Entrepreneurship and Small Business Management

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

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INTRODUCTION
Entrepreneur is a person who focuses upon setting up a business by taking various kinds
of risk in order to generate revenue and profit. Entrepreneurs mostly starts from a small business
and then gradually by bringing innovation within their products and services or by inventing
something their can grow from a small to large enterprise (Herliansyah and et. al., 2020). In
order to start a successful business entrepreneur, require, source of ideas, goods products and
services, capital and many more. In order to start a new business an entrepreneur need to focus
upon various kinds of resource requirements, support, legal procedure, economic support, market
condition and many more. This assignment will lay emphasis upon different types of typologies
and ventures of, difference and similarities between entrepreneurial ventures, impact of
business upon economy, mindset of entrepreneurs and different environments that foster or
hinder entrepreneurship.
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P 1 Different types of entrepreneurial ventures and explain how they relate to the typology of
entrepreneurship
An entrepreneurship is a kind of a process in which a new business is designed, launched
and run by an Entrepreneur by using skills, characteristics, resources and taking huge risk so that
they can run their own successful business. Entrepreneur is quite different from intrapreneur.
Intrapreneur is an employee of an organization and is paid to work within an organization for
business success and prefers to take least amount of risk whereas Entrepreneur is a person who
runs a new business by taking a considerable amount of risk. There are various kinds of
typologies of entrepreneurship, such as: female, serial, lifestyle entrepreneurship and many more.
There are majorly three main types of entrepreneurial ventures. These three main categories of
ventures and their relationship with entrepreneurship typology have been explained below:
 Private entrepreneurship: It is a simplest form of an enterprise. It is controlled, owned and
managed by a single individual or group of individually personally with a single motive for
generating revenue and profit (Yusup, Rusmana and Rejeki, 2019). Private entrepreneurship
is mostly started as a sole proprietorship which does not involve much legal procedure. These
types of enterprises mostly start from a micro enterprise but with continuous innovations or
innovative ideas it can convert micro scale organization to a large size enterprise. It can be
related to serial and female entrepreneurship topology. This is majorly because today most of
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the women focus upon starting their own business in order to become independent and run
their own enterprise. According to a statistic more than 30 percent private enterprise are run
by female serial and female entrepreneurs. It can also be linked to lifestyle topology as well
because this type of topology do not require a physical location and can work online as well.
NPF is one of the private enterprise which is present in London Borough Of Newham.
 Public entrepreneurship: sThese enterprises focus upon involving innovations of those who
combine public and private resources in pursuit of their social objectives. This
entrepreneurship came into picture because of all the challenges that were faced for public
services and increasing complexities of the society (Septyanto, Anom and Dewanto, 2019).
These types of enterprises are majorly managed and controlled by government or by
partnership within government of a country. This type of entrepreneurship can be linked
serial entrepreneurship as in order to provides products and services to public they need to
think of new ideas and implement them within the organization so that organization can not
only provide products and services to public as per their needs and requirements but can also
generate revenue which can further contribute in overall economy of a country. For example:
East Ham Town Hall Annexe is one of the public enterprise presents in London Borough Of
Newham.
 Social entrepreneurship: These types of enterprises are controlled by private individuals in
order to resolve social problems and deliver products and services to people in order to create
a better world. These types of enterprises can be both profitable and non-profitable or can be
hybrid as well. It can be linked to lifestyle typology as in this entrepreneur do not require a
physical location and only focus upon doing work. It can also be related to social typology as
well. For example: Newham welfare trust is one of the social enterprise which is resent in
London Borough Of Newham
P 2 Similarities and differences between entrepreneurial ventures
Similarities:
All types of entrepreneurial ventures have some differences as well as similarities. Some
of the most common similarities between entrepreneurial ventures are as follows:
 Number of employees within a private and social enterprise completely depends upon the
type of size of the organization (Mokhtar, 2017).
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