Assignment on Entrepreneurship and Small Business organization

Unit 9: Entrepreneurship and Small Business Management
Student Name: Azom Ali
Student ID: H1003618
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Table of Contents
Introduction......................................................................................................................................4
Task 1...............................................................................................................................................5
LO 1: Explore and illustrate the range of venture types that might be considered entrepreneurial 5
P1 Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship.......................................................................................................5
P2 Explore the similarities and differences between entrepreneurial ventures............................6
M1 Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding of
entrepreneurship in both the public and corporate sector............................................................7
D1 Critically examines the scope, development and growth of entrepreneurial ventures...........8
LO 2: Assess the impact of small businesses on the economy........................................................8
P3 Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy................................................................................................................8
P4 Explain the importance of small businesses and business start-ups to the growth of the
social economy...........................................................................................................................10
M2 Evaluate the differences small, medium and large businesses make to the economy,
applying relevant data and statistics...........................................................................................11
D2 Critically examine how small businesses have an impact on different levels of the economy
(local, regional, national) and in an international context..........................................................11
LO 3: Determine and assess the key aspects of an entrepreneurial mindset.................................12
P5 Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers...........................................................................................12
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mindset.......................................................................................................................................12
M3 Explore and examine different lines of argument relating to entrepreneurial characteristics
....................................................................................................................................................13
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D3 Analyse the characteristic traits, skills and motivational drivers of successful entrepreneurs,
supported by specific examples.................................................................................................13
LO 4: Examine the different environments that foster or hinder entrepreneurship.......................14
P7 Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship.........................................................................................................................14
M4 Analyse the link between entrepreneurial characteristics and the influence of personal
background and experience to specific successful entrepreneurs..............................................14
D4 Critically evaluate how background and experience influences entrepreneurs, both
positively and negatively, by comparing and contrasting examples..........................................15
Conclusion.....................................................................................................................................15
References......................................................................................................................................16
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Introduction
Entrepreneurship is a process of setting up and running a new business to consider a number of
risks to earn profit where the risks can be financial risks or managerial risks (Kidder, 2016).
People who create the entrepreneurship business are known as entrepreneur. Entrepreneurial
ventures have a number of ownership structures. In this case, the entrepreneurs must focus on
different skills or characteristics to maintain as well as develop this entrepreneurship business.
According to Scarborough (2016), personal background or experience of the entrepreneur can
affect the entrepreneurship business which can make either success or failure for the business.
This assignment is divided into sections. The first section of this assignment examines different
types of entrepreneurial ventures and also explains how these entrepreneurial ventures are related
to the typology of entrepreneurship. The second section describes the similarities and differences
between the entrepreneurial ventures. The third section evaluates relevant data as well as
statistics to illustrate how micro and small businesses impact on the economy. The fourth section
explains the importance of small business and start-up business of growth of social economy.
The fifth section determines a successful entrepreneur’s characteristics, skills or traits those can
differentiate them from other business managers. The sixth section assesses how different
aspects of entrepreneurial personality can reflect entrepreneurial motivation and mindset. The
final section examines how personal background and experience can foster or hinder
entrepreneurship.
Currently, I work for a small consultancy firm business which gives me effective advice as well
as support related to small businesses and entrepreneurs under the Central Government small
business investment initiative of local council. In this case, as a part of initiative to set off the
small business and start-ups business in London I have been asked to investigate different types
of ventures and impact of those ventures on economy of London.
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