Differences And Similarities Between Entrepreneurial Ventures

Entrepreneurship and Small
Business Management

Table of Contents
Executive summary..........................................................................................................................3
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Different types of entrepreneurial ventures and how they relate to the typology of
entrepreneurship.....................................................................................................................1
P2. Differences and Similarities between entrepreneurial ventures.......................................3
TASK 2............................................................................................................................................5
P3. Interpret and assess relevant data and statistics to illustrate how micro and small
businesses impact on the economy.........................................................................................5
P4. Explain the importance of small businesses and business start-ups to the growth of the
social economy.......................................................................................................................7
P5. Find out and analyse the characteristic traits, skills and motivational drivers of successful
entrepreneurs that differentiate them from other business managers, supported by specific
examples.................................................................................................................................8
P6. Aspects of entrepreneurial personality...........................................................................10
P7. Different ways by which background and experience can hamper the performance of
entrepreneurship...................................................................................................................12
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................16

Executive summary
In this report present study discussion will be made on entrepreneurship and
management of small business. Along with this different type of entrepreneurial ventures in
context with typology of entrepreneurship will be discussed. Significance of business start-up or
business. At last, experience or background of entrepreneur Task 6 will also get covered in this
report. Wherein, entrepreneurship is the very well known name that helps the people in order to
launch or innovate their product in an attractive way. Along with this this there is mall business
management, it involves in the several factors like planning, directing, managing these all are
necessary for operating company's function in order to gain more profit from the market. Apart
from this entrepreneurial ventures are very much necessary aspect for any kind of business
because they are owner who run their firms in an effective manner.

INTRODUCTION
Entrepreneurship is a very well known term which comes under the combination of
production system that always plays different functions or roles in any kind of firm. In this type
of economic firm entrepreneurship involves in land, labour, capital or organisation of business as
well in which all are very important for manufacturing system of enterprises in an effective
manner. It is a very broad concept which identify the different term of entrepreneurship such as it
is the procedure of several activities which are established through business organisations in
order to influence others. On the other side, Small business management, it involves in the
several factors like planning, directing, managing these all are necessary for operating company's
function in order to gain more profit from the market. It also use different types of approach or
system for better productivity of business. In this present study discussion will be made on
entrepreneurship and management of small business. Along with this different type of
entrepreneurial ventures in context with typology of entrepreneurship will be discussed (Ács,
Autio and Szerb, 2014). Significance of business start-up or business. At last, experience or
background of entrepreneur Task 6 will also get covered in this report.
TASK 1
P1. Different types of entrepreneurial ventures and how they relate to the typology of
entrepreneurship
Entrepreneur is the person who found the small business and assumes risk and reward of
the ventures.
Entrepreneurship it is the process of launching, designing and running small business in
an effective manner (Kuratko, 2016).
Enterprises are those who provide support to various people in order to achieve their
goals in an appropriate manner.
Entrepreneurial venture are known as the owner of an organisation, who always try to
make more profit from various business enterprises. That's why companies or an organisations
provide social or economic value to their customers in an effective manner. There are typology
of entrepreneurship, given below-
Small business entrepreneurship:
1

According to this typology of entrepreneurship, business ventures or owners have to
manage their grocery stores, plumbers etc. in which one or more individuals works together.
Mostly, small business choose local candidate and their family in order to give them opportunity
to earn money effectively. In the other word, this can be said that micro business management
are the kind of productive system, so that it includes in low cost of amount as compare to the
others.
Social entrepreneurship:
In this typology of entrepreneurship, ventures are commonly focused on offering unique
product in the market in order to satisfying their customers in a positive way. That's why
ventures always make different or attractive design in their product for make customers happy.
Social entrepreneurship usually works effectively and give different shape, size, structure or style
to their organisation in an appropriate manner.
Scalable start-up entrepreneurship:
In this typology of entrepreneurship, entrepreneurial venture develop several thoughts or
ideas in order to change their business firm as per the customer's requirement. According to this
business owners are always looking for good investors who can invest their money easily for
making firm attractive. Along with this small business firms in this typology selects fresh
candidates in the way of achieving competitive environment of business in a effective way.
Large company entrepreneurship:
In this typology of entrepreneurship, entrepreneurial ventures always concentrate on the
unique or different new product distribution to their potential customers at higher level. That's
why exist organisations follow several tools or techniques in order to make several kind of
product in the competitive business environment in a effective way (Blackburn and Wainwright,
2013).
Lifestyles ventures:
According to the typology of entrepreneurial venture mainly focused on the rewards and
benefits to their employees in order offer them several rewards as per their achievements or
working efficiency in an effective manner. That's why this type of ventures hire few candidates
in order to gain achievements at higher level.
Aggressive growth ventures:
2

This types of ventures are formed at globally in order to make lot of profit for many firms
in the tough situation at business market. Aggressive growth ventures commonly concentrate on
the providing better quality of goods and services for attain desirable goals at high level. So that
this type of venture involves in the largest business companies.
Controlled growth ventures:
In this typology, ventures mainly focuses on the growth development of firm in order to
launch new product in the market for long term stability. So that this type of ventures comes
under the average size of business organisations.
Survival ventures:
This type of ventures make innovative or useful strategy in order to make their customers
happy so that they can easily achieve their desired goals. In this term (survival) entrepreneurial
ventures do not have any type of relation with banks, or other firms. Therefore, company's
managers plays very important role of every organization and these ventures involve in small
business management.
Public sector venture:
SBI capital market Ltd. Is the largest domestic investment bank, which provides the
whole advise related to investment in baking services. These services involves in the debt
placement, merger and acquisition, private equity, project advisory and capital marketplace. It
was formed in 1986 having the aim of providing professional, credible, customer focused and lot
of banking services. That's why it is good venture in order to manage people's money and
investments in an effective manner.
Corporate sector venture:
These are the external ventures or start-ups that comes from the outside of an
organisation for example Biotechnology or telecommunications companies.
Telecommunication: It is the transmission of signs, message, signals, writing, words and
different sounds of information of any kind of nature through wire, optical and radio systems.
Telecommunication occurs when participants involves in the uses of technology in a better way.
P2. Differences and Similarities between entrepreneurial ventures
Entrepreneurial ventures start their business with lack of resources and also make good plan.
They are responsible for any types of rewards or risk in the business organisation. There are
some similarities and differences which are given below:
3