Entrepreneurship and Small Business Management

ENTREPRENUERSHIP
AND SMALL
BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................3
PART 1 ...........................................................................................................................................3
P1 Examining the different types of entrepreneurial ventures and how they are related with
typology of entrepreneurship .................................................................................................3
P2 What are difference and similarities between types of entrepreneurship..........................4
P3 Impact micro and small business have on the economy...................................................5
P4 Importance of small business organisations towards social economy .............................6
PART 2 ...........................................................................................................................................7
P5 Characteristics of a successful entrepreneur.....................................................................7
P6 What are the aspects of entrepreneurial personality that reflects motivation and mindset8
P7 Personal background can be hinder and foster on entrepreneurs....................................10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship is the process of setting up own business and evaluate the potential of
business in market place. It involves to provide employment to the unemployment peoples by
generating and small business. These enterprises and small business are helpful in the
development and growth of any society. This report also involves about risk and uncertainties
faces by the managers when they implement any business. Entrepreneurship is the heart of every
business organisation and it provides effectiveness and durability to any organisation
(Ackermann, 2012). The report also refers about the roles and functions of entrepreneurship in
small business management therefore achieving success and growth. Every business organisation
must be large small or medium just to be survive.
Further more, the report also based upon the innovative and creative thinking of
entrepreneurs in their business and how they produce their products and services towards getting
customers attraction. Along with this, there so many types of small business, such as – micro
and macro small business organisations and how they impact on local, regional and international
markets and the economy of country.
PART 1
P1 Examining the different types of entrepreneurial ventures and how they are related with
typology of entrepreneurship
Entrepreneurship is the term that includes something different. Innovate and effective
thinking of entrepreneurs make them different from others. It is consider with ability and
willingness of managers in order to develop their business organisation. Entrepreneurship plays
an very crucial role in success and growth of small and large businesses. An entrepreneur take
care of the whole activities of business an create policies accordingly (Bridge and O'Neill, 2012).
Along with this, there are different types of entrepreneurship ventures, such are as follows: - Survival ventures – Survival ventures are those which provides basic substance to the
entrepreneur and his/her family. It involves small business enterprises, such as grocery,
consultants, travel agents, plumbers, carpenters, electricians etc. These kind of small
business are not register by any authority and do not have any premises with society
(Carraher and Paridon, 2015). These business are regulate in order to fulfil daily basic
needs of entrepreneurs.

 Lifestyle ventures – It involves small start-ups, that are newly generated enterprises by
the entrepreneur with the idea of something different. Lifestyle ventures involves
scaleable starts ups what silicon valley entrepreneurs and their venture investors do. In
that kind of entrepreneurship, managers have new and innovate ideas by which they want
to change the vision of overall world. They also attracts investors by their thoughts and
views, and they want to hire best and the brightest employee for their business
organisation.
 Managed growth ventures – These ventures focus on growth and development of their
business. For that, their entrepreneurs are focus on developing and creating ideas in order
too generate their business.
Typology of entrepreneurship – Different types of entrepreneurs are as follows: - The Sceptical entrepreneur – In that kind of entrepreneurs, managers are sees the
success of others and implementing same methods in its organisations. Entrepreneurs are
believe on stars and luck to run their business. This is the sarcastic type of entrepreneur
that have excuse of every problems and issues (Dennis Jr, 2011). Sceptical entrepreneurs
are do not focuses on success and growth of their business organisation.
 The researcher entrepreneur – this kind of entrepreneur always focus on research and
conclusions. He loves to learn all the times and developing own mind strategics.
According to their research and findings, these entrepreneurs have probable solutions of
all problems and issues. Along with this, managers think that research is the key of
success so as they tries to identifies the effective and accurate manner of accomplishes
success and growth.
P2 What are difference and similarities between types of entrepreneurship
In capital market, there are two types of entrepreneur, small or social business
organisations and large business organisations. Difference between small and large business
organisations is as follow: -Small business organisation are always focuses on social welfare in
order to provide them quality products and services. They are implement to fulfil the all
necessary requirements of peoples and they prefer to supplying products in the low area of the
society therefore they can also develop their living standards. Small scale business enterprise are
run upon public faith and their trust by providing them quality products and services (Henrekson
and Sanandaji, 2014). Meanwhile that kinds of enterprises are not working with the aim of