MSMEhas been always played a prominent role for
boosting the social economy of the country. One of the most backed up sector
in MSME’s is the Scalable Start – up & Social enterprises. Since their primary
moto of this business is to supportthe customers by solving their day to day
problems with their innovative product& services.
Since the Start– up has the maximum potential to expand at a very high
growth rate they are backed up by various governmentpolicies & grants. This
eventually leads in the growth of the employment rate (creation of new jobs)
which helps to improve the life style &the way of living of the employees
which eventually helps the social economy of the country. These MSME’s also
generate a high amountof taxes for the governmentwhich proveas a help for
the growth of the country.
By employing many employees, MSME’s helps to solve the one of the biggest
problem of the country of unemployment. TheseSocial entrepreneurship are
most related to the social work for improving the lifestyle of the community.
These are basically backed up with the governmentschemes & grant &
policies. (Burns, 2016)

Traits & skills of a Successful Entrepreneur.
There are different characteristics traits & skills of an entrepreneur which help
them to differentiate themselves from others. This characteristics and their
self-belief helps themto become successfulin their respectivefield or aim. The
passion is one of the most important factor which drives an entrepreneur to
chasetheir aims & objective of becoming a successfulentrepreneur. According
to the study & survey on the entrepreneurs, someof the mostimportant
characteristics of entrepreneurs are as follows: -
 Determination towards their work.
 Creativity to improve themselves.
 A blend of strong work ethic.
 Ability of taking risks & making them a life changing activity.
 The most important good enough ability of managing all the resources
available effectively.
 A good communication skill helps the entrepreneur to communicate the
ideas to the employees the vision as well as the mission for achieving the
vision. (Traits of the Entrepreneurs, 2019)
Reflection of Entrepreneurial Motivation & Mindset via Personality.
All the entrepreneurs have a different mindset while performing their activity
of doing business which contributes to their success. Personality of the
individual (entrepreneur) has a very important impact upon the level of the
motivation & mindset while running the business. Itis counted very important
that an entrepreneur should be very much self-motivated so thatit should be
able to run the business whilefacing the day to day challenges effectively &
also managing the employees. The possession of optimismtraitin the
personality is one of the factor which helps the individual to be optimistic at
times when all roads to the vision seems to be blocked. One of the trait in the
line is of creativity personality, this trait help the individual to come up with
new ways & ideas to servethe marketas well as to solvethe issues in different
methods. One of the most important trait is of taking calculatedrisk during
often times, this trait effect the decisions & mindset of the individual during
different situation which helps to gain vast experiences & knowledge. All this

traits of the personality combined effect the mindset & the motivation level of
the individual which directly & indirectly has a great impact on the
entrepreneurial venture of the individual. (Personality Traits, 2019)
Influencing Level of Background & Experience.
A supportis a mustneed back up for an entrepreneur at the initial stages of
the venture. Due to this supportan individual is very likely to get through the
taste of success effectively & efficiently at timely intervals. This supports
motivates the individual to give his best as an individual. As like this Personal
background & Experience has a great impact on the individual. Personal
background creates an environmentwhere the individual gets motivated
during the hard phases, get financial support& advices also gets supportwith
the experience of the family members. This foster the entrepreneurship of the
entrepreneur & helps him to tackle the situation effectively. The financial
supportfromthe family background helps the individual to overcomethe
issues related to financial transaction. (IMportance& Influenceof Family
Background, 2019)
Conclusion.
Entrepreneurship has been hailed as an avenue for upward social mobility and
a driver of innovation, job creation, and growth. There are different types of
entrepreneurial ventures such as small, micro, medium and large businesses.
The MSME businesses capturea large part of every industry and have high
contribution in economy of the country. The entrepreneurs need to have
certain skill and mindset to setup and run a business by considering different
risks related to finance, human resources, operational, etc.
References
5 succesfultips of serial entrepreneur. (2019, 5 1). Retrieved from
www.entrepreneur.com/article/309945
Baum, J. F. (2014). Thepsychology of entrepreneurship. Psychology Press.
Bryman, A. a. (2007). BusinessResearch Methods. Oxford : Oxford University
Press.

Burns, P. ( 2016). Entrepreneurship and smallbusiness. . PalgraveMacmillan
Limited.
IMportance & Influence of Family Background. (2019, 4 30). Retrieved from
https://voxeu.org/article/family-background-neighbourhood-effects-
and-entrepreneurship
Personality Traits. (2019, 4 29). Retrieved from
https://www.entrepreneur.com/article/298650
Schaper, M. V. (2014.). Entrepreneurship and small.
The MIssing MIddle. (2019, 4 30). Retrieved from
https://www.hks.harvard.edu/centers/cid/programs/entrepreneurial-
finance-lab-research-initiative/the-missing-middle
Typesof entrepreneurs. (2019, 5 2). Retrieved from https://jumpstartmag.com/

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