Entrepreneurial and Small Business Assignment - NHS

Entrepreneurial and small
business

Table of Contents
INTRODUCTION...........................................................................................................................1
LO 1 ...............................................................................................................................................1
P1 Different types of entrepreneurial ventures and relation to typology of entrepreneurship....1
P2 Similarities and differences between entrepreneurial ventures ............................................2
LO 2 ................................................................................................................................................6
P3 Impact of micro and small business impact on the economy ...............................................6
P4 Importance of small businesses and business start ups to the growth of the social
economy . ...................................................................................................................................7
LO 3.................................................................................................................................................8
P5Characteristics traits, skills and motivational drivers of successful entrepreneurs that make
them differ from business manager.............................................................................................8
P6 Aspects of the entrepreneurial personality reflect entrepreneurial motivation and mind-set 9
LO 4 ..............................................................................................................................................11
P7 Background and experience can hinder or foster entrepreneurship.....................................11
CONCLUSION..............................................................................................................................12
REFERENCES .............................................................................................................................13

INTRODUCTION
Entrepreneurship is the process of designing, launching and running a new business
which often initially a small business. The people who creates or initiate these type of business
are called entrepreneurs. This report is based on entrepreneurship and small business
management in which it covers different type of entrepreneurial venture and different type of
typology. And also similarities and differences between entrepreneurial ventures. Statically it
illustrates how micro and small business impact on the economy. And the importance and
business start-ups to the growth of the social economy, as small and micro business are very
important in the economy and also they contribute to the growth of the economy. Also, it will
analysis the characteristic traits, skills and motivational drivers of successful entrepreneurs that
are different from other manager. It will also assess how the aspects of entrepreneurial
personality reflects entrepreneurial motivation and mind set. And lastly it will cover all the
relevant examples how background and experience can hinder or foster entrepreneurship(Preuss
and Dyerson, 2017).
LO 1
P1 Different types of entrepreneurial ventures and relation to typology of entrepreneurship
Entrepreneur is a person who sets up a business and take all kind of risk and reward of
the venture. He is the one who organize and manage the business venture and make relevant
profit.
Entrepreneurship is the process of designing, launching, running a business or venture
which often a small business (Kirzner, 2015).
Entrepreneurial ventures
Small entrepreneurial ventures – These are the venture which are independently owned
and operate for profit enterprise. Its main objective is to grow into long term business that is
profitability and sustainability with possible sales. The capital providers for small entrepreneurial
ventures are micro loans, bank loans, friends, family and personal funds. For example, funeral
care.
Large entrepreneurial ventures- This is the venture which are more complex in nature and
have more number of employees than the small venture. They have great numbers of business
daily. For example, NHS

Public entrepreneurial ventures- This is the venture which are owed and control by the
government. And which can have sold all or the portion of itself to the public by initial public
offering and also trade its stock on at least one stock exchange. For example NHS
Private entrepreneurial venture – This ventures are owned by a group of individual with no
intervention of government. And whose shares are not offered to the public for sale and also has
less legal requirement than public ventures. For example Facebook.
Typology of Entrepreneurship
Social Firm : Social firm are the business which main motive is created to employ people
which have a disability. Its main motive of social firm is to serve the society and fulfil the needs
of the society.
Manage growth Firms : A growth firm are the company which grow faster that its peers.
This firm. These firm generally have increased annual revenue. And also has the ability to scale
up their business rapidly.
Lifestyle Firms : Lifestyle firms are those venture which provide a reasonable lifestyle
for their living. They are not focus on increasing profit and incurring risk which come from high
growth.
Public sector entrepreneurship- This sector is managed and owned by the government. And
shares are sale to the public by the initial public offering and also it must be listed on the stock
exchange (Dees, 2017).
P2 Similarities and differences between entrepreneurial ventures
There is difference between social enterprise , manage growth firm ,lifestyle firm and
public sector entrepreneur and also below it has stated the similarities between the firm.
Social Enterprise
Cancer Research
Manage growth
Firm
Tesco
Lifestyle firm
Zara
Public sector
entrepreneurial
NHS
Annual growth
rate
The growth rate
rise by 2% in the
UK between 2014
and 2035,to 742
The company
average growth of
33.18% year on
year, to 40.51
Zara is the
leading fashion
industry which
has rapid growth
The annual
growth in per
spending was
about 3.3%.