Small Business Management and Entrepreneurship

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION....................................................................................................................................................3
TASK 1.....................................................................................................................................................................4
P1. Different types of Entrepreneurial ventures and their relation to the typology of it....................................4
P2. Similarities and Difference between entrepreneurial ventures.....................................................................4
P3. Impact of Small businesses on the Economy...............................................................................................5
P4. Importance of Small Businesses on the growth of Social Economy............................................................6
M1. Scope of Entrepreneurship in Private and Public Sector.............................................................................7
M2. Difference that Small, Medium and Large business make to the Economy...............................................7
D1........................................................................................................................................................................7
D2........................................................................................................................................................................8
TASK 2.....................................................................................................................................................................8
P5. Entrepreneur: Characteristic, Traits and Skills.............................................................................................8
P6. Entrepreneurial Personality and Entrepreneurial Motivation & Mindset.....................................................9
P7. Importance of Past experience of the Entrepreneur....................................................................................10
M3. Examining the Entrepreneurial Characteristics. ....................................................................................10
M4. Link between the Entrepreneurial Characteristic and Impact of Personal Background...........................10
D3......................................................................................................................................................................11
D4......................................................................................................................................................................11
CONCLUSION......................................................................................................................................................11
REFERENCES.......................................................................................................................................................12

INTRODUCTION
Entrepreneurship is a person who systematize and supervise a commercial activity
called business. He presume risk for the purpose of profit and the person who begin and run a
business is referred as entrepreneur. Normally entrepreneurship is an activity of starting a
new small business with a creative idea(Kirzner, 2015). An innovation in the existing or
newly developed product and services are the key to success of an enterprise. Federation of
Small Business(FSB) is a organization in UK representing small size businesses. The aim of
the organization is to promote entrepreneurial activity through developing a environment for
new start-ups.
TASK 1
P1. Different types of Entrepreneurial ventures and their relation to the typology of it.
When a product or service comes in market, people have a dilemma that they should
adopt it or not. If the product has some new features or has something which could change
market trends people easily adopt it. It is the entrepreneur who comes with that idea of
renovating the business. Entrepreneurship is the procedure of developing new which has
some value by giving the time and attempts. There are four types of entrepreneurial ventures
which are listed below:-
 Scalable Start-up business:- They are dynamic and young in nature and target
oriented with aim to develop a new business through their services. Focus of them is
on the scale they has setup.
 Social Organizations:- These firms are known for there humanitarian work for the
society. They innovate or comes out with products and services which could serve the
people and help them develop in any aspects.
 Small businesses:- Small businesses recruit a very limited number of workers and
they does not have much high sales. These firms are privately or individually owned.
 Large companies:- Normally these companies have large turnover and invest into a
lots of products and services(Drucker, 2014). They admits employees at a large level
and their aim is to earn profits and revenues for themself and their shareholders.
Entrepreneurial ventures and types of entrepreneurship that is also known as typology of it
share a relation between them. In the entrepreneurial ventures the firms are classified on what

type of it and what is their role and on the other side types of entrepreneurship is there that
what kind of activity entrepreneurial activity it is. It can be categorized on the basis of
businesses, motivation, technology, ownership, area and gender. Entrepreneurial activity
work is decided on what kind of venture it is.
P2. Similarities and Difference between entrepreneurial ventures.
Differences(Small and Large Entrepreneurial businesses):- A certain hierarchy in the
management of the company is key difference. Small businesses company does not much
levels of management. But in the large ventures there is pyramid in the organizational
structure(Baum, Frese and Baron, 2014). They does not have much labours so the work is not
distributed equally as small scale cannot afford recruiting much employees. In the large
companies there is a pool of employees and everyone of them is assigned with a particular
duty. At the decision making authority in the small scale is restricted to a fewer people or
only to the single person, large firms have a number of people of managers who takes
decision because it is difficult for a single person to take all the decision of such vast and big
organization.
Similarities:- Aim of these is to create products and services and earn profit. Both has
to set a certain goals and targets for the employees.
Differences(Social and Scalable start-ups):- Social entrepreneurial firms are created
to serve the society without much thinking of the profits. They change the way certain work
is done and tells people how they can solve existing problem by using their idea(Morris,
Kuratko and Covin, 2010). These types of companies have aim of maximizing the impact in a
sustainable way so that the resources can be preserved. Scalable start-ups are created to get
the scalable goal and has aim of growing at a rapid speed. These start-ups have the possibility
of creating jobs and employment for the people so that they could impact the economy of the
country.
Similarities:- These types of ventures are funded by the government by providing
subsidy to them. Both the companies create or influence the economy internally. Such types
of enterprises are privately owned.
P3. Impact of Small businesses on the Economy.
Small businesses are the power source of creating employment in UK. There is time
when usefulness and the role they play in the economy is underrated as people think they are