ESBM

Unit 09 / Entrepreneurship And Small Business Management
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Acknowledgement
I'd want to thank you for giving me the strength to finish my work on timely and with
enough ability to provide good assignment. Following that, I'd like to thank Mr. Dilen
Premasiri for directing and supporting me throughout the study and providing the
best available outcome. Last, I'd like to thank my parents support.
Nilakshan Rajasekaran
Thank you!
NILAKSHAN RAJASEKARAN / KBM322111 1|Page

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Table of Contents
Acknowledgement..............................................................................................................................1
List of figures.......................................................................................................................................3
List of table..........................................................................................................................................3
Scenario 01..........................................................................................................................................4
TASK 01...........................................................................................................................................4
Entrepreneurial venture..................................................................................................................4
1. Small business........................................................................................................................4
2. Scale able startup...................................................................................................................5
3. Large Company.......................................................................................................................6
4. Social entrepreneurship.........................................................................................................6
TASK 02...........................................................................................................................................7
Startups vs. Small Businesses: What's the Difference?............................................................7
Scenario 02........................................................................................................................................11
Task 03...........................................................................................................................................11
I. SME business........................................................................................................................11
II. SME business in Sri- Lanka.................................................................................................11
III. Roles of a SME..................................................................................................................12
IV. Sri - lanka Economic Indicator.........................................................................................13
V. SME Business contributes to the Sri-Lankan Economy..................................................14
Task 04...........................................................................................................................................19
I. Small business......................................................................................................................19
II. Start-up business..................................................................................................................19
III. How to start a startup business and operate.................................................................20
IV. Social Economy.................................................................................................................22
V. Important growth of social economy for a country............................................................22
VI. Small and startup businesses contribute to the country's economic growth.............23
VII. Small business impact different levels of economy (Local, National and
international)..................................................................................................................................24
Scenario 03........................................................................................................................................26
Task 05...........................................................................................................................................26
I. The characteristics of an entrepreneur’s and small business owners...........................26
a. Characteristics of an entrepreneur.....................................................................................26

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b. Characteristics of Small Business Owners........................................................................27
c. Entrepreneurship is an idea that is either born or made..................................................29
d. Skills of an entrepreneurs....................................................................................................29
Task 06...........................................................................................................................................32
1. Entrepreneurial Characteristics and Situations Impact on Their Developments..........32
a) Family up bringing...............................................................................................................32
b) Entrepreneur Lifestyle........................................................................................................32
c) Cultural differences.............................................................................................................33
d) Personal motivation and drivers........................................................................................34
Scenario 04........................................................................................................................................35
Task 07...........................................................................................................................................35
a) Personal background and education................................................................................35
b) National culture....................................................................................................................35
c) Character traits....................................................................................................................36
d) Economic situations............................................................................................................36
i. Risk and rewards of business start –up.............................................................................37
ii. How Entrepreneurs overcome risk and uncertainly of start – up....................................39
iii. How background and experience can hinder or foster entrepreneurship.....................40
References...........................................................................................................................................41
List of figures
Figure 1 - Tourism (heritage)...............................................................................................................15
Figure 2- Tourism (wild-life).................................................................................................................15
Figure 3 -Tourism (Beaches)................................................................................................................16
Figure 4 - Tea export ("Delicately fragrant" Nuwara Eliya)..................................................................17
Figure 5 - Agriculture...........................................................................................................................18
Figure 6 - Risk of business start –up....................................................................................................37
Figure 7 - Rewards of business start –up.............................................................................................38
List of table
Table 1 - Entrepreneurial Ventures.....................................................................................................10
Table 2 - Central Bank of Sri Lanka......................................................................................................13
Table 3 - Entrepreneur Vs Manager.....................................................................................................31

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Introduction
Entrepreneurs is among the world's most powerful thinkers and economic achievers.
It is clear how problem managing must be handled exactly, and that having a method
and the courage to not show respect to anything is also required for a good type
outcome. Some of the features will be mentioned in the following area in need to
have a greater reply from people regarding entrepreneurship. Entrepreneurship is
the method of starting a business while taking into mind various risks, such as
financial and management ones. This research will concentrate on various types of
entrepreneurial measures and their economic impact. Other than that, the skills and
viewpoint required to start a business would get discussed, as well as how
knowledge and experience might effect a new venture.
Scenario 01
TASK 01
Entrepreneurial venture
An entrepreneur is someone that begins a new business and takes up the most of
the risks while enjoying the most of the benefits. An entrepreneurial venture is
explained as a business which includes creativity and opportunity in producing
economic or social benefit. However, entrepreneurial qualities are commonly found
to be greatly connected with entrepreneurial activities. Entrepreneurial ventures
could include a variety of ownership forms, and entrepreneurs must possess specific
talents and characteristics in order to start and running a company.
Four different types of entrepreneurial venture are as follows -:
Small business, Scale able startup, Large Company, or Social entrepreneurship.
1. Small business
Small businesses are privately run corporations, partnerships, or sole proprietorships
with fewer employees or lower yearly revenue than a huge company or company.
Small business entrepreneurship is the concept of starting a company without

growing it into a major corporation or establishing multiple franchises. There are a
few steps to running a small business, such as conducting market research - market
research will inform you if your idea has a chance of becoming a profitable
business,, Create a business plan, funding our business, Set up a location for the
business, a business structure, a business name, registration of a company, Obtain
federal and state tax identification numbers, Open a bank account for your business.
(Anon., n.d.)
Restaurants, cooked at home food delivery, writing books, selling homemade goods,
and drop shipping are some of their new businesses. (Kibet, 2021)

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Ex -: Batik industry in Srilanka
Sri Lanka's Batik business is a small-scale business that may make use of individual
design talent and originality. Profits from interacting with international consumers are
its economic benefit. It has become the most noticeable of the island's crafts, with
large and small galleries and manufacturers springing up in various tourist
attractions.
Entrepreneurial goals for small businesses
Profits should be maintained or increased - Keeping profit throughout the first

several years, especially for start-up enterprises, can be difficult. Setting a profit-
maintenance goal with supporting goals is a good strategy to make sure a company
stays in business.
Improve the demand of your product or service - When the sales people is
targeting other companies, tell them whom they recognize who would be interested
in this product. If you work for a small business, think about going out to people of
the society or other groups in the area who might be interested in the product.
Promote a more dependable product - Increasing product quality is a good goal

for managers and leadership teams. Starting with your product development team is
the best place to start. To identify chances for improvement, set quality and
maintenance targets. You'll be able to give regular improvements and changes
based on consumer requests if you have this knowledge.
2. Scale able startup

A scalable startup is one that wants to be a profitable, increased business but is still
in its beginning phases. The goal is to come up with a distinctive product or service
that will help the firm expand and scale up as time goes on. These businesses
usually demand investors and huge sums of money in order to expand their concept
and reach various markets. To develop demand and expand the company, this
startup method involves outside funding and risk. To provide it, the founders must
have a great business strategy in order to get big, powerful financing, or another
option is to fund the company with your customers, which, of course, indicates that
they are collecting payments from their customers if they have built a successful
customer growth. (Anon., n.d.)
Software, blogs, podcasts, YouTube, courses, investments, subscriptions, and other

scalable company concepts are examples of entrepreneur ideas. (Taylor, 2020)
Ex -: Pick me in Sri- Lanka

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Pick me is a large-scale, scalable startup business in Sri Lanka. It's like Uber for Sri
Lankans. The technology behind Uber excites them. Pick me was founded by Jiffry
Zulfer.
3. Large Company
This type of entrepreneurship is defined as the search of new opportunities and
ideas among larger, well-established businesses. Eventually in a company's life, this
growth is seen. These companies' CEOs may identify a new market for the company
or employees within the organization come up with ideas that they present to senior
management to continue the procedure. Large-scale entrepreneurship can be
viewed as a response to changing environmental conditions. (HAYES, 2021)
Some computer program builders, vertical garden developer companies, electrical

automobile manufacturers, ethical phone manufacturers, and other major businesses
and business ideas are among the huge businesses and business ideas. (Anon.,
2021)
Ex -: Dialog Axiata
In respect of market value, Dialog Axiata has been one of the largest selected banks
on the Colombo Stock Exchange. Dialog is also Sri Lanka's largest Foreign Direct
Investor (FDI), with approximately USD 1.7 billion in investments.
4. Social entrepreneurship
A social entrepreneur is someone who looks for new applications with the potential
to solve group issues. A social entrepreneur, on the other hand, aims to make wide
changes in society. These people are ready to accept the risk and put out the work
to make a positive difference in society through their efforts. Social entrepreneurs
might think that by engaging in this practice, they would be able to connect with their
life's purpose, help others in finding theirs, and make a positive impact on the world.
(HAYES, 2021)
Crown financing platform, renewable energy, social online marketplace, reusable

grocery bags, and community garden, and so on are some of their new businesses
and company ideas. (Anon., n.d.)
Ex -: Raigam Company

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TASK 02
The following are some of the differences and similarities between
entrepreneurial ventures:
There is a wide gap between becoming a small business (SB) owner and being an
entrepreneur. The two jobs share many similarities, but there are significant
differences that identify them. Entrepreneurial enterprises focus on new, creative
products and services, whereas small businesses generally handle including well
and recognized products and services. As a result, small business owners handle
with known dangers whereas entrepreneurs engage with unexpected threats.
(SETH, 2021)
Usually small businesses aim for limited development while increasing performance,
whereas entrepreneurial ventures aim for growing success and high profits. As a
result, entrepreneurial enterprises have a huge influence on economies and
societies, as well as a status on other areas, such as job generation. Small
businesses have fewer options in this aspect and are committed with their own
domain and group.
Startups vs. Small Businesses: What's the Difference?

Scopes
Small businesses progress within the limits set by the successful entrepreneur. In
other words, you limit the company's development and concentrating on serving a
specific group of consumers.
A startup, by definition, has no limits to its growth and is concentrated on gaining

that much market position as possible. You're ready to expand your area of influence
till you're a market leader.
Profit
Small businesses are targeted on generating income and, if allowed, profit from day
one. The company's final profit is based on the wants of the CEO, leave alone
ambitions for business expansion.
A startup's first earnings may take months or even years. One of the most important
goals is to develop a product that people will like and would sell. The company will
make millions of dollars if this goal is met.
Technologies
Small businesses - Small business argues that no new technologies are needed.
There are various out-of-the-box technical solutions that can be used to fulfill major
business objectives. Marketing related technologies, accounting-related solutions,
and so on.

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Startups businesses - according to Company business, the principal product of a
startup is usually technology. Even if this isn't the case, startups can't avoid using
new technology in order to attain rapid development and scale-up.
Innovations
Small businesses don't really supposed to become one. Your company is one of
many comparable organizations (For instance, a hair salon, a hotel, a legal firm, a
video blog, and so on.)
The most key aspect of a startup is innovation. Startups aim to build anything new
while also improving what already existing.

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Factors Small business Scalable Large Social

start-up company entrepreneurship
entrepreneur entrepreneur
ship ship
Company Batik industry Pick me Dialog Raigam

Axiata Company
No of 3000 294 3871 1400 employees

workers employees employees employees
Size of Pick Me As a result, A revenue of

business $6 billion Money is the Group much more over
estimated to reported USD 12 million
be worth Rs. combined per year.
12.7 billion. amounted to
Rs. 67.9 Sri-Lankan
billion in the rupees
first half of (2,417,968,800)
2021 and Rs.
35 billion in
the second
quarter of
2021.
Investment $6 billion Pick Me has Direct The kingdom of

required received a investor, with Raigam requires
2.5 million an a USD 25,000
dollar startup investment investment.
capital amount of
investment USD 2.8 Sri-Lankan
from the billion till rupees
International present and (5,037,435.00)
Finance USD 207
Corporation. million in
construction
projected for

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2021.
Founded Founded in 1960 March 2014 August 27, June 15, 2005
1993
Dar Ph. D. Ravi
Ownership shi Keerthisena Ajith Axiata group Liyanage is the
Gunewarden Raigam
e Company's
(Chairman) a founder and
nd Zulfer current
Hassen Chairman/CEO.
(CEO)
Objectives To be used to To improve To be the To achieve

create unique the country's industry greatest
dresses, shirts, mobile leader in satisfaction
sarongs, and companies' providing through focused
beachwear suitable performance computer improvement of
for tropical , efficiency, connectivity new products and
climates. Many of and safety that touches researching for
Sri Lanka's batik by bringing multiple new varieties of
creations come technology, human existent items as
directly from local standards, sensitivities well as new
painters in Java. order, and and faculties, products.
They using 100 satisfaction by keeping to
percent cotton into the consumer,
material and only system. fast, and
colorfast dyes. creative
business
procedures,
and by
providing
quality
service and
dropping
technology
that is greatly
valued.
Table 1 - Entrepreneurial Ventures
NILAKSHAN RAJASEKARAN / KBM322111 10 | P a g e

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Scenario 02
Task 03
I. SME business
According to (LIBERTO, 2020) Small and mid-size businesses (SMEs) are
companies with revenues, assets, or personnel that fall under a particular threshold.
A small and medium-sized business (SME) is defined differently in each country
(SME). Minimum size requirements should be fulfilled, and the industry in which the
business runs may also be regarded.
Small and mid-size businesses (SMEs) play an essential part in the economy,
considering their small size. They exceed major corporations by a substantial
margin, employ a huge workforce, and are usually entrepreneurial in nature,
contributing to the shaping of development.
Small and medium-sized businesses (SMEs) are commonly seen as the lifeblood of
both growing and industrialized economies. They are involved for many jobs and
provided 46 percent of private non-farm gross domestic product (GDP) in the United
States in 2008. Small and mid-sized businesses employ a large number of people in
advanced markets (SMEs). According to the Organization for Economic Cooperation
and Development, SMEs make for almost 45 percent of total employment and 33
percent of GDP in these nations (OCED).
Small and medium-sized firms (SMEs) are important in all countries, not only rising
ones. Small and Medium-sized Enterprise (SME) or Small to Medium-sized
Enterprise (SME) is the term for Small and Medium-sized Enterprise. These
companies are self-contained, non-subsidiary businesses with a limited number of
employees. This requirement differs with country.
II. SME business in Sri- Lanka

SMEs in Sri Lanka play a significant role in socioeconomic growth. These
businesses account for up to 52% of GDP. For a reason, it is regarded as the
economic backbone. The agricultural sector, for instance, is supported by SMEs.
SMEs make up almost 90% of the overall number of businesses in the agriculture
industry. According to the Census and Statistics department, SME businesses in Sri
Lanka were for up to 1.017 million in 2013/2014, supporting almost 2.225 million
people in the non-agricultural sector.
The majority of SMEs in Sri Lanka are found in the countryside. Moreover, it has
been regarded as needed to develop the exports sector by increasing their
involvement into the export production chain. This is a wonderful chance for the
country to grow exports and total income. The United States, India, Germany, Italy,

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and China are Sri Lanka's top export targets. In 2019, industrial exports from Sri
Lanka made for 78.9% of total export revenues. Rural areas are home to the majority
of these small businesses. As a result, when it concerns to household income,
they've grown a focused aspect for many households. (Anon., 2021)
III. Roles of a SME

According to (Maarg, 2016) Small and medium-sized enterprises (SMEs) perform an
important part in a country's total manufacturing networks, and they are significant to
growing countries' economic progress. Proper SMEs account for 50% of total
employment in rising nations and 33% of national income. The percentages would
be improved by considering informal SMEs. The greatest major challenge to SME
growth is availability to finance; without it, many SMEs will fail. SMBs benefit from a
variety of factors, which are listed below.
Motivates the morale of the team
Employees of large corporations focus on multiple levels and buildings. Considering

the fact that many people work for long periods of time, meeting one-on-one is
impossible. People will usually be concerned about departmental competitions and
personnel. Small and medium-sized businesses, on the other hand, have an owner
who acknowledges and values each employee.
Allowed with a simple loan
SMEs can take use of a variety of lending schemes, whereas large corporations are
not permitted. Small Business Administration guarantees the loans. SME loan
applications are approved by even a local bank. The Small Business Associate
guarantees SMEs' loans, but does not give them immediately.
Direct involvement of SMEs
Small businesses have more influence over their output and client relations than
large corporations. For example, the owner may be in a position to inspect product
quality and correct any problems that arise, decreasing the risk and avoiding
problems at an early level. Small businesses have the ability to engage prospective
buyers instantly and openly sell them. Advertising costs have decreased as a result
of the digital revolution. For start-ups and SMEs looking to showcase their creative
branding and other marketing materials, there are a variety of cost-effective, expert
options.

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IV. Sri - lanka Economic Indicator
Last Previous
Currency 202 201 Dec /21
Stock market 11034 10988 Points Dec /21
GDP Annual 4.3 1.3 Percent Mar /21

Growth rate
5.1
Unemployment 5.7 Percent June /21
Inflation Rate 9.9 7.6 Percent Nov /21
Interest Rate 5 5 Percent Nov /21
Balanced of -495 -586 USD Million Sep/21

Trade
Current -990 -546 USD Million June /21

Account
Current -1.3 -2.2 Percent of Dec/20

Account to GDP
GDP
Government 101 86.8 Percent of Dec/20

Debt to GDP GDP
Government - 11.1 -9.6 Percent of Dec/20

Budget GDP
Corporate Tax 24 28 Percent Dec/21

Rate
Personal 24 24 Percent Dec/21

income Tax
Rate
Table 2 - Central Bank of Sri Lanka

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V. SME Business contributes to the Sri-Lankan Economy

The country's main economic divisions are tourism, tea export, apparel, textiles, rice
production, and other agricultural products. In regard to such economic sectors,
outside employment generates a significant amount of foreign exchange; 90 percent
of Sri Lankan foreigners live in the Middle East. Sri Lanka is an improving country
with an overall economic performance rate, showing a significant potential for future
expansion. Although the country is already difficult to adjust to changes in its
economic system in the past, this has changed in the last 10 years. (Anon., 2021)
Tourism
Tourism in Sri Lanka has a considerable significant influence on economic, foreign
exchange earnings, tax take, and social advantages to the country. The tourist
business contributes significantly to the national economy by actively funding the
government budget, generating foreign currency, and creating jobs. It helps the
tourist industry both direct and indirect ways by supplying products and services.
Tourism having historically been the country's third-largest important source of
foreign exchange.
Due to the impact of the April 2019 Easter Terrorist Incidents, Sri Lanka registered
over 1.9 million visitor landings in 2019, a 21% decrease from the previous year. In
2019, the industry is expected to earn roughly $3.5 billion. Beaches, animal parks,
jungles, tea plantations, historical ruins, Buddhist cultural sites, and festivals are
among the many attractions available in Sri Lanka. Tourism provides chances for
both trade and investment. For tourism growth, the government is actively offering
beach lands and islets. Because of the high quality of the beaches in this region,
eastern Sri Lanka has a huge amount of potential. Pasekudah and Arugam Bay, for
example. (Anon., 2021)
The tourism sector had modest development in 2020, with projects worth roughly
$66 million being approved. Sri Lanka's government wants to draw big names from
around the world. Hilton, Marriott, Shangri-La, Six Senses, and Movenpick are
among the worldwide and regional hotel groups that are building or running hotels in
Sri Lanka.
According to the SLTDA, tourism brought in $4.4 billion in 2018, up 12 percent from
$3.9 billion in 2017. This is up from $2.98 billion in 2015 to $3.5 billion in 2016. In
2018, the average daily spend was $174, up $4 from the previous year. With an
average stay of 11 days, a normal visitors can expect to spend about $2000 during
their trip. Revenue of $5 billion is expected from 3 million visitors in 2019.
(oxfordbusinessgroup, n.d.)

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Example (heritage) -: Sigiriya is among Sri Lanka's most important historical sites.
Many people recognize Sigiriya, an old stone fortress, to be the world's eighth
marvel. Local residents describe to this ancient palace and fortress structure as the
"Eighth Wonder of the World," and it attracts hundreds of tourists each year. It is
undoubtedly Sri Lanka's most popular tourist attraction.
Figure 1 - Tourism (heritage)

Example (wild-life) -: Sri Lanka's
best visited park is Yala National Park. Around 156,867 tourists attended the area in
2002. Yala National Park has the largest ability to focus of leopards per square
kilometer in the world. Foreign visitors, particularly Europeans, account for 30% of all
visits. Yala, with its wildlife, is a one-of-a-kind feeling and one of Sri Lanka's should
attractions. At any time of year, the park is great to visit.
Figure 2- Tourism (wild-life)
Example (Beaches) -: The Discovery Channel selected Unawatuna Beach on the

island's southern shore as the World's Best Beach for 2004. CNN named it one of
the top 100 beautiful beaches in 2013. It's Sri Lanka's most popular beach and a

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wonderful location to go for a beach vacation. There are various tasks in Unawatuna
and the nearby areas, like Jungle Beach, Galle, Wijaya Beach, and much more!
Figure 3 -Tourism (Beaches)
Tea export
Tea production is one of Sri Lanka's key sources of foreign cash, accounting for 2%
of GDP and providing about US$1.5 billion to the country's economy in 2013. It
supports over a million people directly or indirectly, with 215,338 personally involved
on tea plantations and estates in 1995. Furthermore, smallholder tea planting
provides work for thousands of people and is the primary source of income for tens
of thousands of families. Sri Lanka produces the fourth most tea in the world. Sri
Lanka was the world's biggest tea exporter in 1995, responsible for 23% of total
global exports, and this will rank second following China in tea export revenues in
2020. (Anon., 2021)
The government of Sri Lanka appropriated estates controlled by Sri Lankan and
British businesses between 1971 and 1972, taking over 502 private limited tea,
rubber, and coconut plantations, then appropriated the Rupee and Sterling
companies in 1975.The new KPIs for the Sri Lankan tea industry indicate significant
progress. From January to February 2021, tea export earnings grew to Rs 41 billion,
up from Rs 38 billion in the very same period in 2020. The price each kilo of tea has
also risen significantly, from Rs 823/= to Rs 932/=, a Rs 109/= rise per kilo. (Anon.,
2014).
Example -: "Delicately fragrant" Nuwara Eliya
The most famous of Sri Lanka's tea-growing regions, Nuwara Eliya, is the most
mountainous, with the greatest average level. This, along with the low temperature,
results in teas with an exceptional fragrance. The cup infusion is the lightest of all the
Ceylon Tea varieties, having a golden color and a delicately sweet flavor. Whole-leaf
Orange Pekoe (OP) and Broken Orange Pekoe (BOP) are popular grades (BOP)

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Figure 4 - Tea export ("Delicately fragrant" Nuwara Eliya)
Apparel textiles
Sri Lanka's garment sector mostly exports to the United States and Europe. For the
past thirty years, the Sri Lankan garment business has become the country's
greatest source of export earnings, accounting for over half of the global total. As
exports account for a significant portion of the garment sector market share, Sri
Lanka's textile industry have been quickly growing around the Colombo Port and
Airport region. Sri Lanka's economy is projected to be worth more than $4.8 billion,
and the country is recognized as one of the finest garment export options in Asia
Pacific due to its consistency, quality, and short lead time.
Sri Lanka's apparel sector accounts for around 1.2 percent of the worldwide garment
industry, which suggests it still isn't from among world's top ten textile production
countries. The Sri Lankan apparel sector, on the other hand, has set a target of
ranking among the top 10 textile countries in the world in 2023. The garment industry
accounts for nearly 3% of Sri Lanka's GDP and is expected to grow at a CAGR of
6% within next 5 years. Sri Lanka's textile industry having a long history, and it has
grown radically in the last 3 generations as the country's economy has grown
significantly as a result of globalization. Sri Lanka's apparel sector also serves as a
warehousing hub for products such as textiles and yarns imported from the United
States. (Anon., 2018)
Example
-: Nasna Implex Garment Industries (Pvt) Ltd.
-: JK Garments (Pvt) Ltd
-: Ashok Garments
Agriculture

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Rice production is Sri Lanka's principal source of income. During the Maha and Yala
seasons, rice is grown. Tea is grown in the central highlands and is a significant
source of foreign currency. In addition to vegetables and fruits, the country grows
oilseed crops. The Department of Agriculture has developed two Agriculture Parks,
known as a Parks. 27.1 percent of Sri Lanka's population is involved in agricultural
operations. In 2020, agriculture contributed for 7.4% of GDP (gross domestic
product). (Anon., 2021)
Sri Lanka's agricultural output had dropped by much to 50% by September 2021,
resulting in food shortages. The scenario in the tea industry has been regarded as
serious, with organic production costing ten times as much as regular farming and
yielding half as much. The government declared an "economic emergency" in
September 2021, as the scenario was impacted by a decreasing national currency
exchanging rate, growing money supply as a result of high food prices, and
pandemic tourist regulations, which greatly reduced the country's income. (Anon.,
2021)
Example -: Agriculture land in Nuwara Eliya district
Figure 5 - Agriculture

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Task 04
I. Small business
Small businesses are privately managed corporations, partnerships, or sole
proprietorships with fewer workers and/or lower yearly income than a major
company. Based on the country and industry, the meaning of "small" companies in
purposes of being qualified for government support and taxation policies differs.
Small businesses can have as little as 15 employees under the Australian Fair Work
Act 2009, 50 employees that under European Union's standard, and less than 500
employees to participate for several Small Business Administration programs in the
United States. Although small businesses can be described in a variety of ways,
including yearly revenue, exports, sales, assets, or annual gross or net income or net
profits, many of the most often used indicators is the group of employees. (Anon.,
2021)
Small businesses support local economies by providing advancement to the area

where they are located. Small businesses also contribute to economic progress by
creating jobs for people who would otherwise be unemployed by larger corporations.
Small businesses are valuable so they give opportunity for entrepreneurs and
generate meaningful jobs with higher work fulfillment than those in bigger, traditional
enterprises. They help neighborhood and community economies by maintaining
money near home. They can fast react to changes in demand and hit full market
position because they have greater improved production opportunities than big
companies.
Tax preparation and bookkeeping, website design, business consulting, cleaning

services, and online tutoring are examples of small businesses.
II. Start-up business

A startup is an organization or project founded by an entrepreneur with the goal of
finding, developing, and proving a scalable business model. Although
entrepreneurship covers any new businesses, such as self-employment and
businesses with no plans to join, startups relate to businesses with plans to expand
across the sole proprietor. Startups suffer a lot of confusion and failure at first, yet a
small percentage of them go on to be great and important. Some startups grow into
unicorns, or privately owned startups worth more than $1 billion. (Anon., 2021)
According to (Sandile, 2014) Startup businesses help to the rapid development of

new technology as well as the growth of the communities in which they exist. Startup
enterprises create a significant number of new jobs and help to the country's
economic growth run. Startups, as small businesses, play an important role in
economic development. This is because they create jobs, which implies lower
jobless rates, and lower jobless indicates a more focused and developing economy.

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Examples -: Instagram and Snap Chat are two examples of consumer startups;
neither is substantially marketed, but they have collected significant value due to its
popular use and engagement with customers. (Anon., 2021)
III. How to start a startup business and operate
According to (Harroch, n.d.) Many difficulties must be understood and handled with
when starting a firm, including legal, financial, sales and marketing, intellectual
property security, liability safeguards, human resources, and more. However, interest
in starting a business has been at a high. Uber, Facebook, What’s-app, Airbnb,
among other beginning businesses have gone on to become multibillion-dollar
businesses.
Major steps for entrepreneurs beginning a business are listed below.
a. Understand the Time and Resources Required to Start a Business.
The decision to start a business is a big one. Entrepreneurs usually underestimate

the amount of time, resources, and energy required to establish and build a
company. Here are a few of the most difficult challenges of beginning and building a
business:
 Creating a fantastic and innovative product or service.

 Having a very good business strategic objective.
 Considering enough cash flow and capital.
 Recruiting excellent workers.
 Getting rid of problematic personnel swiftly while avoiding legal issues
 Keeping a work-life balance that is acceptable.
b. By creating the company as a corporation or an LLC, you can guard your

assets.
 Always refer to the company by its full name – Across all agreements,
invoices, or papers that the corporation uses, the complete name of the
corporation must be included, including "Inc." or "Corp." The origin of the
corporation as a separate thing is easily proven by this.
 Always sign with a good signature- This means that you would register on
authority of the company, using the company's name and title. When making a
deal on front of a company, you need always use the company's name as well as
your own.
 Maintain all corporate social rules - Applying bylaws, correctly issuing shares,
holding Board of Directors meetings, collecting meeting notes, and other
corporate formalities are all examples of this.
 Be sure that your funds are kept separate - At any purpose, corporate funds
and individual shareholder funds must not be held in same account or mixed.

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 Be sure that taxation is kept separate - Taxes for the corporation must be paid
exclusively from corporate resources, with separate tax records issued.
c. Begin with a clever name for your company
When it comes to introducing a business, choose the correct name for your company
can have a big impact on its success. If you choose the wrong name, you may face
huge legal and business obstacles. Below are few ideas on naming your business:
 Consider names that are difficult to spell.

 Choose a name that will not limit your firm as it expands.
 Perform a detailed Internet search for a good name.
 Do a detailed registered trademark.
 Be exact that both you and your staff will enjoy saying the name.
d. Create a Nice Website for Your Business
You must invest time into creating a great business website. Your site will be seen
by possible investors, consumers, and partners, and you need to attract them with a
respectable product. Here are a few tips for creating a great company website:
 Study the websites of the competitors.

 Begin by creating a template for your website.
 Make a list of five or six websites that you can show the web developer to
express your views.
 Produce unique content of excellent quality.
 Check to see if the site loads fast.
 Build a very engaging website.
e. Get Funding for Your Business
Below is a rundown of the top successful business finance sources:
 Money from one's own pocket.

 Credit cards.
 Family and friends.
 Investors in start-up companies.
 Financing for equipment loans.
One of the most mistakes done by companies is not getting enough money.

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IV. Social Economy
The social economy is mainly up of a wide range of businesses and organizations,
including cooperatives, mutual, organizations, foundations, social enterprises, and
religious institutions, all of which share common values and characteristics:
 Individual and social goals take importance over capital

 Membership is free and available to anyone.
 Governance that is democratic
A social economy grows in response to a want for new solutions to challenges

(social, economic, or environmental) and to meet needs that have been overlooked
(or poorly met) by the commercial and governmental sectors. A social economy
plays a special role in fostering a strong, safe, successful, and open society by
applying solutions to fulfill non-profit goals. Companies must be free to conduct their
own CSR normal activities, as studies clearly show that this has a greater impact
than government-mandated CSR projects. (Anon., 2021)
Example of social economy -: Housing and mortgage societies, credit unions,

charity and charitable organizations, neighborhood groups and local organizations,
trade unions, mutual insurers, sports clubs, hospitals, self-help agencies, school
organizations, religious firms, environmental organizations, and arts
institutions ,clubs of various types, political groups, producer groups, trade and
professional groups, and employment institutions. (Davis, 2019)
V. Important growth of social economy for a country

According to (Pettinger, 2019) When economies develop, states may tax a certain
revenue and obtain the skills and resources to offer the public goods which its
residents require, such as healthcare, education, social protection, and basic
government services. Economic development basically results in greater income
levels and income growth, as well as the option to commit greater resources to areas
such as health care and education.
Economic growth has a number of advantages.
Average wages are higher - Consumers can use more goods and services as a
result of economic growth, and their living conditions improve. During the 20th
century, economic growth was a crucial influence in lowering relative poverty rates
and allowing for a life expectancy.
Lower unemployment - Businesses like to hire more people when product and
growth are strong, resulting in more jobs.
Reduced government debt - Economic growth generates more tax revenue,

reducing the use to spend money on benefits like unemployment payments. As a

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result, economic growth supports in the reduction of government debt. Economic
growth helps to lower debt-to-GDP ratios.
Investment - Growth in the economy pushes businesses to spend in order to fulfill

future demand. Increased investment improves the prospect for future economic
growth, producing a positive economy cycle.
VI. Small and startup businesses contribute to the country's

economic growth.
Small business
According to (Brown, 2018) Small enterprises also contribute to social progress by

employing people who might otherwise be unemployed by larger corporations. Small
businesses are more likely to retain workers who can create new products or apply
new ideas. Small enterprises are a source of growth for the people and
governments, allowing them to obtain the goods they want to develop. Likewise, it
helps actual individuals with great ideas to move on it and turn their opinions into a
business.
Small businesses improve economies by providing growth and innovation to the

region where they are based. Small enterprises can promote economic growth
success by hiring workers who could else be jobless by big businesses. Large
companies make fewer innovations than small ones. It's possible that this is because
people are given the power to create, work freely, and make judgments.
Governments and corporations are knowledgeable of small enterprises to the
American economy. That is why big capital banks like Goldman Sachs contribute to
small business help. (Anon., 2016)
Local hiring - Small businesses act on a local basis, and they hire locals. Major
corporations readily grow into new settlements with current employees, that benefits
a city's population, but nothing pushes new job creation in a region like more strong
small businesses.
Turnover - Although it may seemed to be a bad thing, many small businesses fail.
This turnover helps the group to learn, recover, and rebuild, improving the society in
the long run and engaging new growth. Small businesses and innovative ventures
are the backbone of our economy.
Diversity - Small businesses are more useful, with most anyone able to create own.
As a result, they are varied in regards of shape, function, culture, and promise from
large corporations. The greater our economic diversification, the easier it is for the
economy to weather storms.

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Start-up business
A small startup idea can grow into a large creative solution that has the ability to
impact the future of poor countries. Startups, as small businesses, play an important
role in economic development. This is because they create jobs, which suggests
lower jobless rates, and job growth indicates a more focused and developing
economy. (Rafique, n.d.)
Employment creation - One of the key as a result, unemployment in emerging

countries is reduced benefits of startups is that they grow the economy. Startups
increase jobs than large corporations or businesses in the same industry, according
to global data.
Upgrade standard of living - Startups can produce new technology and ideas to
better people's living standards. Many entrepreneurs are engaged in rural locations
to help the community grow overall.
Research and development - Since they mainly focus on high technology and
understanding services, startups can significantly promote developing country
research and development (R&D). In a startup, the R&D team acts as a finder for
new ideas and keeps the company growing. It works effectively in a practical or
research setting in a university or other educational institution. As a result, working at
a startup can inspire students or researchers to put their ideas into action.
Better GDP - GDP (Gross Domestic Product) provides a key part in a growth of the
economy. It is likely to earn more money organically by promoting more
entrepreneurs, and consumer capital can also spread across the country.
VII. Small business impact different levels of economy (Local,

National and international)
a. Small business ( local economies)
Small businesses help local economies grow and innovate by providing

advancement to the community where they are located. Small enterprises further
lead to economic success by employing people who could other be dismissed by
larger corporations.
Using Local Employees - Small businesses help local economies grow and
innovate by providing economic growth to the area where they are established. Small
enterprises sometimes boost to economic improvement by employing people who
can really else be unemployed by larger corporations. Small businesses are more
likely to attract people who can create new goods or implement new ideas. Small
businesses in same local area can benefit large businesses, as many large
corporations use on small enterprises to complete different business responsibilities
through outsourcing.

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Contributing to local government with taxes - When customers support small
businesses in their area, they are basically donating money back to community. A
strong local company will bring in a lot of money, which means this will pay more
taxes, mainly local property taxes. Sales tax collection is another way that small
businesses help to local economic progress. Local businesses can be the basis of
extra taxation districts focus on specific initiatives like lighting and sidewalk projects
to maintain historic commercial districts and bring new consumers by charging sales
tax based on location.
b. Small business (National Economies)
According to (Kota, 2018) in smaller geographic areas, small enterprises provide

jobs and push the country's economic success. They increase competition in the
market. Because he doesn't want to pay for shipping, a local farmer, for example,
may be able to provide lower-cost items. Small businesses are more key producers
of economic growth since they provide for more than 90% of all workers and provide
60 to 80% of all new jobs yearly in any economy. In 2018, the United States had 30.2
million small enterprises, accounting for 99.9% of all businesses and hiring 58.9
million people. Women managed 39% of all small businesses, accounting for 8% of
jobs and 4.2 % of revenue.
c. Small business (international Economy)
According to (Arnold, 2019)since the majority of organizations in the world are small
in size, their significance towards both advanced and emerging economies and
society cannot be neglected. Small and medium-sized enterprises (SMEs) provide
for over 90% of the business population, 60-70 % of occupation, and 55 % of GDP in
advanced economies, according the World Trade Organization. As a result, SMEs
don't just add to the economy; they are it.
In creating public policy and regulation, it is important to "think small first." The
European Commission enhanced this idea in its Small Business Act of 2008, which
asked policymakers to consider the interests and goals of SMEs from the start of
policy development. This contains a SME Test, that contains discussion with SMEs
and SME particular portion, cost-benefit study of the effect on SMEs, and
development of existing procedures and precautionary measures, where needed.

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Scenario 03
Task 05
I. The characteristics of an entrepreneur’s and small business

owners
a. Characteristics of an entrepreneur
Entrepreneurial characteristics must include a determination to achieve in a business
enterprise on their own. Entrepreneurial characteristics has to be able to deal with
these kinds of nearly impossible challenges. To build a unique business idea, the
entrepreneur must build on an ongoing trend or combine different procedures.
Entrepreneurial attributes are qualities that support in the fulfillment of an
entrepreneur's objectives. Anyone that starts, develops, and runs his personal
business is known as an entrepreneur. Entrepreneurs who succeed are creative,
personality, creative, ambitious, motivated, and dedicated. They have a good
mindset and are prepared to accept reasonable risks. Many people aim to be
entrepreneurs but are unsure if they are made out for the job. Here are some
characteristics that entrepreneurs share. This isn't to suggest that you'll need all of
them or that you won't succeed if you don't have all. In the end, a lot of effort and a
little luck decide success. (Anon., 2018)
Creativity
Something fresh is born from creativity. Because there can be no innovation without
originality. Entrepreneurs are known for their ability to jot down a lot of ideas and
then act on them. Not every suggestion will be a success. However, the knowledge
gained is invaluable. Creativity helps in the improvement of new overcoming the
issues and the ability to consider options that are beyond the box. It also allows an
entrepreneur to create new items for markets that are comparable to the ones in
which he is currently operating.
Risk-taking
When it comes to risks, entrepreneurs take a particular strategy. Good entrepreneurs

are always willing to put their time and money into their business. They do, however,
have a backup plan per each risk they are taking. To set yourself apart from the
opposition and grow your business, you must be willing to take some chances. We
may feel more secure with pushing oneself after you understand how to handle risk
and develop from failures. Entrepreneurs are willing to take chances. Entrepreneurs
prepare for the unexpected so that they could make informed decisions that benefit
them and their company.

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Passion
Work must be a source of enjoyment for you. As a result, you appreciate what you've
been doing at work and are able to stay focused. Passion is a driving force that
motivates you to improve. It also lets you to get in such extra hours at work, and it
may not even be significant. There will be obstacles at the start of any
entrepreneurial effort or any enterprise, but your passion will guarantee that you
surpass them and continue on your path to success.
Social skills
A skillset is a set of tools that an entrepreneur uses to run his company. To be a

successful entrepreneur, you must also have good social skills. All in all, these are
the qualities that an entrepreneur must possess in order to succeed.
The following are examples of social skills:
 Developing Relationships.
 Researching and hiring talent.
 Development of a Team Strategy
Ability to adapt to new experiences, people, and even failure:
Acceptance is a quality that an entrepreneur must have. It is needed to truly

understand whether condition or incident can be a beneficial opportunity. An open
mind is necessary to notice such opportunities. An entrepreneur must be self-
motivated. He must be happy about his defeats and humble about his victories. Any
good businessman understands the importance of not looking in the face of defeat.
The appropriate mindset is to try until you succeed. A failure is a step or a path that
did not go as planned. A good entrepreneur learns from this failure and strives even
harder to achieve the next goal.
Accepted learning inspires this knowledge. Each situation and person around them
can teach a good entrepreneur something. The data gathered can be put to use in
the planning stage.
b. Characteristics of Small Business Owners

According to (The Bottom Line Team, 2019) Being a small business owner, you
understand how difficult it is to run a company. You may have already experienced
the ups and downs of having a new business. A good owner is important to the
achievement of a small business. Knowing what separates small business owners
from the competition will help you spot your strengths and how to apply them to your
success of the plan.

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Confident
Being a self-assured small business owner, you're clear of both your strengths and
weaknesses. You can use this personality to take your business from outside your
control without being rash. Business goals grow much more reachable when you
have faith in yourself and your company. You won't be affected by the dread of
making the wrong choice for your business. On the other side, you'll be more aware
of your abilities and far less likely to make a costly error in business management.
You'll have a respect for being a capable leader. People will respect you, and your
personality will most likely reflect off on your team.
Persistent
When it comes to running a business, things don't always go as scheduled. You

must be persistent to keep it going, whether it's a delay in the project deadline or a
denial for financing from a traditional lender. Your company is likely to have issues.
Persistence, as one of the most favorable characteristics of small company owners,
aids you in overcoming obstacles and rising stronger than before. There will be
issues with your company. Persistence, as one of the most important positive
qualities of small business owners, helps you in overcoming obstacles and coming
stronger than before.
Goal-oriented
To keep your business on track for success, you must be goal-oriented and
persistent. Goal-setting, on the other hand, requires more than just the end result.
Whether you have a team of 10 or fewer, goal-setting can make your company seem
more structured and focused. When you're a goal-oriented leader, you prove to
people that you're not only motivated, but also have a strategy in place to achieve
your objectives.
Personable
It's easy to assume that someone is likeable. Your staff, other professionals, and
even consumers will be more open and honest with you if you maintain a good
attitude and friendly personality. In the long term, being friendly can help your
company's bottom line. You don't have to be forever cheerful and perky to get a
pleasant personality. Everyone accepts that unpleasant days happen to everyone.
Instead, being personable indicates you know how to deal with stress and won't take
your problems out on others.

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c. Entrepreneurship is an idea that is either born or made.
Entrepreneurial principles are key in business, which has been an important element
of society since the 18th century, whether they are born or made. Many people are
motivated to start their own enterprises by the success of Steve Jobs, Bill Gates, and
Warren Buffett. Every day, new entrepreneurs develop, while others go financial
trouble. We begin to wonder if entrepreneurs are born. You may believe that
entrepreneurs are born successful and that they run a large company. Entrepreneur,
on the other hand, is not described as someone who has made an entire company,
but rather as someone who begins his own business and works himself.
As a result, anyone can become an entrepreneur if they start their own business and
work for themselves. People have no bounds, yet your place of employment defines
whether or not you are an entrepreneur. Entrepreneurs are nurtured rather than
organically born. Entrepreneurship is a skill, not a destiny. Entrepreneurs succeed
because of their qualities. Furthermore, the qualities are acquired through education
and experiences rather than being given.
Entrepreneurs are not born -
Entrepreneurs, unlike athletes, do not require a natural body and muscles. A child of
an athlete may grow up to be an athlete, but not in the family of an entrepreneur.
Every day, many businesses fail, including the families of some entrepreneurs.
Entrepreneurs, on the other hand, are born with certain characteristics and require
some athletic training and experience. Every day, a large number of people from
non-entrepreneurial households create their own businesses and become
entrepreneurs. Dhirubhai Ambani, the most entrepreneurial businessman, began his
company on his own. His father is a schoolteacher. Warren Buffett, too, was not born
to be an entrepreneur. He founded his company with his earnings from previous
investments when he was 27 years old, gained a large profit from his unique and
correct stock market view, and his Berkshire industrial Kingdom became a well-
known global corporation. Many examples exist of entrepreneurs who began their
companies from the ground up rather than inheriting from their family. As a result, we
cannot say that entrepreneurs are born, but they do acquire numerous qualities that
help them succeed. (Anon., 2021)
d. Skills of an entrepreneurs
According to (Team, 2021) Entrepreneurial skills can include a set of abilities,
including technical knowledge, leadership and management ability, and
creativeness. Because entrepreneurial skills can be used to a range of specialist
roles and industries, strengthening your entrepreneurial abilities may require the
development of many skill sets. You may need to develop your communication skill
abilities in order to build and manage good project teams.

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a) Business management skills
To manage and develop a business brand, successful entrepreneurs will generally

depend on their business talents. Growing your business management abilities can
involve improving your ability to do things, distribute work to employees, and make
judgments about your company's health and profit.
b) Team work and leadership skills
Taking on leadership responsibilities and operating as part of the team can also help
you become a successful entrepreneur. As a business owner, you will almost
certainly act as both a supervisor and a team member, and you will have to invest in
good leadership abilities to push your employees.
c) Communication and listening
Effective communication skills are also important for business owners and
entrepreneurs to have. Good communication can help you work with people to grow
your business, from attentive learning to talks during meetings. Similarly, excellent
communication may apply to how you raise brand recognition. Effective and clear
messaging sent via email, content marketing, social media, and other advertising
channels, for example, can have a favorable impact on how you reach your target
market.
d) Customer services skills
You may need to build strong customer service abilities regardless of the business
you enter as an entrepreneur.
Effective customer service abilities may help you engage with your consumer base
and guarantee your brand is offering the items or services your market need, from
chatting to prospective customers to talking engagement opportunities.
e) Financial skills
Taking care of client parts of your company can be a part of owning a business.
Financial abilities can be developed through studying from a financial planner,
reading financial guidebooks, and using financial software to help you handle and
manage your business's financial activities. Financial abilities can be developed
through studying from a financial planner, reading financial guidebooks, and using
financial software to help you handle and manage your business's financial activities.

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Entrepreneur Vs Manager
How does an entrepreneur different from a manager?

The main difference between an entrepreneur and a manager is their position inside
the organization. An entrepreneur is a thinker who turns a company idea into reality.
He is the business's owner that is why he is responsible for all financial and other
problems. A manager, in the opposite hand, is an employee who is paid for his
services. (Anon., n.d.) Furthermore, we can understand by looking at the chart
below. They are as follows:
Entrepreneur Manager
Venture An entrepreneur is a person A manager who does not

who starts a new business or start a new business and
takes on a risk for personal instead works for an
gain. existing one.
Risk bearing An entrepreneur takes on the A manager does not bear

risk of economic insecurity or share any risk
while starting a business. associated with the
businesses he serves.
Innovation The entrepreneur uses On the other hand, a

innovation from time to time manager just keeps the
in order to maximize profit. business working on
As a result, an entrepreneur recognized lines on a
is often known as a change regular basis. That's
agent. where a manager is
referred to as the product
of the entrepreneur's
change.
Table 3 - Entrepreneur Vs Manager

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Task 06
1. Entrepreneurial Characteristics and Situations Impact on Their

Developments
a) Family up bringing
Entrepreneurs representing higher-income families are more likely to choose chance
entrepreneurship, however ones from lower-income families were highly encouraged
by requirement. The conditions of each person's family are unique. It is stated that
entrepreneurial education and family background have an effect of supporting
entrepreneurship. Entrepreneurs' intentions in starting a business might be
influenced by family members who are interested in entrepreneurial activities, and
they can also be seen as a source of financial and motivational strength. The
entrepreneur's family could think he’s silly for leaving a job and spending everything
to begin a company. Sometimes, the family just wouldn't consider that beginning a
business is profitable or the highest ethical standards. In any instance, the
entrepreneur is out on his own, without any of the help and inspiration of his friends
and family. Personal background and experience can have a significant impact on a
company, either fostering or hindering entrepreneurship. Friends and family support,
motivation, financial background, and other factors make up one's personal
background. Because the entrepreneur will need to draw money from family and
friends to get started, family support is important.
b) Entrepreneur Lifestyle
A lifestyle entrepreneur is someone who starts a company with the goal of changing
their own lifestyle. The decision isn't just based on the need to make more money. In
fact, during the first few years, many lifestyle entrepreneurs earn less profit than they
did working in a "normal" job. A lifestyle entrepreneur is more concerned with the
benefits of life (rather than the financial rewards). When you teamed and begin to
combine your personal and business situations, becoming an entrepreneur could
quickly get to be a painful process. Because entrepreneurs seem so up to date with
what is happening, entrepreneurs' lifestyles is becoming increasingly linked with
technology. (Anon., n.d.)
Being a Lifestyle entrepreneur has its advantages
Control - As a lifestyle entrepreneur, you have complete control over the direction of
your company and, as a result, your life. Given on your abilities, strengths, and
desires, you can decide what you'll do. This control results in higher career and life
happiness.
Effort based - salary - Your earnings as a lifestyle entrepreneur is dependent on the

number of time and effort you invest into it. Everything you do has a direct impact on
how much you earn yourself and, finally, your company's success.

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Freedom - As a lifestyle entrepreneur, you may arrange your plan to fit your needs
and plan your working hours around essential responsibilities. You can even work
when you're at your most productive (e.g., early in the morning or late at night).
As a lifestyle entrepreneur, there are certain drawbacks.
Unpredictable work Schedule - The unpredictability of a lifestyle entrepreneur's

routine is one of the disadvantages. You will have to go wherever the chance
presents itself at first. However, once you've established your company and had it up
and running, your task will grow more predictable.
Irregular Salary - Another big drawback of being a lifestyle entrepreneur is the

unpredictability of pay. You lose security of a normal income when you go from
working for someone to earning for yourself. One of the major reason why most
might lifestyle entrepreneurs stay rather than go out on their own is because of
shifting income.
 Entrepreneurs regularly decide to start a business since they are interested about
and think it will provide them with personal benefits. While the entrepreneur's
business may finally grow successful as a result of his or her passion, this
achievement will not be achieved through a concentration on making money. You
may be allowed to call yourself a lifestyle entrepreneur if your purpose in starting
a business is to accomplish what you enjoy and are excited about. This form of
entrepreneurship could be a great fit for you if you want to live a lifestyle that isn't
mainly based on producing money.
c) Cultural differences
Family background influences entrepreneurial risk awareness, as children from
entrepreneurial backgrounds is highly probably being well about these operations.
Similarly, salary who have developed skills in their profession and some risk
avoidance can provide their children with human resources that troubles them to low-
risk activities. Culture differences have a significant impact on business. Employees'
moral views have an effect on how they are handled. It also has an effect on the
marketing, sales, and distribution departments. It can have an impact on how a
company analyzes and decides how to join a new market. Many female
entrepreneurs are needed to get beyond patriarchal restrictions in order to succeed
because of the conventional socio-cultural context in which they exist. In some
societies, for instance, women are not required to perform and must instead
concentrate on household tasks.

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d) Personal motivation and drivers
Entrepreneurs are great motivated individuals who do not wish to limit their
imagination for whatever reason. They are drawn to entrepreneurship by a sense of
freedom, independence, and self-reliance. People's attitudes toward themselves,
their surroundings, and their position in it determine their personal motivation.
Personal motivation is defined as motivation that comes from and is fueled by good
thoughts. As an entrepreneur, you must believe yourself to succeed and stay
motivated, because you are entirely responsible for motivating everyone on your
team. Entrepreneurial motivation is so key in a person's choice to start on the journey
of starting a company.
Entrepreneurial motivation is equally highly essential for people with whom they work
and engage. Entrepreneurs are generally motivated by the goal to be known as a
world leader in a certain field. He will be motivated to begin his own business if he
really has the ambition, personality, and dedication to do so; if, he will be
demotivated. Individuals with high emotion or the ability to change circumstances
may well be quickly motivated to become entrepreneurs. Motivation is a practice of
generating action, maintaining it, and regulating its pattern. Since it is internal to
man, motivation cannot be viewed. Behavior is how it is actualized. It motivates the
man to achieve his or her objectives. Individuals are instead drawn into
entrepreneurship for a variety of reasons, including personal profit or freedom, or
because they have no other options. In it some other case, many people should
recognize what aspects within their circle of influence are related to improved
entrepreneurial motivations, and how these motivations relate to outcomes.
However, this type of person's entrepreneurial spirit may affect the business's goals
and ambitions, which may have a positive impact on ultimate performance.

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Scenario 04
Task 07
The factors that influence the decisions to start a business or entrepreneurs
a) Personal background and education

Personal background
According to (Griffee, 2019)Personal background and education can have a major

impact on a company, fostering or hindering entrepreneurship. Friends and family
support, motivation, financial background, and other factors create the personal
background. Entrepreneurial growth will be influenced by human elements such as
creativity, risk attitude, response to opportunities, leadership, and the capacity to
take advantage of the rights granted to you. Many people, therefore, lose interest in
entrepreneurship without the support of family and friends. These are the factors that
impact an entrepreneur's decision to establish a company.
Education
Entrepreneurship education creates imaginative abilities, which lead to opportunities

for future growth. Because of growth development strategies, entrepreneurship
education is provides a powerful means new obstacles. The educational system is
necessary to the maintenance of entrepreneurial principles in any society.
Entrepreneurship education is a major method for entrepreneurs to obtain resources,
improve their creative abilities and personality, and create multi-level learning
channels for them by combining different information and values.
Entrepreneurship education encourages the development of creative abilities that

can be used to activities, education, and environments that foster innovation.
Entrepreneurship education improves entrepreneurship intentions, according to the
research. This suggests that when students gain entrepreneurship knowledge and
abilities in school, they are more likely to establish or expand their own business.
(Wu, 2019)
b) National culture
The national culture of a country influences an entrepreneur's decision to start a
successful company. Effectiveness, regarded attraction, and entrepreneur
experience all have an impact on entrepreneur purpose. At the individual level,
national culture can improve or protect corporate behavior. A culture that facilitates
entrepreneurship, on the other hand, helps more people to implement their
entrepreneurial ability, which enhances commercial activity. All country has its own
culture, with its value system, rituals, and beliefs that impact entrepreneurial
attitudes. Culture influences choice at various stages. Always keep in mind that if the
situation was positive, one would stay with their business for a longer time and be

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motivated to start one, however if the experience was negative, one might be
prepared to begin one. (Anon., 2016)
c) Character traits
Character traits were found to have a beneficial impact on entrepreneurial ambition.
Character traits include self - belief, need for success, risk tolerance, and
entrepreneurial awareness. Strong drive and motivation to take the company to the
next level are two of the most important attributes of an entrepreneur. Characters
likely to have a considerable impact on entrepreneurship behavior in general,
according to the findings. Individuals with higher risk attitudes, extroversion,
emotional stability, and self - control, in particular, are more likely to consider
entrepreneurship. (İstanbul Commerce University , 2016)
d) Economic situations
The first clear and obvious impact on entrepreneurship is the economic environment.
It is most probably why people start entrepreneurs for a variety of reasons, as need
as there are no other options or opportunities. (Anon., n.d.)The following are some of
the economic aspects that influence entrepreneurship's growth:
Capital
Capital is one of the most key aspects in the creation of a business. Increased
capital expenditure in productive investment leads to increased profitability, which
supports in the capital creation process. The simple availability of cash for
investment also boosts entrepreneurial activity. Finance allows for a business owner
to connect the land of one machine with the raw materials thereof to create products.
As a result, capital is seen as a production lubricant.
Market
For the development of entrepreneurship, the role and importance of the market and
marketing are important. In today's business environment, no entrepreneur can
continue life without speed market knowledge and innovative marketing practices.
The fact is that the market's potential is the most significant aspect of possible profits
from an individual’s success. However, by improving the transportation services and
suggest products for producer goods, the problems of a competitive market can be
overcome to some level.
Infrastructure
Entrepreneurial growth involves the development of well-developed communication

and transportation infrastructure. It not only aids in the expansion of the market, but
also the expansion of company perspectives. Institutions such as exchange groups,
business schools, libraries, and other similar organizations, in besides these
variables, play an important role in developing and maintaining entrepreneurship in
the economy. These bodies can provide you with all the data you require.

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i. Risk and rewards of business start –up
Risk
Since taking risks is practically associated with being an entrepreneur, startups can
escape many of the most common problems by developing a clear risk management
strategy early on. While some risks will be specific to your company, others will not.
In a start-up, an entrepreneur cannot escape risk, so anyone understands that a big
majority of new enterprises fail. Because they form opinions on a daily basis,
entrepreneurs take calculated risks on a daily basis. They consider the relevance of
the choices every time they make a decision and decide if to continue. When starting
a business, all entrepreneurs face a mix of risks and rewards. The level of risk and
profit is commonly calculated by the entrepreneur, the sort of business, and the
products sold. To determine if an idea is worthwhile, entrepreneurs must consider
the risks and benefits.
When starting a start -up business, there are various risks to consider. They are as
follows;
 sacrificing job security in order to start a business

 the risk of low sales
 danger of unanticipated occurrences and cost increases
 monetary loss
 failure of a business
Figure 6 - Risk of business start –up

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Rewards
Reward is a type of motivation program that encourages employees or employers to
behave in a certain way in exchange for their services to the company. The major
goal of rewarding employees is to recruit, retain, and motivate them to be efficient,
high-performing, and motivated. The most obvious reason for starting on a high-risk
venture is that it will benefit our company's bottom line. At the one side, the benefits
of starting a business can exceed these risks, but they involve both the possible
psychological benefits of producing a good salary and the ethereal rewards of being
your own boss.
When starting a start -up business, there are rewards to consider. They are as
follows;
 profit
 Fulfillment and a feelings of success from creating something new and skillfully
running a business
 getting a great image and generating great customer comments
 being in leadership
Figure 7 - Rewards of business start –up

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ii. How Entrepreneurs overcome risk and uncertainly of start –
up
As a successful entrepreneur, one has to be possible to perceive and handle risks.

Entrepreneurs experience uncertainties on a regular basis, and they must prepare by
strengthening their mental stability – acceptance, flexibility, and open-mindedness –
as well as their business preparation – risk analysis, forecasting the future, creating
the future, and adapting to the requirements of the business environment.
Entrepreneurs are outstanding people who are inspired by a vision that drives them
to put more effort and aim to forecast the unpredictable results of key dates. This is
what the entrepreneurial world has to offer, and entrepreneurs must accept it and
tread their path to success in the face of uncertainty.
Here are some ideas for entrepreneurs to overcome the risk and uncertainty of
starting a business.
Develop a solid plan
The development of a business plan is among the first steps that entrepreneurs can
take to help them manage the financial risks of starting a new company. Before you
go in with all feet, figure out how much time and money you'll be putting into your
new venture. Market research will be needed. This will tell you whether your new
business has a prospect of succeeding or will fail and put you in the poorhouse.
Keep good records
From the start of your startup company, create a record-keeping method that helps.
When it comes time to pay your bills or file your taxes, having a document
management system and keeping up with paper work could save you both time and
money.
Buy insurance
Purchase insurance against death, tragedy, and anything else that could put your
company in danger. Although insurance is costly, the sense of security it provides is
well worth the investment if it prevents you from missing all.
Limit loans
If you need a business loan to get started, keep it as cheap as you can while yet
providing enough money and safety to achieve victory. To decrease your financial
risk, only take out a loan when absolutely necessary, and make the amount as low
as possible. If you can fund your company without taking out loans, that would be
excellent because it would lower your financial risks.

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iii. How background and experience can hinder or foster
entrepreneurship.
Personal knowledge and skill can have a significant impact on a company, either
fostering or hindering entrepreneurship. Friends / community support, motivation,
finance situation, and other factors make up one's personal background. Friends and
family support, motivation, financial background, and other factors make up one's
personal background. If one receives appropriate help from family during this
process, they will be driven to start a business.
The advice can help to boost motivation and possibility abilities, which can help to
encourage business. The ability to take risks and establish a business can also be
influenced by one's financial status. However, without the support of family and
friends, many people lose interest in entrepreneurship. Personal experience does
have an impact on entrepreneurship as well. If the experience is positive, it could
stay in business for a longer period of time and feel ready to proceed another.
However, if one's previous experience has been negative, one may be prepared to
begin a company. Many businesses fail to continue for longer durations due to
ineffective teams and a loss of motivation to continue growing. If you have a strong
financial base and support, you can take a chance and start a business and make it
successful.
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Unit 09 / Entrepreneurship And Small Business Management

NILAKSHAN RAJASEKARAN / KBM322111 1|Page

NILAKSHAN RAJASEKARAN / KBM322111 2|Page

NILAKSHAN RAJASEKARAN / KBM322111 3|Page

Four different types of entrepreneurial venture are as follows -:

Small business, Scale able startup, Large Company, or Social entrepreneurship.

Small business entrepreneurship is the concept of starting a company without

NILAKSHAN RAJASEKARAN / KBM322111 4|Page

Ex -: Batik industry in Srilanka

Entrepreneurial goals for small businesses

Profits should be maintained or increased - Keeping profit throughout the first

Promote a more dependable product - Increasing product quality is a good goal

2. Scale able startup

Software, blogs, podcasts, YouTube, courses, investments, subscriptions, and other

Ex -: Pick me in Sri- Lanka

NILAKSHAN RAJASEKARAN / KBM322111 5|Page

Some computer program builders, vertical garden developer companies, electrical

Crown financing platform, renewable energy, social online marketplace, reusable

NILAKSHAN RAJASEKARAN / KBM322111 6|Page

Startups vs. Small Businesses: What's the Difference?

A startup, by definition, has no limits to its growth and is concentrated on gaining

NILAKSHAN RAJASEKARAN / KBM322111 7|Page

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Factors Small business Scalable Large Social

Company Batik industry Pick me Dialog Raigam

No of 3000 294 3871 1400 employees

Size of Pick Me As a result, A revenue of

Investment $6 billion Pick Me has Direct The kingdom of

NILAKSHAN RAJASEKARAN / KBM322111 9|Page

Objectives To be used to To improve To be the To achieve

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II. SME business in Sri- Lanka

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III. Roles of a SME

Motivates the morale of the team

Employees of large corporations focus on multiple levels and buildings. Considering

Allowed with a simple loan

Direct involvement of SMEs

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Currency 202 201 Dec /21

Stock market 11034 10988 Points Dec /21

GDP Annual 4.3 1.3 Percent Mar /21

Inflation Rate 9.9 7.6 Percent Nov /21

Interest Rate 5 5 Percent Nov /21

Balanced of -495 -586 USD Million Sep/21

Current -990 -546 USD Million June /21

Current -1.3 -2.2 Percent of Dec/20

Government 101 86.8 Percent of Dec/20

Government - 11.1 -9.6 Percent of Dec/20

Corporate Tax 24 28 Percent Dec/21

Personal 24 24 Percent Dec/21

NILAKSHAN RAJASEKARAN / KBM322111 13 | P a g e

V. SME Business contributes to the Sri-Lankan Economy

NILAKSHAN RAJASEKARAN / KBM322111 14 | P a g e

Figure 1 - Tourism (heritage)

Figure 2- Tourism (wild-life)

Example (Beaches) -: The Discovery Channel selected Unawatuna Beach on the

NILAKSHAN RAJASEKARAN / KBM322111 15 | P a g e

Figure 3 -Tourism (Beaches)

Example -: "Delicately fragrant" Nuwara Eliya

NILAKSHAN RAJASEKARAN / KBM322111 16 | P a g e

Figure 4 - Tea export ("Delicately fragrant" Nuwara Eliya)

-: Nasna Implex Garment Industries (Pvt) Ltd.