Entrepreneur and Small Business Management

Entrepreneur and Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
TASK1.............................................................................................................................................3
Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship..................................................................................................3
Explore the similarities and differences between entrepreneurial ventures...........................4
TASK2.............................................................................................................................................7
Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy...........................................................................................................7
Explain the importance of small businesses and business start-ups to the growth of the social
economy.................................................................................................................................8
TASK 3............................................................................................................................................9
Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers.......................................................................................9
Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mindset.................................................................................................................................10
TASK 4..........................................................................................................................................11
Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship...................................................................................................................11
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneur is a person who is willing to take the risk associated with setting up a
business. Every business that exist in the world currently has been once started by an
entrepreneur. Entrepreneur are considered as the risk takers for innovation and making a
conceptual and on paper business come to life. The entrepreneur and businesses associated are of
various types(Nene and Abegaz, 2021). There various types of business classified on the basis of
industry they serve in and on the scale the operations are managed. In this report a brief about
the different types of entrepreneurial ventures and similarity and differences between them is
given to provide the better understanding of the business world. Further included in the report is
analysis of the small business ventures in the economy of the a country and the importance small
business have in the economy. In this report the understanding of the skills and characteristics of
an entrepreneur is analysed considering the example of Tom Mercer and MOMA Foods.
MAIN BODY
TASK1
Examine different types of entrepreneurial ventures and explain how they relate to the typology
of entrepreneurship
Entrepreneurship is the process of innovating and risk taking by an entrepreneur in order
to reap the benefit of success. Entrepreneurs are involved in all the activities that are required to
realise a vision of the business. There are as many types of business as there are personalities of
people in the world. In order to satisfy all the needs of the market and make profit there are
different types of enterprises and business in the world. In order to critically understand the types
of the entrepreneurial ventures listen below is a brief classification.
Small business enterprise: Small business are enterprise are the forms of business that
are majorly run and govern by upto 10 people coming from the same family(AKBAR, 2021).
The main objective of this type of enterprise is to earn a livelihood through the profit made out of
the business. This type of businesses are not seeking high profit and large-scale revenues. Most
of the business in the world are small type of businesses i.e. majority of the numbers of
enterprises are small business that run on the same principle. Glossary stores, hairdressers, small
clothing and fashion enterprises are of this type of enterprise.

Large business enterprise : This type of enterprise has good amount of capital to invest
into the business ventures and are always to looking to extend their reach in the market. Such
enterprise are looking to connect to the customers and find effective and innovative solutions to
the problems of the market around the world. Some of the small business that are willing to take
risk and are completely focused on the target of expanding can turn into the large scale business
enterprise. These enterprise work with ta well defines organisational structure with all the
business functions being performed by the experts of the department. This type of business can
afford the professional for each function in order to continue growing and expanding in the
market.
Social Entrepreneurship : This is the type of entrepreneurship that want to offer a
product in a market meanwhile aiming to solve a problem of the society(Dana, Palalic and
Ramadani, 2021). The main objective of such enterprise is to make the planet a better place for
each and every person to live in. Making huge money and generating large revenue is never the
focus but the success of the product and efficiency with which the product is helping the society.
Innovative Entrepreneurship: As the name of this type of entrepreneurial venture
explains are continuously indulged in making innovations. Innovations are not an easy task
hence there are less competitors in the world. Innovations all around the world can be effectively
turned into business venture. There are several large entrepreneurial ventures that in the present
market looking forward to enter the innovative business.
Explore the similarities and differences between entrepreneurial ventures
Similarities:-
Entrepreneurial ventures have many things in common. The characteristics of
entrepreneurs are shared by all the entrepreneurship ventures. Given below is the list of
similarities between all the entrepreneurial ventures.
Passionate: All the entrepreneurial ventures are passionate about their form of business
and are continuously engaged in the management and operations associated with it.
Investing time: Entrepreneur not only invest the capital in the business idea but also
invest a significant amount of time in establishing and managing the business(McElwee and
Atherton, 2021). It is the vision related to the business that keep an entrepreneur occupied in the
entrepreneurial venture’s activities.