Entrepreneurial and Small Business Management

Entrepreneurial and
small business
management

Table of Contents
INTRODUCTION...........................................................................................................................1
LO1 .................................................................................................................................................1
P1 Different types of entrepreneurial ventures and how they relate to typology of
entrepreneurship..........................................................................................................................1
P2 Similarities and differences between entrepreneurial ventures ............................................3
LO2 .................................................................................................................................................5
P3 Assess relevant data and statistics to illustrate micro and small businesses impact on
economy......................................................................................................................................5
.....................................................................................................................................................6
P4 Importance of small businesses and business start-ups to growth of social economy...........7
LO3 .................................................................................................................................................7
P5 Explain characteristic traits and skills of successful entrepreneurs and differentiate it from
managers ....................................................................................................................................7
P6 Entrepreneurial personality reflect entrepreneurial motivation and mind set........................9
LO4 ...............................................................................................................................................10
P7 How background and experiences can hinder or foster entrepreneurship .........................10
CONCLUSION .............................................................................................................................11
REFERENCES .............................................................................................................................12

INTRODUCTION
Entrepreneurship and small business management refers to an unique learning
experiences which aspire to start new enterprise or obtain employment in growth- oriented
businesses. It is a heart of every business and it skills are also in demand in established
organisation. It is a sequence that help in build entrepreneurial skills step by step. It helps every
entrepreneur to different from each other and their roles and responsibility are also different in
order to increase there living standard. This report includes different types of venture and relate
it to typology of entrepreneurship. And it also show the difference and similarities between
different entrepreneurial ventures and there impact on small business. Further it discuss about the
importance of small business and their impact on the growth of economy. Moreover this model
explains the skills, characteristics and traits of successful businessman and differentaite it from
other managers and how entrepreneurial their personality reflect in motivation and mind-set. At
last monitor their experiences and background whether they hinder them or motivate them
(Burns, 2016).
LO1
P1 Different types of entrepreneurial ventures and how they relate to typology of
entrepreneurship
Entrepreneurship
It refers to the process of launching, running and designing a new enterprise that is often
a small business. It is an opportunity which is beyond resources controlled. It describes as a
capacity and willingness to develop, manage and organize a business venture with more risk to
make more revenues. It is a person who finds opportunities that translate it into innovative
products or ideas that helps in earning more profits and it also provide employment to
unemployed person (Ratten, 2016).
Entrepreneurial venture
It refers to that venture which defines a businesses that place creativity and opportunism
at it produce community and economic benefit. This entrepreneurial ventures mainly focus on
giving suggestions to start-ups and mid-stage organisations. They will not focus on the size and
structure of the companies but target those that make enterprise unique. It involves different
types of entrepreneurial ventures that described below.
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 Small business entrepreneurship – It refers to that enterprise that is designed to give an
abstract on running a venture from start to finish. They are the sole owners who run their
business for their individual family for their own interest. In this type a person is solely
responsible for profit and loss. Some example of small scale start ups are grocery stores,
hairdressers, internet commerce store fronts, travel agents, plumber, carpenters,
electricians and many more. This business venture raise funds via family, friends or small
business loans not by venture capital, crowdfunding etc. The main purpose of this type is
to only make revenues not to build a 100 million company (Järvi, 2015). Scalable start-up entrepreneurship- It refers to that where a person come up with an
innovative idea and searches for scaleable and existing organisation model which focus
on turn their business into more profits, revenue and high growth. These types of
entrepreneurs know that their ideas and vision change the world one day and they attract
and raise funds from venture capitalist. For this a person hire the best one to invest in
their ideas and vision and into their business enterprise. Their main focus on that business
venture that require more funds via venture capital to expand and explore their
organisation. It includes ventures like online trading for electronics, Instagram and many
online source (Richter, Kraus and Syrjä, 2015). Large company entrepreneurship – It refers to that business venture which have finite
life cycles. These types of enterprises mainly focus on innovation and earning more
profits. They offer wide range of products to their customers according to their taste, new
technologies, new competitors, etc. their growth and revenue mainly seen in the long
term. Their purpose is to make long term survival of the company. This enterprises works
for earning more revenues and profits in the market and they satisfy all the customers
needs to longer survival of the firm. It contributes more on the economy of the country.
 Social entrepreneurship- It refers to that venture that is start by an individuals, start-ups,
group of people which develop and modify, raise funds for the social, cultural or
environmental welfare. They mainly focus on development of society and community
rather than to earn profits. For example- providing accommodation facility to the
homeless people or employment to unemployed person who live in a society. social
venture like Scott Harrison that are well known in the country UK.
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