Entrepreneurship & Small Business Management

ENTREPRENEURSHIP & SMALL
BUSINESS MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................3
PART 1............................................................................................................................................3
P1 Different types of entrepreneurial ventures that relate to typology of entrepreneurship........3
P2 Differences and similarities between entrepreneurial ventures..............................................5
M-1 Diverse range of entrepreneurial ventures...........................................................................8
P-3 Impact of Small and medium business on economy.............................................................8
P4 Importance of small and start up business to growth of social economy...............................9
M-2 Differences between small, medium and large business...................................................10
PART 2-.........................................................................................................................................10
P-5 Characteristics traits, skills and motivational drivers of successful entrepreneurs.............10
P-6 Scope of entrepreneurship and aspects of entrepreneurial personality reflect
entrepreneurial motivation and mindset ....................................................................................11
P7 Evaluate experience and background can hinder or foster entrepreneurship.......................12
M-3 different lines of argument related to entrepreneurial characteristics................................12
M-4 Contrasting and comparing entrepreneurs.........................................................................13
CONCLUSION..............................................................................................................................13
REFERENCES .............................................................................................................................14

INTRODUCTION
Entrepreneurship is heart of every business, every big firm started out as small
business, led by an entrepreneur. The present report is based on NHS, Funeral Care,
Deliveroo and HSBC company, it justified different types of entrepreneurial ventures
which related to typology of entrepreneurship. This study explains the importance of
small and start up business and impact of SMEs on UK economy. Furthermore, this
report clarified similarities and differences between entrepreneurial ventures. It explains
skill, characteristics traits and motivational drivers of successful entrepreneurs. This
report justified experiences and background hinder or fostered entrepreneurships.
PART 1
P1 Different types of entrepreneurial ventures that relate to typology of entrepreneurship
Entrepreneurship-
This refer to the procedure of running, operating and developing new business,
which is initially a small business (Huda and et.al., 2019). It is described as willingness
and ability to organize, manage and develop a business venture along with any of their
risks to make high profit. Entrepreneurship is act of forming businesses or business
while scaling and building it to generate a revenue.
Enterprise-
Enterprise is simply another word for business, it describes actions of someone
who shows some inventiveness by taking several risks by setting up, running a and
investing in business (Reiser, 2018). An enterprise is an imaginative and bold
undertaking, it is always more than a single-handed company. It is organization or
business, often a small one, enterprise it the capability of managing business and
beginning the new ones.
Entrepreneurial activity-
Entrepreneur is a person who are able to operate large or small business, with
innovating and great ideas that determines need for creation of company (Burtch,
Carnahan and Greenwood, 2018). Entrepreneurial activity is enterprising human act in
pursuit of generation of principle, through expansion or creation of economic action, by
exploiting and identifying new procedures, markets and products.
Different types of ventures-

Social venture-
The main aspect of social entrepreneurship venture is nothing but developing
community and it is more significant that administration of company takes care of local
problems that are related with malfunctioning in specific society (Andersson and
Servais, 2018). In UK there are many non-profit companies and charity trust, which
takes this type of business into consideration to have an affect on firm such as NHS.
Large size venture-
Large organizations have finite life cycles, most progress through sustaining
innovation, providing new goods and services that are variants around its core products.
Large organization culture and size make disruptive innovation extremely complex to
execute in effective manner. HSBC holding is large organization in UK, founded in
1865, this banking corporation serves more over than 39 million people in 66 nations.
Scalable start-up-
Unlike small business, this type of entrepreneur venture is what Silicon Valley
entrepreneurs and its venture investor do. These entrepreneurs began firm knowing
from first day that their vision will be change the world (Furlan, 2019). Deliveroo is
scalable start up venture, they operate its business with innovative ideas and creative
concept.
Small business-
Small businesses are hairdressers, travel agents, consultants, plumber and
grocery stores, they are anyone who runs their own business. Small business hires
local people for manging their existing business functions effectively. Funeral care is
small business venture, they provide their services to local people.
Typologies-
Survival firms-
Survival companies facing many challenges as while operating their business for
longer term. Despite benefits of manging on large or small scale, non-subsidiary and
independent firms still survive to make up the vast majority of organizations. Funeral
care is considered as survival firms, they do not require to make complex rules to set
business, they face day to day challenges for managing it effectively.
Managed growth firms-