Entrepreneurship and Small Business Management

Entrepreneurship and Small
Business Management

Table of Contents
Entrepreneurship and Small Business Management........................................................................1
INTRODUCTION...........................................................................................................................3
LO1..................................................................................................................................................3
P1 Different type of Entrepreneurial Ventures............................................................................3
P2 Similarities and Differences between Entrepreneurial Ventures............................................5
LO2..................................................................................................................................................6
P3 Impact of Micro and Small Business on Economy................................................................6
P4 Importance of Small Business and Start-ups in the growth of Social Economy....................7
LO3..................................................................................................................................................8
P5 Characteristic Traits and Skills of Successful Entrepreneurs.................................................8
P6 Reflection of Entrepreneurial Personality through Entrepreneurial Mind-Set.......................9
LO4................................................................................................................................................11
P7 Impact of background and Experience on hindering or fostering Entrepreneurship............11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship refers to an act of developing a business idea, starting and carrying out
the business and managing the business on regular basis. The person doing so is known as
entrepreneur. This report includes discussion over entrepreneurship and management of small
business. In order to do this firstly the report discusses types and range of entrepreneurial
ventures that individuals and entrepreneurs can start. In this report similarities and differences
between different entrepreneurial ventures have also been discussed. Most type of
entrepreneurship are under micro and small businesses and thus make significant impact on the
economy of a country, hence impact of micro and small businesses have also been discussed in
this report. This report also includes impact that small businesses have on rising and growth of
social economy. After this discussion, entrepreneurs have also been discussed in this report along
with their skills and characteristics which differentiate them from others.
LO1
P1 Different type of Entrepreneurial Ventures
Entrepreneurship refers to creating a business and building and scaling it so that the
business can generate profit (Morris and et.al., 2018). In another very basic manner
entrepreneurship means that entrepreneurs make decision and turn their dreams into reality and
lead their actions of choice for a meaningful end and start their venture, which are known as
entrepreneurship.
Entrepreneurs who undertake entrepreneurships are divided in various forms. These are serial
entrepreneurs means that entrepreneur comes up with various new ideas and starts new
businesses. Such entrepreneurs come up with ideas and start the venture namely companies,
some companies and ideas fails, some gets sold. Such entrepreneurs are always looking for
opportunities and always excited to start something new.
Intrapreneurs, on the other hand are an employee in a business or organisation. This employee is
charged with the duty to make and crate something innovative for the company and for a project

within a company. In this intrapreneurs have access to resources and capabilities of a firm for
which they are working.
Owner manager as the name specify is both for a company and venture (Wright and et.al., 2016).
This individual who is known as owner-manager is both for a company and venture. He starts
and own a venture and fulfil all the responsibilities as a manager of the company and looks after
all the day to day functions of the business.
Typology of Entrepreneurship refers to classification of various types of entrepreneurship. In this
basis of the difference is not considered and only entrepreneurships are classified.
Classification of Entrepreneurships
Entrepreneurships are based on various aspects their size, type, purpose, sector and
growth rate of the venture.
On the basis of the size Entrepreneurships are divided as micro, small, medium and large
entrepreneurship. Micro entrepreneurship refers to small scale business which employs less than
10 employees and operates at small level with limited investment and resources.
Small Business Entrepreneurship, such businesses are larger than micro and employs less than 50
employees.
Medium Size entrepreneurships are larger than small businesses and smaller than large
businesses, such businesses employs less than 250 employees (Neumeyer and Santos, 2018).
Small scale companies are example of such businesses.
Large Business Entrepreneurships are biggest on the basis of size and this is why
employs more than 250 employees. Such entrepreneurships are companies and multinational
organisations.
On the basis of purpose entrepreneurships are categorised as social entrepreneurships and for-
profit entrepreneurships. In this social entrepreneurships are started and operated for the purpose
of serving society. For-profit organisations and entrepreneurships are those which are started and
operated for the purpose of earning and increasing profit.
On the basis of sector under which entrepreneurships are categorized as corporate organisation
and public sector organisation, in this corporate organisation are those which undertake business